The hire purchase quote calculator, which provides businesses with indicative quotes in seconds, was developed by Lloyds’ Global Transaction Banking.

The calculator can be used for a variety of assets, including cars, heavy commercial vehicles, plant and machinery, and construction equipment up to the value of £100,000.

The platform runs on desktop computers, mobile and tablet devices and can handle multiple quotes.

Steve Everett, head of product and proposition for Lloyds Bank Global Transaction Banking, said: “This is one of a number of new and enhanced products that we have been working on at Lloyds to help businesses manage their cash and make the most of their working capital, at home and abroad.

“The hire purchase quote calculator is the only quote tool in the market which is available for such a broad range of assets and doesn’t require a customer to sign in or provide details before receiving the quote.

“We hope that this will make it easier for customers to get the information they need, when they need it; and ultimately help British businesses to grow further with our support.”