Structure
More options10% down payment
Your paymentestimate
$2,268.20 monthly
About $522 weekly, $1,045 biweekly
60 payments
Total cost $28,092 in interest, $136,092 in payments, plus $12,000 down
Shown at 9.5% APR over 60 months with $12,000 down. New equipment from established makers usually prices lowest.
Real terms come from your file, after underwriting.
Details: what happens at the end, and the schedule
- Down payment
- $12,000
- Amount financed
- $108,000
- At the end
- You own it
Estimate at the rate you chose. New equipment from established makers usually prices lowest. Running numbers here never touches your credit.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,268.20 | $1,413.20 | $855.00 | $106,586.80 |
| 2 | $2,268.20 | $1,424.39 | $843.81 | $105,162.41 |
| 3 | $2,268.20 | $1,435.67 | $832.54 | $103,726.74 |
| 4 | $2,268.20 | $1,447.03 | $821.17 | $102,279.71 |
| 5 | $2,268.20 | $1,458.49 | $809.71 | $100,821.23 |
| 6 | $2,268.20 | $1,470.03 | $798.17 | $99,351.19 |
| 7 | $2,268.20 | $1,481.67 | $786.53 | $97,869.52 |
| 8 | $2,268.20 | $1,493.40 | $774.80 | $96,376.12 |
FAQ
Common Questions
What is the difference between an equipment loan and a lease?
With a loan you put money down, own the equipment from the start and pay off the amount financed. With a lease the payments are due at the start of each month and the end is set up front: a $1 buyout lease ends with you owning it, and a lease with a purchase option lets you buy it for the set amount or return it.
How is an equipment loan or lease payment calculated?
A loan amortizes the cost less the down payment at the APR over the term. A lease prices the full cost at the APR, less the purchase option value left at the end, with each payment due at the start of the month.
What rates does equipment financing carry?
Typically about 6% to 25% APR. New equipment from established makers usually prices lowest, and your credit and time in business set the rest.
What secures equipment financing?
The equipment itself, so the file centers on the equipment quote or invoice, along with recent bank statements and tax returns.
How long can equipment be financed?
The calculator runs terms from 1 to 7 years. A longer term lowers the payment and raises the total cost of financing.