3 Equipment Financing Calculators [One Powerful Mobile App]

By Shannon Migneault| Feb 10, 2021| 2928 Views
3 Equipment Financing Calculators [One Powerful Mobile App]

Beacon’s 3-in-1 Equipment Financing app does more than provide equipment financing payment estimates. It can help business owners and equipment sellers answer the following questions:

  • How much would my monthly payment be if I financed this equipment?
  • How much would my potential income tax savings be if I financed this equipment?
  • How much activity would I need to complete with this new equipment to cover the cost of my monthly payment?

Watch the demo to see just how simple Beacon’s Equipment Financing app is to use.

Available for iOS and Android devices, this powerful app does more than figure out your estimated lease payments. Let’s look deeper at each of the specific perks.

How Do I Use Beacon’s Equipment Financing Mobile App?

Eventually, your business will need equipment to expand, keep up with higher demands, or replace older equipment. Waiting until your equipment is out of commission could slow down your productivity. By establishing a budget for equipment and exploring your financing options, your business can acquire more revenue-generating equipment sooner. When you use Beacon’s 3-in-1 equipment financing calculator, you can quickly remove the guesswork of determining how much equipment your business can afford.

In this tutorial, we’ll guide you through how to use Beacon’s mobile app and how to interpret the results.

Plan Your Monthly Payments, Easily

How do I calculate and find monthly payments for my equipment?

Beacon’s app makes it simple. Once the app is open, the screen will default to the Monthly Payment calculator.

Beacon Funding's mobile app gives you fast answers on your equipment financing.

  1. Enter the cost of the equipment you’re looking to finance and the desired term length (the number of months over which your equipment financing will be repaid).
  2. Click “Calculate Payment” to navigate to see your results.
  3. The calculator will then provide you with a potential monthly payment range. Stronger credit borrowers can expect to pay the lower end of the payment range. Challenged credits can expect to pay towards the higher end of the payment range.

Pro Tip: How to Decide on a Term Length

Many borrowers are uncertain what “term” length is best for them.

The shorter the term, the more you save in financing costs. It's best to experiment with various term lengths to find the best combination of savings and affordability. You can change the term length to compare monthly payments at other options including 36, 48, and 60 months. On equipment over $150,000 extended terms of 72 and 84 months are available.

Pro Tip: Easily Determine Your Budget

Don’t have your equipment picked out? Try an estimate using general equipment costs at the low, mid, and high end of your budget. You can then ask yourself, “what can your business realistically afford and still make a profit?” Use that range to shop for equipment models your company’s budget can afford.

Estimate Your Tax Savings, Conveniently

Did you know your business could potentially lower its income taxes when it finances equipment? With a Section 179 tax deduction, your small business could deduct all or part of the purchase price of certain qualifying equipment during the same calendar year.

Q: How do I estimate my potential income tax savings for financing equipment?

Use Beacon’s Tax Savings Estimate calculator.

  1. Tap on “Tax Savings Estimate”
  2. Simply enter the cost of your equipment and hit “Calculate Tax Savings”
  3. The calculator instantly provides an estimate of how much your business may be able to save on its next tax return.  In addition, the app also provides you insight into your Section 179 deductions, Bonus Depreciation, and first-year depreciation.

Pro Tip: How to Claim Your Deduction

Share your tax savings calculation with your accountant to determine how much you will actually save.  Watch the video to learn more about how to qualify for a Section 179 deduction.

Calculate Your Breakeven Point (BEP), Quickly

Q: How much activity does my business need to conduct with my equipment to cover my monthly equipment financing payment?

Use Beacon’s Breakeven calculator. You can quickly gauge how much activity your business needs to cover the cost of its monthly equipment financing payment. No complicated formulas are required.

Quickly gauge how much activity your business needs to break even.

  1. Switch to the Breakeven Estimate
  2. Enter your equipment type, equipment cost, desired term length, and revenue you generate per unit.  Again, don’t be shy to experiment with various term lengths to find the scenario that best fits your company’s needs.
  3. Hit “Calculate Breakeven” to navigate to the results screen
  4. This calculator provides a quick way to visualize your breakeven payment (how many jobs you need each month) to cover your estimateds.

Pro Tip: Don’t Forget to Share

When you estimate a payment, don’t forget to tap the “Share Your Estimate” button to email or text your calculation to your team or potential client in one click. Now that’s pretty slick.

Download Beacon’s 3-in-1 Equipment Payment Calculator Today

With this powerful app, you can keep running your small business and get answers about your specific equipment financing scenario on the go with three powerful calculators. Start your path towards achieving equipment ownership and download Beacon’s mobile app in the App Store and Google Play.

Pro Tip: Apply in the App

Since 1990, Beacon has financed over a billion dollars worth of equipment and believes in giving small businesses the tools they need to succeed. If you like your estimate, you can now apply for financing from the app. Click the gold “Apply” button on the navigation or on the results page. With an approval rating greater than 70%, acquiring equipment financing got so much easier with this powerful app.

Shannon Migneault

Shannon Migneault

P: 847.469.1527 |  EContact Me

As a Financing Associate at Beacon Funding, Shannon works with businesses to achieve their business goals with the right equipment financing option for them.