Home > Equipment Loan Repayments Calculator
Use our simple calculator below to determine the repayments on chattel mortgages to finance your business equipment.
Financing your business’ equipment with a chattel mortgage is one of the most cost-effective ways to purchase assets for your company or practice. Knowing exactly how much it costs each instalment, however, is an important part of ensuring what loans are manageable for you and your business.
That’s where Savvy’s equipment loan calculator comes into play. You can calculate the monthly, fortnightly or weekly repayments on any chattel mortgage for free based on varying loan amounts, interest rates, loan terms, deposits and residual payments.
Run the calculations before applying for equipment financing with Savvy to determine the loan you can afford.
With affordable rates on offer from our wide panel of lenders, you can enjoy a low rate on your commercial finance and minimise the cost of your loan.
GST is claimable on your purchase, as is the interest on your payments and depreciation of your equipment, which can save a significant amount on tax.
You’re only limited by what you’re able to comfortably repay when it comes to your borrowing amount, with financing available up to the purchase price of your equipment.
Stagger your repayments over a period that best suits your business’ cash flow, with terms as short as one year and as long as seven able to be chosen.
Whether you’re looking for heavy machinery, a vehicle like a truck, crane or tractor or even POS systems, we can help you get approved for financing.
It doesn’t matter whether your equipment is brand new, used or an ex-lease model; our flexible lenders offer solutions for a diverse range of product types and conditions.
You can cut down on your monthly repayments by contributing either a deposit at the beginning, or a residual payment at the end, of your loan.
It’s not just bigger businesses that qualify for equipment finance: there are just as many options for sole traders, with or without their tax returns.
You’ll be paired with one of our experienced and dedicated consultants, who’ll ensure your application process is as smooth as possible.
Get behind the wheel more quickly. Online applications and web-based car loan providers make things more efficient.
Car loan lenders and deals based on your specific needs and aims, for happier motoring and fewer problems.
The instalments for a chattel mortgage will be higher than those of a lease when using equipment. This is because, under the former financing agreement, you’re paying for the full purchase price of the asset plus interest and fees, while the latter only covers the cost of hiring the asset along with added costs. If you’re solely concerned about the cost of each instalment, a lease is likely to be the cheaper option month-to-month.
As mentioned, chattel mortgages allow you to claim three aspects of your loan on tax:
However, under a leasing arrangement, you’ll be able to claim up to 100% of your monthly payment, significantly reducing its expense to your business overall.
Chattel mortgages are essentially a commercial version of a standard secured car loan, whereby the borrower takes ownership of the asset immediately. This gives them the ability to use and modify their equipment however they see fit, which isn’t the case with leases. Because this type of finance involves the financier buying the equipment and hiring it out, lessees have little scope to modify their equipment.
Under a chattel mortgage, the residual payment at the end of your loan is flexible and can range anywhere from 0% all the way up to 60% of your equipment’s purchase price. This is different from finance leases, whose residual value is set by the ATO and is based on the length of your lease, which are as follows (as of August 2023):
You have more flexibility to choose the term over which you repay your loan with a chattel mortgage, as the available terms of one to seven years are beyond those of the one to five that are on offer for a lease. Borrowers can extend their lease term up to seven years, though, by refinancing their residual and stretching out their repayments over a further two years.
Yes – we’re partnered with a range of flexible lenders who understand the nature of seasonal businesses and the restrictions their cash flow places on them. As such, you can enjoy flexible repayment terms tailored to your business’ needs when you submit your application through Savvy.
Yes – our lenders are also able to work with startup businesses who need a hand purchasing their equipment. Your Savvy consultant will guide you through the process and help you find and compare deals at the lowest rates and best loan features available for your business’s position
There are several avenues you can take to reduce your loan’s interest rate. Firstly, buying new or near-new equipment will open you up to the lowest rates, as these come with the highest resale value. Having an established business with a track record of consistent income will also increase your lender’s confidence in you, as will being backed by a significant asset as a business owner such as plentiful savings and/or property.
Your financier is able to claim the GST on the purchase of your leased asset, which can then be passed onto you in the form of savings on your instalments. You can’t personally claim GST under a leasing agreement, although you can do so if you opt for a hire purchase arrangement and conduct your business’ accounting on an accrual basis.
We can get your application kick-started in no time, with approval available within one day and complete settlement, with funds released to your seller and ownership of the asset transferred to you, in as little as 48 hours.
Purchasing a car or another asset for your business? Chattel mortgages function in the same way as a standard car loan but offer a range of tax benefits to save your business money in the process.
Many companies require highly valuable equipment to help them operate, but they don’t come cheap. Equipment finance can help your business manage the cost of valuable plant or machinery.
If you’re looking to purchase a truck for your business, you can access specialist financing to help you buy it the right way. Truck finance can help you buy the vehicle you need, big or small.
You can take to the skies with an aircraft lease or purchase. Select your ideal model and repayment conditions and compare offers from trusted lenders to help you find the best rate.
Whether you need a new POS system, computers for your office or an enhanced security network to be installed around the premises, you can find the solutions you’re looking for with technology financing.
Farmers and those in the agriculture need a range of specialised vehicles and equipment to operate. Seeking out agriculture finance could be the solution you need to make the purchase happen.
You may not want to commit to the purchase of your vehicle or equipment just yet. Operating leases come with a variety of key benefits, such as having on-road costs built into your tax-deductible payments.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
Our consultant will get in touch with you shortly to discuss your finance options.