It depends on how long you expect to keep the equipment, how quickly you need it, and the importance of preserving cash. Renting is ideal for short projects, seasonal spikes, or when you want flexibility to upgrade. Leasing or financing typically delivers a lower total cost of ownership and a clear path to owning the asset after the term. Operators who plan to keep equipment beyond the warranty period and want predictable long-term costs often prefer a lease or loan. Use the calculator above to compare per-period payments and total estimated cost for each scenario with your own numbers.

Most providers use an amortization formula similar to a loan. Your amount financed equals the equipment price minus any down payment, plus fees, and in some cases applicable taxes if they are financed. The interest rate or implicit lease rate, the term length in months, and your payment frequency determine the payment. This calculator mirrors that math so you can see how changes to APR, term, or down payment affect your payment and total interest.

A rental factor expresses rent as a simple percent of the equipment price per month. For example, a 3.5 percent factor means monthly rent equals 3.5 percent of the equipment price before tax. Factors are convenient for quick budgeting and for comparing quotes across different pieces. Enter the factor as a percent in the calculator and it will estimate rent per period, monthly equivalent, and total rent over your selected term.

It depends on how the agreement is structured and your province. Many leases and rentals apply tax on each periodic payment. Some structures finance tax upfront so it is rolled into the amount financed and paid over time. The calculator lets you choose tax on payment, tax financed upfront, or tax paid upfront so your estimates match the way your quote is written.

Often yes. Many providers allow reasonable soft costs such as installation, delivery, programming, and extended warranty to be included. This can simplify budgeting and reduce upfront cash needs. If you plan to add these items, include them in the fees field so the calculator reflects the true amount financed and the resulting payment.

Common lease buyouts include a nominal one dollar purchase, a fixed percent of the original price, or fair market value. Rent-to-own programs usually specify a fixed percent buyout that is known from day one. In the calculator you can model a rent-to-own scenario by entering a buyout percent; the tool then adds that amount to the end of term total so you see the full estimated cost to own.

Yes. New equipment from established suppliers is generally easier to approve and may qualify for longer terms or better rates. Used or refurbished equipment can still be eligible, but lenders may shorten the term or request additional documentation regarding age, condition, and warranty. If you are considering used equipment, ask your provider to confirm eligibility and any term limitations.

Many providers work with startups and first-time owners. Expect to share personal credit information, a basic business plan, and supplier invoices or quotes. If you have industry experience, cash reserves, or collateral, approvals can be easier. Econolease can review your situation and match you with a program designed for new operators.

Turnaround can be quick once documents are in order. Pre-qualification may take minutes, with full approvals often completed in one to three business days depending on deal size and complexity. Having a clear supplier quote, equipment list, and delivery timeline helps speed things up. Econolease can coordinate with dealers so funding aligns with delivery and installation dates.

Many programs allow mid-term add-ons or upgrades. In a rental, you can often swap equipment or add additional pieces with a simple amendment. In a lease or loan, add-ons may be handled through a new schedule or by refinancing to consolidate payments. Discuss your growth plans with your provider so the structure allows for expansion without disrupting your kitchen operations.

Total cost matters, but so does timing. A slightly higher total cost can be worth it if the program preserves the cash you need for staffing, marketing, or opening costs. Use this calculator to balance payment size, term length, and buyout versus your expected revenue from the equipment. If the equipment drives new sales or reduces labour, a longer term with lower payments may deliver a better return on capital.

Yes. Econolease partners with a broad network of Canadian restaurant equipment dealers and manufacturers. If you need sourcing assistance, they can introduce you to vetted suppliers, help compare models, and coordinate quotes and delivery. This saves time and ensures your rental, lease, financing, or rent-to-own agreement matches the actual equipment and installation requirements.