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YEAR | REMAINING BALANCE | MONTHLY REPAYMENT | INTEREST PAID | ENDING BALANCE |
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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.
To use our equipment finance calculator, you’ll need to enter the following details about your loan:
Once you’ve filled in your equipment finance loan details, simply click ‘See My Repayments’ to view your estimated repayment amount. You can then select monthly, fortnightly, or weekly repayments to see what your repayment amount will be at various frequencies.
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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GET STARTEDGET STARTEDThe minimum eligibility criteria for equipment generally includes:
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:
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.
Business Loan guides and resources
Learn more about your business finance options and how to get the funding you need to grow your business.