What is an Asset Finance Calculator?
An Asset Finance Calculator is an online tool designed to provide businesses with quick and straightforward estimates for financing various assets. It helps in calculating potential monthly payments based on specific financial inputs such as the amount to be borrowed, the repayment term, and the credit history of the business. This calculator is particularly useful for companies looking to invest in hard assets like machinery, vehicles, and equipment, as well as soft assets like software and business fit-outs. It simplifies the process of financial planning, allowing businesses to explore and compare different financing options efficiently. It also aids in making informed decisions about their asset investments.
Welcome to our Asset Finance Calculator, a critical tool for UK businesses planning to invest in both hard and soft assets. Navigating the financial aspects of acquiring assets like machinery, vehicles (hard assets), or software and business fit-outs (soft assets) can be complex. This calculator simplifies this process, providing quick and accurate estimates for your financing needs. Whether it’s upgrading your technology or expanding your fleet, effective financial planning is crucial. Our tool is designed to empower your business with the knowledge to make informed decisions, optimising your investments in all types of assets.
How Leasing And Hire Purchase Differ
Consider the type of financing your business needs before using our calculator.
- Lease: In the loan amount box, enter the pre-VAT price of the vehicle if you’re planning to lease it. When budgeting, it is important to remember that lease payments will exclude VAT.
- Hire Purchase: Those who purchase a vehicle with a Hire Purchase agreement must pay the VAT upfront. Additionally, a deposit of 10-20% of the purchase price may be required.
How the Asset Finance Calculator Works
Our user-friendly calculator is designed to give you a clear picture of potential finance options for a range of assets. Here’s how to use it:
- Enter the Loan Amount: Start by entering the cost of the asset or assets you’re looking to finance, whether it’s heavy machinery or a new software suite.
- Choose the Repayment Term: Select the duration over which you wish to spread your payments, offering flexibility to match your business’s financial plan.
- Indicate Your Credit Status: Choose from options such as excellent, good, average, or poor. This helps estimate the interest rates and terms you might qualify for.
The calculator then processes this information to provide an estimated monthly repayment figure, aiding in budgeting and financial planning for both hard and soft assets. This initial estimate is invaluable for preliminary planning, though final terms will be determined after a full financial assessment.
Asset Finance Calculator
Here Is Your Finance Illustration
- Monthly Payment :
- Estimated Interest Rate : 5%
- Total Amount Payable :
*This interest rate is for illustrative purposes only, your interest rate may differ and will be confirmed during your application.
Credit score information
Excellent : This category is for companies with an outstanding credit rating. Your business will be profitable, well established, and have a consistent or growing turnover. With no missed payments.
Fair : This category is for companies with a decent credit rating. They have a history of making payments on time, with possibly a few missed or late payments in the past.
Poor : This category is for companies with a poor credit rating or who may have had financial difficulties in the past. This could include a County Court Judgments (CCJs) on their record.
Types of Assets and Financing Options
This calculator is versatile, suitable for a range of assets:
- Hard Assets: Including construction vehicles, machinery, lathes, and commercial vehicles.
- Soft Assets: Such as IT software, business fit-outs, and other non-tangible assets.
We offer several finance options:
- Hire Purchase: Spread the cost of hard assets like machinery.
- Leasing: Ideal for both hard and soft assets with flexible terms.
- Business Term Loans: Traditional financing suitable for all types of asset purchases.
Selecting the right finance option depends on the asset type and your business requirements.
Tips for Effective Asset Finance
When planning asset finance, consider:
- Assessing Business Needs: Evaluate which assets (hard or soft) will best support your operations.
- Total Cost of Ownership: Consider not just purchase costs but maintenance, upgrades, and lifecycle.
- Future Growth: Ensure the assets align with your long-term business strategy.
- Professional Advice: Use our calculator for initial estimates and consult our experts for tailored guidance.
Careful planning ensures your asset finance aligns with both immediate needs and long-term goals.
Use our Asset Finance Calculator to start planning your asset investments today. For further assistance or a detailed consultation, contact First Oak Capital. Our team is ready to help you make the best financing decisions for your business’s unique needs.
- Quick Estimates: Provides immediate calculations of potential financing costs.
- Budgeting Aid: Helps in planning and managing financial resources for asset acquisition.
- User-Friendly: Easy to use, regardless of the user’s financial expertise.
- Comparison Tool: Enables comparison of different financing options and terms.
- Time-Saving: Reduces the time spent on manual calculations or consultations.
- Informed Decision-Making: Helps in making more informed decisions about asset financing.
- Flexibility: Allows for adjustment of variables to suit different scenarios.
- Accessibility: Available online 24/7 for convenience.
- Helps in Risk Assessment: Assists in understanding and managing the financial risks associated with asset purchases.
- Tailored for Diverse Assets: Can be used for a range of assets, both hard and soft.
This tool is invaluable for UK businesses planning to invest in various assets, ensuring informed and strategic financial decisions.
Q: What is an Asset Finance Calculator?
A: It’s an online tool that estimates monthly finance payments for various assets based on inputted financial information.
Q: Can I calculate finance for both hard and soft assets?
A: Yes, the calculator provides estimates for financing a wide range of assets, including both hard and soft assets.
Q: Is the calculator free to use?
A: Yes, it’s a complimentary tool provided for your convenience.
Q: How accurate are the calculator’s estimates?
A: The estimates offer a general guide based on your inputs. For precise figures, a formal finance application is recommended.
Q: Do I need to provide personal details to use the calculator?
A: No, you can get basic estimates without personal information.
Q: Can I use the calculator for different types of finance options?
A: Yes, it allows you to explore various scenarios based on different finance options like hire purchase or leasing.
Q: Is the calculator suitable for all types of businesses?
A: Yes, any business planning to finance assets can use the calculator.
Q: Where can I get more detailed information after using the calculator?
A: For a comprehensive finance plan and advice, contact our team at First Oak Capital.
Q: Can the calculator estimate finance for specific assets like machinery or vehicles?
A: Yes, it’s designed to provide finance estimates for specific types of assets, including machinery, vehicles, and more.
Q: Does the calculator take into account taxes and fees?
A: The calculator gives a basic estimate. For a detailed calculation including taxes and fees, further consultation is advised.