Payments are based on the amount financed (price − down payment − trade‑in + applicable sales tax + any financed fees), your APR, the term, payment frequency and any residual/balloon. The calculator uses a standard amortization formula and supports monthly, quarterly or annual payments.

Rates vary by lender, business profile, equipment type and term. In Canada, equipment APRs often range from ~2% to 20%+. Improving credit, providing financials, increasing your down payment or offering additional security can help reduce your rate.

Lease if you want lower payments, easier upgrades, and flexibility at end‑of‑term. Loan if you plan to use the equipment long‑term and want ownership and equity. The table above highlights the trade‑offs.

A residual lowers the periodic payment during the term but leaves a larger amount due at the end. Because more principal remains outstanding, total interest can be higher versus a fully amortizing loan with the same APR and term.

Generally, interest expense on business loans may be deductible and owned assets may qualify for capital cost allowance (CCA). Lease payments may be expensed depending on structure and policy. Always consult a qualified accountant for your province and situation.

Typical terms range from 2 to 7 years, depending on equipment type, age, business profile and residuals. Longer terms reduce payments but increase total interest.

Lenders look at credit, time in business, financial statements, equipment type/age, and down payment. Newer equipment and stronger financials can improve approval odds and rate.

Yes. Many Canadian lenders offer fully digital applications with rapid decisions. Compare vetted lenders and apply in minutes:

Start Your Equipment Application