Equipment Financing, Leasing and Loans

Getting an Equipment Loan in Canada

Equipment financing solutions are key to help businesses sustain seamless operations. Smarter Loans has a broad range of the most trustworthy equipment finance companies across Canada. We are prepared to link you with top-tier providers for any type of business equipment you require – be it transportation equipment, heavy machinery equipment, medical office equipment, and more.

Securing the right equipment financing or lease is pivotal for successful business functioning. Whether you’re in the market for heavy equipment financing for construction equipment or need new equipment for commercial, medical, or office use, you’ve landed in the perfect spot.

Getting the Leases You Need

In Canada, several esteemed companies are ready to assist you with diverse equipment financing solutions or a lease service. You can negotiate your equipment loan depending on your business type and the specific equipment you need. We are your go-to source for this; we’ve conducted extensive research to save you time in your pursuit of financing solutions.

Below, you will discover a list of companies offering equipment financing in Canada. Evaluate the type of equipment they offer, the fair market value, terms and conditions, interest rates, and customer reviews to guide your decision-making process. If a company catches your eye, simply click “Apply Now” next to their listing to be redirected to their website.

Uncertain about the best fit for your needs? No worries! Initiate a pre-application with us, and we will connect you with a lender that matches your requirements for a Canadian equipment loan. We provide customized solutions designed to meet your unique business needs, from managing working capital to a sale leaseback plan.

A lease for assets such as new equipment can have tax implications. Consult with a tax advisor to understand how to navigate these implications and determine the useful life of the leased assets. Your bank or lease provider can also provide insights into these matters, especially when dealing with industries with a limited lifespan or specialized equipment.

Whether you’re looking for a lease, purchase, or other financing solutions for your business, We are ready to assist with a wide range of solutions, tailored to your business’s needs.

We can help connect you with the top equipment financing providers.

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Top Equipment Financing, Leasing and Loans Providers in Canada

Interest Rate
12 - 120 Months
$5,000 - $500,000
4 - 12 months
$15,000 - $1 Million
Starting at 8%
3 - 24 Months
$5,000 - Unlimited
Starting at 2.5%
2 - 10 years
$5,000 - $500,000
Starting at 7.99%
6 - 24 Months
$5,000 - $50M
Starting at 7%
5 - 96 months
$2,500 - Unlimited
Starting at 3.9% - 34.9%
3 - 240 Months

Equipment Financing, Leasing and Loans – Explained

From immense construction equipment machinery like bulldozers to simple office printers, equipment varies significantly in size and function. However, the commonality they share is their substantial cost, often difficult to cover with one-time payments.

Hence, many individuals opt for equipment finance options such as loans and leasing. These methods allow prompt access to new equipment, enabling immediate benefits without hefty upfront payments or prolonged savings periods. Smarter Loans simplifies the process of equipment financing and leasing in Canada.

These financing options also offer fair market value, flexible terms, and potential tax-deductible benefits. They allow for a balanced approach to asset management, as reflected in your balance sheet, without tying up critical capital in a single purchase.

Furthermore, lease terms take into account the useful life of the asset, making them a wise choice for costly equipment. A bank or other financial specialists can provide traditional financing or other purposes like sale leaseback strategies as per your business plan. This way, businesses can focus their resources on growth rather than equipment costs.

equipment loans

Who Needs Equipment Financing and Leasing in Canada?

Equipment financing and leasing in Canada is beneficial for nearly everyone, be it businesses needing diverse equipment or individuals relying on various tools in their daily lives.

Businesses seeking quality equipment can significantly benefit from leases and financing through a bank or other financial institution. Such financial backing provides access to top-tier equipment, boosting productivity, enhancing staff performance, and expanding operational capabilities. Ultimately, this can heighten profits and overall business efficiency.

Should I Get a Lease?

Leasing and lending are some of the different ways to invest in and finance a new asset no matter what industries you work in. Whether it’s a lease or purchase, your choice can affect your balance sheet and tax deductions. Lenders and banks offer financing with various interest rates and lease terms, tailored to fit your capital needs.

Furthermore, the useful life of assets is a vital consideration, especially for industries like transportation where equipment has a limited lifespan. Leases allow you to determine when and how to replace these assets, aligning with your business equipment needs and overall equipment finance strategy.

The government of Canada has program for businesses that are looking to get an environmental monitoring equipment lease.

Choosing Between Equipment Loans and Leasing in Canada

Deciding on an equipment lease in Canada can be a challenging task for your business. You may wonder whether leasing or financing business equipment is the best option, or what the advantages and drawbacks of each are. The truth is, each case is unique, and what works best depends on your specific circumstances.

Fundamentally, the distinction between equipment leasing and equipment finance or leases is that a lease is akin to ‘renting’ the equipment for a defined period. Your monthly payments grant you the use of the equipment for the duration of your lease.

