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Equipment Finance Calculator

See my repayments

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How to use our equipment finance calculator

Our equipment finance calculator lets you see how much your repayments and total costs will be on an equipment loan based on your finance amount, loan term and interest rate.

You can also factor in establishment fees and an optional balloon payment to estimate your overall finance costs accurately. Additionally, you’ll be able to see a breakdown of interest and loan principal over the term of the equipment loan.

Loan details you'll need to enter

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Loan amount

The amount of money you’ll be borrowing with the equipment finance. This is usually the same as the value of the business asset you’re buying, unless you’re contributing a deposit or borrowing additional funds to cover other costs.

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Interest rate and loan term

This is the fixed interest rate the lender will apply to your equipment loan, as well as the length of your equipment finance agreement (i.e. how long it will take to repay the loan).

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Establishment fees

Any upfront fees the lender charges when establishing the equipment finance agreement. Factoring this in will allow you to see the total cost of your equipment finance.

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Balloon payment

With a balloon payment, you will have reduced regular repayments but a large residual payment at the end of the equipment finance term. The balloon payment amount is usually calculated as a percentage of the total loan amount. Balloon payments are commonly used when purchasing a vehicle through equipment finance, such as a chattel mortgage.

How are equipment finance repayments calculated?

Your equipment finance repayments will be based on your loan amount, interest rate and loan duration.

Lenders usually calculate interest based on the current balance of the loan each day (also known as your daily interest charge). Then, they add up the interest for each day in the current month and add it to the loan balance monthly. This is why making extra repayments to lower your balance can save you money in interest over time.

If you want to quickly calculate your repayments, our free equipment finance calculator above will do the hard work for you.

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Equipment finance FAQs

The minimum eligibility criteria for equipment generally includes:

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  • Australian citizenship or permanent residency
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  • An active ABN or ACN
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  • At least six to 12 months of trading history
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  • Your business must be GST-registered
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  • The ability to provide bank statements
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  • A good credit score — the minimum business credit score is around 475
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  • You must be purchasing equipment that will be used for business at least 51% of the time

You can still qualify for equipment finance if you are self-employed, a sole trader, or your business has been operating for less than 12 months, however you may be required to provide extensive documentation to prove your ability to repay the loan.

A balloon payment is a residual lump sum (calculated as a percentage of your loan amount) paid at the end of the finance term to clear the remaining debt. It’s not factored into your monthly repayments.

If your equipment finance loan includes a balloon payment, you will have two choices at the end of the loan term:

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  • Pay the balloon amount in full, resulting in paying off your loan
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  • Talk to your lender about refinancing the residual amount into another loan.

No, you don’t generally need to put down a deposit on equipment finance. Lenders will typically finance 100% of the purchase price (including GST and stamp duty) as the equipment serves as collateral for the loan.

In some cases, you may be asked to provide a minimum 10% deposit if your business has been trading for less than two years, or if you don't own a home (as this increases the risk to the lender). Lending criteria vary significantly between lenders.

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Money Pty Ltd (trading as Money) Australian Credit Licence 528698 provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money does not compare every Lender all products or issuers available in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product.

This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). The material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. To the maximum extent possible, 62C, Money, their related body corporates or any other person do not accept any liability for any statement in this material.

The calculator provided on money.com.au is intended for informational and illustrative purposes only. The results generated by this calculator are based on the inputs you provide and the assumptions set by us. These results should not be considered as financial advice or a recommendation to buy or sell any financial product. By using this calculator, you acknowledge and agree to the terms set out in this disclaimer. For more detailed information, please review our full terms and conditions on the website.

Assumptions:

  • The calculations do not account for changes in interest rates or other market conditions that may occur.
  • Results are approximations and may differ from actual payment schedules or amounts.
  • The calculator does not include all fees and charges that you may incur in relation to a financial product.

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Money Pty Ltd trading as Money

ABN: 42 626 094 773 / ACL: 528698 / AFCA: 83955
Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C)
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