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If I get a business loan, how long of a term does the average bank give you to pay them back?

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If I get a business loan, how long of a term does the average bank give you to pay them back?

Postby newyddilyn17 » Thu Jan 31, 2013 10:33 am

Do they give you 1 year to pay them back with 12 monthly payments? Or 5 years? 20 years?
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If I get a business loan, how long of a term does the average bank give you to pay them back?

Postby payne » Thu Jan 31, 2013 10:34 am

5 years is about average
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If I get a business loan, how long of a term does the average bank give you to pay them back?

Postby darrold » Thu Jan 31, 2013 10:45 am

It depends on the use of the loan. A line of credit is used for short term cash flow issues. It is usually for 12 months with the ability to renew if you are paying on time. Hard assets such with longer life spans can be financed up to 7 years depending on the asset. Assets such as building can be financed up to 25 years. Just make sure your financing matches your needs appropriatley. You don't want to finance a long term asset with short term money.
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If I get a business loan, how long of a term does the average bank give you to pay them back?

Postby kaelin » Thu Jan 31, 2013 10:47 am

It depends. I would worry first about if you can get a business loan.
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If I get a business loan, how long of a term does the average bank give you to pay them back?

Postby fayne » Thu Jan 31, 2013 10:54 am

It depends. I would worry first about if you can get a business loan.
5 years is standard, but will you qualify?
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