The monthly payment on equipment or vehicle finance with a deposit and a balloon payment, and what the finance costs in total.
The amount financed is the price less the deposit. The balloon is paid at the end, so the monthly payments repay the rest with interest at the rate you enter.
The rate starts at 0% until you enter the one a funder quoted.
Whether hire purchase or a lease suits the company for tax and VAT. Your accountant compares those.
Finance is subject to status and to the lender’s terms. A personal guarantee makes you liable for the company’s debt if it does not repay, and it can be enforced against your own assets, including your home. Nothing here is a personal recommendation.
Asset finance spreads the cost of equipment, vehicles and machinery over the years you use them, with the asset as the funder’s security.
Read more →Hire purchase spreads the cost of an asset over monthly payments, and the business owns it once the last one is made.
Read more →A lease lets the business use equipment for a monthly rental while the funder keeps ownership.
Read more →The monthly repayment on a business loan, the interest over the term and the total you repay with the arrangement fee.
Work it out →Two loan offers side by side: the monthly payment, the total repaid with fees, and the difference in pounds.
Work it out →Your profit against all your loan repayments, new and existing, as the cover ratio a lender works out.
Work it out →Funding searches run on Swoop’s platform. Swoop Finance Limited is a credit broker and not a lender, and is authorised and regulated by the Financial Conduct Authority (FRN 936513). Buzz Accounting Ltd introduces businesses to Swoop and may receive a fee from Swoop when funding is arranged. Business funding is separate from the financial advice Equity & General Financial Services Limited gives through this website. Finance is subject to status, and a lender may ask a director for a personal guarantee.
If a lender asks you to guarantee the company’s borrowing, our advisers can advise on life cover for that debt.