Lodgehollow Funding Group offers this used equipment payment calculator for owners in New Bern, NC and Craven County. Enter the equipment price, down payment, an interest rate and a term in months to see the monthly payment and the total cost including the down payment. It does not supply rates, approvals or offers; those come from a funding partner.
What the Calculator Computes
Four inputs: the equipment price, your down payment, an annual interest rate and a term in months. Two results: the monthly payment and the total cost, which is every payment plus the down payment. It assumes a standard loan with equal monthly payments and no fees.
A Worked Example
Illustrative numbers only, not an offer: a used skid steer priced at $48,000, with $6,000 down, financed at a rate of 12 percent for 48 months. The amount financed is $42,000. The monthly payment works out to about $1,106, and the total cost, including the $6,000 down payment, is about $59,089. Stretch the same loan to 60 months and the payment falls to about $934, but the total cost rises to about $62,056.
Used Equipment Financing Rates
The calculator does not know your rate. A used equipment financing rates calculator can only show what a given rate means for the payment; the rate itself comes from a partner's offer and depends on the equipment, its age, your records and credit. Use the rate from a written quote, or try a few to see how sensitive the payment is.
Balloon Payments: Work Them by Hand
This widget does not compute balloon payments. If an offer has a balloon, a large final payment with smaller payments before it, ask the partner for the full schedule. To compare it with a standard loan, add up every regular payment, the balloon and the down payment, and set that total beside the calculator's total cost for a standard loan.
Loan or Lease? Compare Totals
A lease payment cannot be entered here directly. To compare, multiply the lease payment by its number of months, add any upfront amount and the purchase price at the end if you plan to keep the equipment, and set that against the calculator's total cost. The equipment financing page explains the difference between the two.
Four Checks Before Trusting the Result
- Confirm the price includes delivery, taxes and any attachments
- Check whether the offer includes fees not shown here
- For used equipment, ask the seller for hours, service records and proof of ownership
- Read the full payment schedule in any offer
Repair shops pricing lifts and scan tools will find more on the auto repair page. When the numbers work, the short request form starts the request. More tools and guides are in the guides section.
By Lodgehollow Funding Group · Updated