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Equipment Loan Calculator
Equipment Loan Calculator is used to calculate the interest costs and monthly payment for purchasing equipment on credit. The equipment loan calculator is useful for business owners to calculate the costs of buying equipment and supplies.
Loan Summary |
|
Loan Amount: |
$65,000.00 |
Monthly Payment: |
$1,246.08 |
Total # Of Payments: |
60 |
Start Date: |
Dec, 2024 |
Payoff Date: |
Nov, 2029 |
Total Interest Paid: |
$9,764.85 |
Total Payment: |
$74,764.85 |
Equipment Loan Amortization Schedule |
||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Dec, 2024 | 1 | $306.04 | $940.04 | $1,246.08 | $64,059.96 | |
| Jan, 2025 | 2 | $301.62 | $944.47 | $1,246.08 | $63,115.50 | |
| Feb, 2025 | 3 | $297.17 | $948.91 | $1,246.08 | $62,166.58 | |
| Mar, 2025 | 4 | $292.70 | $953.38 | $1,246.08 | $61,213.20 | |
| Apr, 2025 | 5 | $288.21 | $957.87 | $1,246.08 | $60,255.34 | |
| May, 2025 | 6 | $283.70 | $962.38 | $1,246.08 | $59,292.96 | |
| Jun, 2025 | 7 | $279.17 | $966.91 | $1,246.08 | $58,326.05 | |
| Jul, 2025 | 8 | $274.62 | $971.46 | $1,246.08 | $57,354.58 | |
| Aug, 2025 | 9 | $270.04 | $976.04 | $1,246.08 | $56,378.55 | |
| Sep, 2025 | 10 | $265.45 | $980.63 | $1,246.08 | $55,397.92 | |
| Oct, 2025 | 11 | $260.83 | $985.25 | $1,246.08 | $54,412.67 | |
| Nov, 2025 | 12 | $256.19 | $989.89 | $1,246.08 | $53,422.78 | |
| Dec, 2025 | 13 | $251.53 | $994.55 | $1,246.08 | $52,428.23 | |
| Jan, 2026 | 14 | $246.85 | $999.23 | $1,246.08 | $51,429.00 | |
| Feb, 2026 | 15 | $242.14 | $1,003.94 | $1,246.08 | $50,425.06 | |
| Mar, 2026 | 16 | $237.42 | $1,008.66 | $1,246.08 | $49,416.40 | |
| Apr, 2026 | 17 | $232.67 | $1,013.41 | $1,246.08 | $48,402.99 | |
| May, 2026 | 18 | $227.90 | $1,018.18 | $1,246.08 | $47,384.81 | |
| Jun, 2026 | 19 | $223.10 | $1,022.98 | $1,246.08 | $46,361.83 | |
| Jul, 2026 | 20 | $218.29 | $1,027.79 | $1,246.08 | $45,334.03 | |
| Aug, 2026 | 21 | $213.45 | $1,032.63 | $1,246.08 | $44,301.40 | |
| Sep, 2026 | 22 | $208.59 | $1,037.50 | $1,246.08 | $43,263.91 | |
| Oct, 2026 | 23 | $203.70 | $1,042.38 | $1,246.08 | $42,221.53 | |
| Nov, 2026 | 24 | $198.79 | $1,047.29 | $1,246.08 | $41,174.24 | |
| Dec, 2026 | 25 | $193.86 | $1,052.22 | $1,246.08 | $40,122.02 | |
| Jan, 2027 | 26 | $188.91 | $1,057.17 | $1,246.08 | $39,064.85 | |
| Feb, 2027 | 27 | $183.93 | $1,062.15 | $1,246.08 | $38,002.70 | |
| Mar, 2027 | 28 | $178.93 | $1,067.15 | $1,246.08 | $36,935.54 | |
| Apr, 2027 | 29 | $173.90 | $1,072.18 | $1,246.08 | $35,863.37 | |
| May, 2027 | 30 | $168.86 | $1,077.22 | $1,246.08 | $34,786.14 | |
| Jun, 2027 | 31 | $163.78 | $1,082.30 | $1,246.08 | $33,703.85 | |
| Jul, 2027 | 32 | $158.69 | $1,087.39 | $1,246.08 | $32,616.46 | |
| Aug, 2027 | 33 | $153.57 | $1,092.51 | $1,246.08 | $31,523.94 | |
| Sep, 2027 | 34 | $148.43 | $1,097.66 | $1,246.08 | $30,426.29 | |
| Oct, 2027 | 35 | $143.26 | $1,102.82 | $1,246.08 | $29,323.46 | |
| Nov, 2027 | 36 | $138.06 | $1,108.02 | $1,246.08 | $28,215.45 | |
| Dec, 2027 | 37 | $132.85 | $1,113.23 | $1,246.08 | $27,102.22 | |
| Jan, 2028 | 38 | $127.61 | $1,118.47 | $1,246.08 | $25,983.74 | |
| Feb, 2028 | 39 | $122.34 | $1,123.74 | $1,246.08 | $24,860.00 | |
| Mar, 2028 | 40 | $117.05 | $1,129.03 | $1,246.08 | $23,730.97 | |
| Apr, 2028 | 41 | $111.73 | $1,134.35 | $1,246.08 | $22,596.62 | |
| May, 2028 | 42 | $106.39 | $1,139.69 | $1,246.08 | $21,456.93 | |
| Jun, 2028 | 43 | $101.03 | $1,145.05 | $1,246.08 | $20,311.88 | |
| Jul, 2028 | 44 | $95.64 | $1,150.45 | $1,246.08 | $19,161.43 | |
| Aug, 2028 | 45 | $90.22 | $1,155.86 | $1,246.08 | $18,005.57 | |
| Sep, 2028 | 46 | $84.78 | $1,161.30 | $1,246.08 | $16,844.27 | |
| Oct, 2028 | 47 | $79.31 | $1,166.77 | $1,246.08 | $15,677.49 | |
| Nov, 2028 | 48 | $73.81 | $1,172.27 | $1,246.08 | $14,505.23 | |
| Dec, 2028 | 49 | $68.30 | $1,177.79 | $1,246.08 | $13,327.44 | |
| Jan, 2029 | 50 | $62.75 | $1,183.33 | $1,246.08 | $12,144.11 | |
| Feb, 2029 | 51 | $57.18 | $1,188.90 | $1,246.08 | $10,955.21 | |
| Mar, 2029 | 52 | $51.58 | $1,194.50 | $1,246.08 | $9,760.71 | |
| Apr, 2029 | 53 | $45.96 | $1,200.12 | $1,246.08 | $8,560.58 | |
| May, 2029 | 54 | $40.31 | $1,205.77 | $1,246.08 | $7,354.81 | |
| Jun, 2029 | 55 | $34.63 | $1,211.45 | $1,246.08 | $6,143.36 | |
| Jul, 2029 | 56 | $28.92 | $1,217.16 | $1,246.08 | $4,926.20 | |
| Aug, 2029 | 57 | $23.19 | $1,222.89 | $1,246.08 | $3,703.32 | |
| Sep, 2029 | 58 | $17.44 | $1,228.64 | $1,246.08 | $2,474.67 | |
| Oct, 2029 | 59 | $11.65 | $1,234.43 | $1,246.08 | $1,240.24 | |
| Nov, 2029 | 60 | $5.84 | $1,240.24 | $1,246.08 | $0.00 | |
What is an equipment loan?
