Estimate monthly payments and total interest for commercial, SBA, and equipment loans.
| Loan Type | Typical Rate | Term | Best For |
|---|---|---|---|
| SBA 7(a) | 6-10% | 7-25 years | General purpose, expansion |
| SBA 504 | 5-7% | 10-25 years | Real estate, heavy equipment |
| Term Loan (bank) | 6-12% | 1-10 years | Established businesses |
| Equipment Financing | 5-15% | 2-7 years | Equipment purchases |
| Online Lender | 10-40% | 3 months - 5 years | Fast funding, lower credit |
| Business Line of Credit | 7-25% | Revolving | Working capital |
SBA loans typically require 680+. Bank loans favor 700+. Online lenders go as low as 500-600 but charge much higher rates.
SBA loans are partially government-guaranteed, so banks offer lower rates (6-10%) and longer terms (up to 25 years). More paperwork and slower approval, usually 30-90 days.
Shorter = higher monthly payments but far less total interest. A $100K loan at 8% costs $33K in interest over 5 years vs. $72K over 10 years. Choose based on cash flow.