Conversely, a financing or loan plan allows your business to purchase and fully own the equipment, spreading the cost over time. This type of financing can affect your balance sheet differently, as the bank or lender views it as an investment in capital. The interest terms can vary significantly between leases and equipment loans, so it’s essential to evaluate these based on your financial situation and the norms in your industry.

Additionally, tax implications may differ, as the payments for leases can often be tax deductible. Thus, it’s essential to consider all these factors when determining the best equipment finance strategy for your business.

Curious to see how much your equipment lease payments would amount to? Try out our user-friendly equipment loan calculator.

How Equipment Leases Works in Canada

There are a lot of different options when it comes to finding equipment financing and leases, but it’s all about finding the right system to fit your needs.

Types of equipment financing include:

  1. Credit-Based – This is the main option for most businesses that have good credit scores.
  2. Cash Flow-Based – If your business doesn’t have a strong credit score, this type of financing will let you access a loan by proving sustainable, steady cash flow.
  3. Collateral-Based – Ideal for those with low credit scores, this involves a large down payment or form of collateral. If your credit is poor, this may be the best option for you.

Pros & Cons of Leasing Equipment:

  • No down payments usually needed
  • No down payments usually needed
  • You don’t actually own the equipment and cannot resell
  • Less chance of getting tax breaks
  • Have to agree to keeping the equipment until the end of the lease period
  • If/when you no longer need that piece of equipment, you can simply end the lease and move on
  • Allows for more flexibility
  • Lets you upgrade/replace equipment more easily

Pros & Cons of Financing Equipment:

  • You own the equipment and have full liberty to use it as you wish
  • You can resell the equipment and make some money back on the initial investment
  • Tax deductions are available on owned equipment
  • Equipment can be used as collateral in future loans
  • Equipment may become outdated before you’ve finished paying it off
  • Can be harder to obtain a loan than a lease if you have bad credit
  • Down payments need to be considered
  • Repair costs are on you

How Do I Apply for Equipment Financing and a Loan in Canada?

Canada hosts numerous companies that offer equipment lease, financing, and leases. Consequently, when you’re in the market for equipment finance, you’ll encounter a wealth of options and crucial decisions.

Understanding the Impact of Your Decision

The process may initially seem intricate and daunting, with significant implications. Selecting the right equipment loan provider can result in considerable savings, while an unsuitable choice could lead to detrimental consequences. This is where we step in.

Making Equipment Financing Simpler

We simplify the process in every possible way. Our team takes on the tasks, offering user-friendly comparisons and tables that enable you to swiftly identify the best Canadian equipment lease providers.

Saving Time

Instead of spending time contacting multiple loan providers in Canada, collecting details, and incessantly comparing quotes, we manage all the background research and administrative tasks. We ensure you can focus on turning your capital investment into valuable assets such as leasing equipment for your business.

Choosing the Right Lender for Your Needs

Whether you’re looking to lease or purchase, or your credit is strong or requires improvement, we help you find the best loan or lease from a bank or lender suitable for your industry’s needs. We aim to make equipment financing in Canada as straightforward and beneficial as possible.

Pre-Apply for Equipment Financing Here

How to Use Smarter Loans to Get Approved for Equipment Financing

There are many different companies providing equipment leasing, financing and loans all over Canada, so if you’re looking for an equipment loan or leasing program in Canada, you’ll have a lot of options available and some big decisions to make.

The process can seem quite complex and overwhelming at first, and it can have some big consequences too. Choosing the right equipment loan provider can save you and your business huge amounts of cash, while making the wrong decision can have disastrous consequences, and that’s why Smarter Loans is here.

Helping to make the process easier in every possible way, the Smarter Loans team does all the hard work for you, offering easy-to-follow comparisons and tables to help you quickly and simply identify the best Canadian equipment leasing providers at a glance.

Instead of letting you spend valuable time searching all around and making calls to multiple loan providers in Canada, noting down all the details and getting multiple quotes to be compared and analyzed over and over again, Smarter Loans takes care of all the behind-the-scenes research and busywork.

So, to sum up, the 7 advantages of working with Smarter Loans to find your next equipment leasing, financing, and loan in Canada include:

  1. Find and work with trusted, reputable companies every time.
  2. Easy to read comparison tables with direct links to provider sites.
  3. No scams, hidden fees, or untrustworthy loan providers.
  4. Find an equipment loan option that works for you and your business.
  5. Make use of the ‘Pre-Apply’ feature to find the ideal equipment leasing or financing plan by spending less than a minute filling in a simple form.
  6. Friendly, experienced, highly trained loan experts waiting to match you with the perfect provider.
  7. Give your credit score a boost by finding a leasing plan that matches your budget or needs.

Elite Trusted Lenders

These companies are recognized for their excellent service, product offering and financial literacy education for all Canadians.