To cater for our on-demand, click and have, info in an instant society, loan calculators have become a must-have for any organisation offering business finance and personal loans, including Jade Finance.
Banks, finance brokers, finance companies, suppliers that offer finance, many car and truck dealers and manufacturers, caravan manufacturers, car makers, boat brokers and manufacturers and equipment manufacturers have loan calculators on their websites. We have loan calculators on all our websites for all our loan categories covering boats, cars, trucks, motorbikes, caravans and equipment.
In providing a loan calculator, we always stress that a loan calculator generates a ballpark estimate. It is not a loan quote. For a firm quote on a specific loan you will need to contact Jade Finance and one of our consultants will assist you. So how useful are loan calculators? What can they provide ‘beyond the ballpark’ estimate?
Utilising a Loan Calculator to the Max
When considering a major purchase which involves finance, essentially most people want to know ‘can I afford it?’ in terms of ‘what will it cost me per month?’ Usually the rough estimate from the calculator provides sufficient information for most people to either move forward or pause the purchase process.
But beyond that basic use, calculators are an extremely useful finance resource when used correctly and can be very effective in planning your personal purchases and business acquisitions.
- Use for personal loans and business finance. Calculators appear quite a simple device and they are easy to use. But their use is not limited to simple loans. They can be used for more complex business finance which may have longer loan terms and include a balloon or residual.
- Making price-based comparisons. When tossing up between two or a few different brands or models with significantly different prices, you can use the calculator to immediately see how that price differential converts into possible loan repayments. See how that $1,000, $5,000 or $50,000 more on the price tag may mean to your monthly outgoings.
- Assess accessories, options and upgrades. Enter the increased loan amount for the purchase price plus any extras you’re considering and see how that impacts the repayment. Should you add car or truck rego into loan or pay it separately? Should you upgrade to the higher level of vehicle with the options pack? Should you include the cost of commissioning machinery in the finance deal? The calculator may assist in finding the answer.
- Trade-in: If you have a trade-in for a truck, car or boat purchase, the dealer may offer you either take that off the purchase price and therefore reduce your loan amount or give you the cash. You can use the calculator to quickly estimate the difference in using the trade-in as a deposit or borrowing the full purchase price, where permitted by the lender.
- Comparing interest rates: Vary the interest rate you enter into the calculator and see how that changes the repayment. You’ll quickly appreciate the importance of achieving the cheapest interest rate through Jade Finance for your finance by seeing how even the smallest variation can be significant over the term of the loan.
- Individuals have different strategies when it comes to finance. Some aim at finalising the loan faster and paying less interest by opting for a shorter loan term and higher repayments. Others prioritise the lowest possible monthly repayment. The calculator easily shows you how the repayment differs when you change the loan term.
- If the lowest monthly repayment is your target, you’ll have an idea of what interest rate you’ll need to achieve to reach your target monthly commitment.
- Comparing lenders: If you are shopping around for loan quotes rather than having your Jade Finance consultant do all the work for you, you can use the calculator to compare offers and get a total cost of the loan. Calculate the full cost of a loan by multiplying the monthly repayments by the number of months in the loan term. Remembering there will be lender fees and charges to be added in but it will provide an estimate.
- Use the calculator as a business planning tool: Generate finance estimates for budget planning and forecasting, preparing forward accounts estimates and reports and when preparing proposals on new ideas and projects for further discussion with colleagues, your team, board or business partners.
- Assist with refinancing: Use the calculator to receive an estimate of repayments on your existing loans at our current Jade low interest rates.
Structuring Your Loan
Our Jade Finance personal loan calculator is particularly useful for pre-structuring your loan.
- Personal Loans: decide if you need to pay a deposit or larger deposit to bring the repayments within your affordability realm.
- Business: vary the balloon/residual amount and loan terms in the calculator to see how repayments vary. This will provide you valuable information on how you may like your business finance deal structured by your Jade consultant.
Making your own decisions ‘behind the scenes’ before you speak with your Jade consultant may expedite the purchase process. Being able to give your consultant a detailed briefing will save time in sourcing you different quotes based on different parameters around loan terms and repayments.
Mobile and Remote Access
Our Jade Finance calculator can be utilised strategically and discretely. It can be accessed from devices with internet access so you can use it while at the dealership, at the auction or negotiating price with a private seller. You can quickly see how repayments will vary if you manage to negotiate an extra discount off the purchase price.
Avoiding the Traps
The key to the effectiveness of using a calculator is to read and fully understand the terms and conditions and disclaimers. Especially remember that this is a generic device and cannot estimate the impact of issues around your individual requirements, fees and charges by individual lenders and other issues specific to your loan application. And it’s not an offer of a loan or a loan application.
Use the calculator as often as you like. But to get a firm quote just call Jade. Your consultant can source you a quick quote that meets your specific requirements.
For a quick personal loan or business finance quote, please call Jade Finance. Call 1300 000 008
DISCLAIMER: NO LIABILITY IS ACCEPTED REGARDING HOW THE INFORMATION ON MANUFACTURER GOODS AND SERVICES AND ANY GOVERNMENT POLICIES, GUIDELINES AND OTHER INFORMATION IS PRESENTED. SPECIFICATIONS AND FEATURES OF GOODS AND DETAILS OF OTHER ISSUES HAS BEEN SOURCED FROM PREDOMINANTLY ONLINE PUBLISHED SOURCES. NO LIABILITY IS ACCEPTED FOR ERRORS IN FACTS AND FIGURES OR INTERPRETATIONS. IN REGARD TO FINANCIAL DECISIONS, THE INFORMATION IS INTENDED FOR GENERAL PURPOSES. IT IS NOT INTENDED AND NOT TO BE TAKEN AS FINANCIAL ADVICE. INDIVIDUALS ARE DIRECTED TO REFER TO THEIR OWN FINANCIAL ADVISOR SHOULD THEY CONSIDER THEY REQUIRE PROFESSIONAL ADVICE SPECIFIC TO THEIR CIRCUMSTANCES.