Those of us who run a business know how vital a dependable credit facility is. We borrow to take advantage of opportunities in the marketplace. We had a business owner come to us because one of his competitors was going out of business and he was able to purchase the entire stock of his competitor and turn a nice profit because Lantern Financial was there with the necessary funds. That is what we do. One of your tenants skipped after doing damage to one of your rental units. You may have a prospective tenant but need cash for paint, carpet, new drapes and a new sink. Lantern Financial will get you the money to completely renovate the unit in as little as 7-10 business days. That is what we do. You’ve got four grown sons and three stores. You need money to open a fourth store. That is what we do. No matter how small or large your business is, at some point you may need a loan. When that happens, call Lantern Financial. If you have equity, we have a loan for you. We are, “The YES we can” company. You may own a small café and need additional space. The store next to you has become vacant. With enough money you could buy it and expand. That is what we do. The IRS slapped a $750,000 tax lien on your business but your house has equity. Yes! You can use your own residence for a business purpose loan. And, Yes! we can get the IRS off of your back so you get back to making money again. That is what we do.
These were examples of real situations. Business people who saw an opportunity and with Lantern Financial turned adversity into profits. And “Yes we can” do it for you too. If you have equity we have a loan for you.
Mortgage Loan Calculator
Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product.The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment.The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
Feel free to use our Equipment Finance Calculator
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.