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An asset finance loan is a type of loan used to purchase or lease business equipment, vehicles, or other assets. The amount of the loan is typically based on the value of the asset being financed, and the loan is secured by the asset itself.
To calculate an asset finance loan, the lender will typically consider several factors, including:
The value of the asset: The lender will assess the value of the asset being financed and may require an independent valuation to ensure that the loan amount is appropriate.
The loan term: The loan term is the length of time over which the loan will be repaid. The longer the loan term, the lower the monthly repayments, but the more interest will be paid over the life of the loan.
The interest rate: The interest rate on an asset finance loan will depend on several factors, including the lender’s assessment of the borrower’s creditworthiness, the value of the asset, and the loan term.
Any fees or charges: The lender may charge fees for arranging the loan or for early repayment.
Once these factors have been considered, the lender will calculate the total cost of the loan, including interest and any fees or charges, and divide this by the loan term to determine the monthly repayments.
It’s important to note that asset finance loans may be structured in several different ways, including lease agreements, hire purchase agreements, and asset-backed loans. The specific terms and conditions of the loan will depend on the type of financing chosen and the lender’s policies.
Disclaimer: Swoop Funding LLC (“Swoop”) is a financial technology platform and commercial finance broker, not a lender. Swoop does not provide loans or make credit decisions. We match US-based firms with third-party lenders, equity funds, and grant agencies. All financing is subject to lender credit approval and the specific terms and conditions of the funding provider.
Broker Compensation Disclosure: Swoop provides its platform and matching services to applicants at no direct cost. We receive compensation in the form of a commission or referral fee from the finance providers in our network upon successful placement. This compensation may vary by provider and product. In certain instances, the commission paid to Swoop may influence the interest rate or terms offered by the lender, which can affect the total amount payable under your agreement.
Credit Authorization & FCRA Notice: By submitting an application or registering an account, you provide “written instructions” to Swoop under the Fair Credit Reporting Act (FCRA) to obtain your personal and/or business credit profile from consumer reporting agencies. This information is used solely to evaluate your eligibility for financing and to match you with appropriate lenders in our network.
State-Specific Disclosures:
Florida & Utah: Swoop complies with state commercial financing disclosure laws regarding the transparency of terms for non-real estate secured commercial transactions.
Entity Information: Swoop Funding LLC is a Delaware limited liability company. US Headquarters: 43 W 23rd St, New York, NY 10010, United States. Contact: hello@swoopfunding.com
General Terms: Applicants must be 18 years of age or older. All firms must be registered and operating within the United States. SBA loans are issued by private lenders and guaranteed by the U.S. Small Business Administration; Swoop is not a government agency. Please review our Terms of Use and Privacy Policy for full details.
If you have a complaint, please refer to our Complaints Policy.
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