Free calculator

Equipment loan payment calculator

Work out the monthly payment on a truck, trailer or machine before you talk to a lender. Change the price, down payment, term and rate, and the numbers update as you type.

Enter the equipment price, the down payment in dollars or as a percent, the term in months and the interest rate. Sales tax and fees are optional. Real rates depend on your credit, time in business and the equipment itself. The starting rate is only an example, so put in the rate you were quoted.

Start from an example: Used semi truck, $85,000, 10% down, 48 months · Dump truck, $140,000, 10% down, 60 months · Car hauler trailer, $70,000, 10% down, 60 months · Excavator, $160,000, 10% down, 60 months. Example prices and terms only. Your rate stays as you set it.

Your estimate: used semi truck, $85,000 at an example 10%

Monthly payment

$1,940.24 for 48 months (4 years)

Amount financed

$76,500 after $8,500 down

Total of payments

$93,131

Total interest

$16,631

First year

Interest paid $6,913, paid down $16,370, still owed $60,130

An estimate for a simple loan with level monthly payments and no balloon. A lease, a seasonal schedule or a deferred first payment will look different.

Free, soft pull only.

What moves your payment

Three things set the payment: how much you finance, for how long, and at what rate. The examples below all use $100,000 at an example rate of 10%.

A longer term lowers the payment and raises the interest

Stretching the same loan from 36 to 84 months takes the payment from $3,227 to $1,660 a month, but the interest grows from $16,162 to $39,450. Lenders usually keep the term inside the equipment's working life, so an older truck or machine often gets a shorter term than a new one.

• 36 months (3 years): $3,227 a month, $16,162 total interest
• 48 months (4 years): $2,536 a month, $21,740 total interest
• 60 months (5 years): $2,125 a month, $27,482 total interest
• 72 months (6 years): $1,853 a month, $33,386 total interest
• 84 months (7 years): $1,660 a month, $39,450 total interest

More down means a smaller loan

Every dollar down is a dollar you do not borrow or pay interest on. On a $100,000 machine over 60 months, going from no money down to 20% down lowers the payment from $2,125 to $1,700. A bigger down payment also helps a newer business or a thinner credit file.

• No money down: $100,000 financed, $2,125 a month, $27,482 total interest
• 10% down ($10,000): $90,000 financed, $1,912 a month, $24,734 total interest
• 20% down ($20,000): $80,000 financed, $1,700 a month, $21,986 total interest

The rate comes from the lender

Your rate depends on your credit, how long you have been in business, the equipment's age and type, and the lender. Two lenders can price the same deal very differently, which is why it pays to find the one that does deals like yours. On $100,000 over 60 months, every point of rate is roughly $50 a month.

Tax and fees can be financed too

Many lenders let you roll sales tax, documentation and title fees into the loan. They then cost interest like the rest of the balance. Add them in the optional boxes to see the payment with them included. The 60 month example above is $2,125 a month before any tax or fees.

Payment questions, answered

How is an equipment loan payment calculated?
The calculator uses the standard loan formula. It takes the amount financed (the price plus any tax and fees, minus your down payment), the monthly rate (the APR divided by 12) and the number of months, and finds the level payment that pays the loan off exactly by the last month. Each payment covers that month's interest first, and the rest pays down the balance.

What interest rate should I use?
Use the rate a lender or dealer quoted you if you have one. If not, try a few rates to see the range. Rates depend on your credit, time in business, the equipment's age and type, the down payment and the lender, so the starting rate on this page is only an example.

Does using the calculator affect my credit?
No. The calculator runs in your browser and nothing you type is saved or sent. If you then ask EFN to find lenders that fit your deal, EFN runs a soft pull only, which does not affect your credit score.

Can I finance sales tax and fees?
Often, yes. Many lenders let you include sales tax, documentation fees and title costs in the amount financed. Add them in the optional boxes to see what they do to the payment. The lender decides what it will finance.

How long can I finance a used semi truck or other used equipment?
It depends on the equipment's age, hours or mileage, and the lender. Lenders usually want the loan paid off while the equipment still has working life left, so older units tend to get shorter terms. Try a shorter term in the calculator to see the payment.

Is a lease payment the same as a loan payment?
Not always. This calculator shows a simple loan with level monthly payments and nothing owed at the end. A lease can have a different payment because of its buyout or residual at the end of the term. Ask the lender how its structure works.

Does EFN set the rate or approve the loan?
No. EFN is a match and routing service, not a lender. EFN finds the lender that does deals like yours, and that lender reviews your deal, decides, and sets the rate and terms. EFN is free for you.

See which lenders fit your deal.

One short application, soft pull only, and free for you. EFN matches your deal with a lender that does deals like yours, and that lender sets the rate and terms.

This calculator gives estimates only. It is not a quote, an offer or a pre-approval, and nothing you type here is saved or sent anywhere. Equipment Funding Network is a match and routing service, not a lender. The lender sets the rate and terms.