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A guide to helping you understand how commercial business loans are calculated
Search for finance with our business commercial loan calculator
Here at Business Comparison, we specialise in finding the lowest rates possible and exclusive offers for a variety of financial products. By working with more than 30 lenders who specialise in commercial loans, we can help you search for finance which suits your specific business requirements.
Our commercial loan calculator is designed to make it quick and easy to find the best loans for your business, whatever industry you operate in.
As specialists in business finance we know how many different options there are and how confusing it can be to find terms which suit your needs, our finance finder will solve these issues by calculating the best business loans for you.
What does the commercial loan calculator do?
We understand that every business is different and that the best possible loans will be tailored to meet your unique requirements. We scour the market for the best products available, so you have the peace of mind in knowing you have found the best deal.
Our lenders can loan amounts from £1,000 up to a maximum of £20,000,000, which can be repaid in less than 12 months or over several years for a long-term loan.
By entering your business details into our commercial loan calculator, we can get to know your business. This will help our tool find the lenders who can provide the ideal financial products for you.
Lenders can provide everything from short-term loans and invoice finance, to asset finance and mortgages, with both unsecured and secured loan options available. By offering a wide range of products, we are sure our lenders can provide finance which matches your requirements.
The calculator will ask questions such as how much you are looking to lend and what it will be spent on. These questions will provide the information our commercial loan calculator needs to find the most competitive loan, with repayment terms that suit your trading pattern. Instead of wasting time searching endless lenders for a loan, you are free to concentrate on what you do best, running your business.
How do I use the commercial loan calculator?
Our commercial loan calculator is broken into 3 simple stages, so that you benefit from a quick and simple loan finding process. Once you complete each stage you will have access to a list of lenders who match your requirements, with no obligation to take out a business loan.
Firstly, we will ask you the basic questions about what you need the loan for, how much you require and how long you need to repay the loan. The calculator will then take you to the second step, which is designed to find out as much about your business’ financial situation as possible. The calculator will need to know details about your average monthly turnover, income patterns and how long you have been trading for. By gaining a detailed understanding of how your business is currently trading, it will provide us with the information we need to match you to a variety of lenders.
The final step is simply designed to capture your personal information and details about the kind of business you run. By understanding which industry you operate in, we can match you to lenders who specialise in your particular markets. Our commercial loan calculator will search a vast panel of lenders and their most competitive financial products to find the perfect loan for your business.
How do I complete the application process?
Once you have completed the steps within our commercial loan calculator, you will be taken to a list of potential finance options. The list is displayed in order of a ‘match score’, to make it clear how closely the terms of the agreement and amount required align to your needs. Other important factors are included in the list, such as how expensive the loan is and how long the approval process takes.
If the list of potential lenders is quite long, it is possible to refine the results by answering more detailed questions. The more our calculator knows about your business, the easier it is to find a loan which matches your business with the highest chance of approval.
This tool is designed to act as a pre-qualification stage within the application process, so you have an improved chance of finding a commercial loan which you can quickly be approved for. Our commercial loan calculator will shorten the overall time it takes to apply for a loan, so once you have found the ideal option the application will take less than 5 minutes.
Can I speed up the application process?
If your business is searching for financial support, it is likely that you are looking for access to the funds as soon as possible. The good news is that many lenders can approve funds in just 24 hours, provided they have all the information they require.
Almost every lender will require documents which support the information you have entered into commercial loan calculator, so it will speed up the application process if these are ready. This could include bank statements, profit and loss accounts and cash flow forecasts. It is also common for some lenders to ask to see a business plan, which can take time to complete.
Once the lender approves your loan you will be sent documents to review and sign. Although you are probably looking to return them as soon as possible, take the time to review any mentions of charges and fees as they could impact the cost of the loan. If you would like a professional opinion, arrange to have someone ready to analyse the terms and conditions for you.
Can I improve my chances of the loan being approved?
The eligibility criteria between lenders can vary hugely, so while you may struggle to be approved for some products, there is likely to be lenders which do match your specific needs. By using our commercial loan calculator and providing detailed financial documents, the lenders will have an in-depth understanding of how your business is performing financially.
You should aim to show that you can comfortably meet the repayments for the duration of the loan agreement. If your finances are not currently in a strong position, spend some time writing a comprehensive business plan which shows your plans for the future. If the lender can see that the loan is being used to fund business growth, it will improve your chances of being approved.
If you have a poor credit rating or the business is struggling financially, the loan offered may have a higher interest rate or shorter repayment period than you expected. This is because loaning to your business is considered high risk, so the lender will be looking to recoup as much of these funds as possible before you might default on the loan. If you are not happy with the terms, it may be possible to reduce the cost or lengthen the repayment period by providing security on the loan, through assets or a personal guarantee.
To find out more about how our commercial loan calculator works or the business loans we have available, please contact our experienced team today.
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