CALCULATORS
Estimate your equipment
finance repayments
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How to use the equipment finance calculator
Before shopping around for new equipment, it’s a good idea to see how much your business can comfortably afford to borrow. This will help you set a budget for your new equipment. After all, you don’t want to tie up too much of your business’ cashflow in meeting loan repayments – even if the new equipment does set your business up for success.
Crunch the numbers using our equipment finance calculator here.
To estimate your equipment loan repayments, please enter the:
- Loan amount – the amount of money you want to borrow
- Residual or balloon payment (if applicable) – the lump sum paid at the end of a loan term
- Loan term – the length of time over which you want to repay the loan
- Type of finance you want – e.g. chattel mortgage, hire purchase or finance lease
Adjust the interest rate, loan amount, loan term and balloon payment to see how this can impact your loan repayments.
For example, lengthening the loan term can make your repayments more manageable. However, the longer the loan term, the more interest you’ll typically have to pay over the life of the loan.
Choosing a balloon payment can also make your repayments lower. However, you will have to budget for the lump sum at the end of the loan and may pay more interest over the life of the loan.
The calculator also doesn’t include lender’s fees. Typical fees you may be charged for equipment finance include:
One-off charges, such as establishment fees, late payment fees and early repayment fees
Ongoing charges, such as monthly or annual fees
Different loan products come with different fees. Speak to one of our expert brokers to figure out all your options.
How to use the equipment finance calculator
Before shopping around for new equipment, it’s a good idea to see how much your business can comfortably afford to borrow. This will help you set a budget for your new equipment. After all, you don’t want to tie up too much of your business’ cashflow in meeting loan repayments – even if the new equipment does set your business up for success.
Crunch the numbers using our equipment finance calculator here.
To estimate your equipment loan repayments, please enter the:
- Loan amount – the amount of money you want to borrow
- Residual or balloon payment (if applicable) – the lump sum paid at the end of a loan term
- Loan term – the length of time over which you want to repay the loan
- Type of finance you want – e.g. chattel mortgage, hire purchase or finance lease
Adjust the interest rate, loan amount, loan term and balloon payment to see how this can impact your loan repayments.
For example, lengthening the loan term can make your repayments more manageable. However, the longer the loan term, the more interest you’ll typically have to pay over the life of the loan.
Choosing a balloon payment can also make your repayments lower. However, you will have to budget for the lump sum at the end of the loan and may pay more interest over the life of the loan.
The calculator also doesn’t include lender’s fees. Typical fees you may be charged for equipment finance include:
- One-off charges, such as establishment fees, late payment fees and early repayment fees
- Ongoing charges, such as monthly or annual fees
Different loan products come with different fees. Speak to one of our expert brokers to figure out all your options.
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What determines the interest rate you get charged?
Equipment finance interest rates aren’t set in stone. They are also not the be-all and end-all when it comes to choosing the right equipment loan for your business. That’s because the conditions of the loan will often have more impact on your business than the interest rate.
That said, you want to get the best rate possible. So what factors come into play when a lender is determining your interest rate?
- Your credit history
- Your business’ financials
- How long you’ve been trading
- Your business turnover
- How much you want to borrow
- Whether the loan is unsecured or secured
- Whether you’re buying new or second-hand equipment
Remember, different lenders assess applications differently. So the rate you’ll get from one lender will not necessarily be the most competitive on the market.
That’s why your business should use an expert commercial finance broker like Commercial Loans. Thanks to our industry connections and decades of collective experience, we have access to highly competitive interest rates you might not find when you go it alone.
We’ll talk you through all your loan options, so you’re confident you’re choosing the right equipment finance package for your business.
Talk To The Commercial Loans Team Today
Email Address
admin@commercialloans.com.au
Call Us
1300 169 200