Equipment loans are loans for businesses that are used to buy equipment. Businesses small or large may find themselves in need of buying or upgrading their equipment at some point. Equipment loans will help them buy the necessary equipment and tools needed to expand and grow their businesses.
How does an equipment loan work?
Equipment financing happens when a business takes out a loan to buy equipment, and then repays the lender with installment payments. Most equipment loans have fixed interest rates, meaning you will be making the same monthly payments every month. Fixed-rate equipment loans give business owners the ability to forecast how much money is needed to repay the loan each month and how much the loan will cost them at the end.
How to apply for an equipment loan?
The first step in getting an equipment loan is to review your business credit report. A strong credit score will get you the most competitive interest rates and lower overall costs for your equipment.
1. Review your credit report
If you have bad credit, try to work on it and improve your credit score before applying for an equipment loan. Some lenders will also look at your personal credit score in addition to your business credit history to see if you are responsible for your bills.
2. Have a business plan
Lenders will look at your business plan and understand your business better. They want to see how your business makes money and check for any potential risks that may cause you to default on the loan. Be prepared to provide a detailed and solid business plan to get your equipment loan approved. The business plan doesn't have to be long, but it should address how you are planning to use the equipment loan and how it will benefit your business.
3. Financial statements
You will need to provide the financial statements for your business such as cash flow statements and income statements. Lenders need to know how much money the business generates and the expenses associated with doing business. Lenders will review the cash flow statements of your business and your personal financial statements to ensure you can repay their loan. Additional documents and proofs of your business finance may be required, make sure you send the documents promptly to avoid any delays.
What credit score is needed for an equipment loan?
Most lenders have a minimum credit score requirement of 600. You may still qualify for an equipment loan with some specialized lenders, but your interest rates will be higher. To qualify for the best interest rates, you may need a credit score of 740 or higher.
What is the typical term for an equipment loan?
The repayment terms of an equipment loan are usually between 3 to 10 years. Some equipment loans can last as long as 15 years depending on the type of lenders that you deal with.
Are equipment loans secured or unsecured loans?
Most equipment loans are secured by collateral like properties, equipment, or other assets of your business. In the case of business failure or default on the loan, the lender will repossess your assets.
Do equipment loans require a down payment?
Yes, most lenders require a downpayment of 20% or more for equipment loans. Lenders want to see the borrowers are committed rather than taking all the risks themselves. A business that puts down its own money on equipment loans doesn't want to see its money wasted, and the odds of defaulting on the loan are lower. It is riskier for lenders if the business has a down payment of less than 20%. Some lenders may still approve borrowers with a low down payment, but their interest rate will be much higher because of the added risks.
How to get an equipment loan with bad credit?
If you have bad credit, and you still need to get an equipment loan, you can still get an equipment loan, but your costs will be much higher. Traditional lenders like banks may not offer equipment loans for borrowers who have bad credit. You may have to find online lenders that give equipment loans to businesses with low credit scores. However, there is nothing to lose to try as an equipment loan from the bank usually has much lower interest rates and costs than an unknown online lender. Compare quotes and interest rates from multiple lenders and see which lender gives you the best rate and lowest overall costs. If you are getting an equipment loan from an online lender, be sure to read the reviews and see if they are legitimate lenders so that you don't end up with surprises down the road. Read the terms and contract carefully before signing. Some specialized lenders may approve equipment loans for credit scores as low as 500. However, they may require additional collateral, a larger down payment, and a higher interest rate. The best thing to do is to work on your credit score to improve it. Make sure you always pay your bills on time for your business and your personal life.
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