Calculating Your Business Loan Repayments
Our business loan calculator is designed to make the process of calculating your expected repayments simple.
Input your loan amount, interest rate and the expected term of the loan and press the big orange button!
Our calculator will then show you the monthly cost of such a loan.
If you’re not sure what interest rate or term to input, why not head over to our business loan comparison page and compare current deals.
Once you’re comfortable with your chosen product and loan amount, why not apply online to get the process moving straight away.
We want you to secure the lowest possible rate and we’re here to help. If you have any questions or want help in selecting your product, enquire online or call us on 01922 620008 now. We’ll talk you through all your options and let you know exactly what your costs will be.
Alternatively, read on below for information on what information can be input into the business loan calculator above for the most accurate results.
The maximum loan available to your business depends on a number of factors and will vary greatly depending on which lender is the most suitable for your business. The main factors that will influence your maximum loan are:-
- Accounting information (turnover and net profit)
- Credit history
- How the loan will change the trading position of the business
- Bank account conduct
- The ability to manage the monthly repayment comfortably
Unsecured business loans generally have a maximum loan size of £500,000, although of course for the right application, lenders will consider more.
Where a loan is taken out and secured against property, this is known as a secured business loan. The maximum loan for secured business loans is generally £1,000,000, however much larger loans would be granted to very large and profitable businesses.
An experienced commercial finance broker will be able to quickly tell you how much your business would be eligible to borrow based on your trading position.
Interest rates start at 4.5% for the lowest risk applications. When calculating your loan repayments, an interest rate of 8-12% is usually realistic.
For a company whose credit history is poorer, or have a history of previously bounced payments, a rate of 12-18% can be expected.
When calculating the monthly repayments on an unsecured business loan, a term between 1-5 years is usually possible. Terms between 1-5 years are common and therefore any term between these 2 figures is realistic as long as the monthly cost is affordable.
For secured loans, terms of up to 10 years are realistic, so calculate the cost based on affordable monthly repayments up to this figure.
Speed Of Completion
Unsecured business loans are usually able to complete in 1-2 weeks where needed. Secured business loans usually take a little longer and the funds can generally be released in around 4 weeks.
Our team of advisors and processing staff work closely together to ensure your application is always completed quickly. As a result, we can ensure no time is lost between application and completion to allow your funds to be drawn down as quickly as possible.
At ABC Finance, we have access to other business borrowing products that allow funds to be drawn down on the same day. If you require funds urgently, speak to an advisor and we will start work immediately on your application.
Compare Business Loan Lenders And Apply Online
To find out more, or to get a free personalised quote, enquire online now or call us to talk to an advisor. Our team of experts will be able to assess your application quickly and provide you with full written terms.