If you're looking at starting a new business or financing operations or purchases in an existing one, chances are you might be trying to decide which business loan is right for you. Using a business loan calculator can help you compare the costs of two loans – interest and fees – and also show you what you'll be paying and when you'll be able to repay it. In short, it can help you make a decision.
Read on to find out how the calculator works and how you can use it.
How does the business loan calculator work?
The business loan calculator allows you to put in the details of two business loans so you can find out which loan you want to apply for. You can also just put in the details of one loan to see how much you will pay for it.
Once you've put in the details, the calculator will show you the repayments you need to make over time and the total repayments you need to make. If you're comparing two loans it will show you which one is the better option.
How do you use the business loan calculator?
To work out how much your business loan will cost you, simply adjust the following fields in the business loan calculator to represent your intended loan:
Loan term. How long you need to repay the loan. If the repayments are too high you can adjust this after your first calculation.
Loan amount. This is the amount you intend to borrow. If the monthly repayments are too much then you can reduce this amount on the commercial loan calculator to see how much you could save.
Bank name. Put in the name of two lenders you're considering borrowing from to easily distinguish them.
Fixed rate. The annual rate you're charged with the loan.
Fixed period. How long this fixed rate stays fixed for.
Ongoing rate. If your loan comes with a rate that comes into effect down the track (following an introductory period) this is where to enter it.
Upfront fees. Add the establishment fee (if one is charged) here.
Fees. If the loan comes with ongoing fees you'll need to add them here along with the frequency they're charged.
Discharge fee. If you're charged a discharge fee for exiting your loan early you'll need to add it here.
Compare business loan rates below
Updated March 31st, 2020
The interest rates offered by each provider are indicative interest rates that have been supplied by each provider. These rates change often. Please ensure you confirm the actual interest rate with the relevant provider prior to applying for any loan.
How to use the business loan calculator to save you money
The business loan repayment calculator doesn't only show you how much your business loan will cost you; it can also show you how to reduce the amount you pay. Here are some ways to use the calculator to see if you can save money:
1. Reduce repayments. While this doesn't save you money in the long run, by reducing your repayments you will be able to keep money in your business for longer. This can help cash flow and can save your business money, even if you end up paying more money on your loan.
2. Reduce your loan term. By decreasing the amount of time you borrow the loan amount for, you may increase your repayments but you could save a considerable amount.
3. Compare your loan options. The best way to save money on a loan is to compare your options and find the best deal. When you're comparing you should take into account the upfront and ongoing fees of the loan as well as the interest rate.
4. Alter your repayments. If you have chosen a monthly repayment frequency, you may find that you can save money on interest by making repayments more frequently. If you find you need to adjust your repayments due to cash flow issues, you can use the commercial loan calculator to see what making interest-only repayments will cost you.
OnDeck Business Loans
OnDeck Business Loans
Borrow up to $250,000
Same day approval
100% confidential application
OnDeck Business Loans
Borrow between $10,000 and $250,000 and use for a range of small business purposes. An annual revenue of at least $100,000 in the past 12 months is needed.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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