Equipment Loans Saskatchewan

📅 Last Updated: August 26, 2022

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

Equipment Loans Saskatchewan - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
23	1700524800	$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
3	1692748800	Up to $350	0%	Up to 65 days	Up to $350
8	1688083200	$150 - $1,600	10 - 35%	3 - 6	$150 - $1,600
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
6	1683676800	$15,000	6.7%	Up to 60 months	$15,000
1	1670889600	$1,000 - $15,000	19.9% - 34.9%	-	$1,000 - $15,000
7	1666051200	$250	0%	-	$250
100	1643932800	$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
13	1639094400	$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
2	1620777600	Up to $35,000	9.99% - 46.96%	9 - 78	Up to $35,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1582243200	-	-	Up to 60	-
100	1580947200	-	-	-	-
100	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
16	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $5,000	29.78% - 44.8%	36 months	Up to $5,000
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200	-	15% - 19%	-	-
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
19	1552262400	$1,000 - $15,000	29.9% or 46.90%	6 - 60	$1,000 - $15,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400	-	-	14 days	-
100	1551139200	$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
15	1551139200	Up to $15,000	29.99% to 46.93% APR	Open-end	Up to $15,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	$100 - $1,500	-	14 days	$100 - $1,500
100	1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1567555200	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
2	1543622400	Up to $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
5	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
4	1568937600	$1,500 – $10,000	Varies by province	Varies	$1,500 – $10,000
100	1569974400	Up to $1,500	15% - 23%	14 days	Up to $1,500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1725321600	up to $40,000	-	-	up to $40,000
8	1714089600	$10,000 +	4%-45%	90 days+	$10,000 +
7	1714089600	$10,000 to $2,000,000	10%+	Up to 36	$10,000 to $2,000,000
2	1669852800	$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000	$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600	-	-	12 - 60	-
100	1611878400	$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1598918400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	$10,000+	-	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$3,500+	-	-	$3,500+
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400	-	-	-	-
100	1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
6	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
5	1545177600	$5,000-$300,000	15% - 25%	4 - 24	$5,000-$300,000
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1632960000	Up to $50,000	15.99% +	12 -72	Up to $50,000
8	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
100	1594339200	-	-	-	-
6	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
6	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$15,000 +	6% - 16%	12 - 60	$15,000 +
7	1708473600	Varies	Varies	1 - 10 years	Varies
5	1700524800	-	-	-	-
100	1695772800	-	-	-	-
4	1690934400	Varies	5.54%+	Varies	Varies
2	1688601600	Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000	-	1.94% - 2.45%	12 - 60	-
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	-	-	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548720000	-	2.41% - 3.84%	-	-
100	1548720000	-	-	-	-
1	1517097600	$10,000+	Based on equity	-	$10,000+

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Saskatchewan receives more hours of sunlight than anywhere in Canada. It also contains more than 40% of the country’s best farmable land. So, it’s no wonder that one of Saskatchewan’s main economic sectors belongs to the farming of crops, grains/cereal, livestock, and organic materials. The province’s most populated city, Saskatoon is also home to a booming manufacturing industry, with plans to boost sales in the region to more than $25 billion by 2025.

Interested in a loan for your Saskatchewan business? Check this out.

Businesses That Could Benefit From an Equipment Loan

While it’s true that farming does rank at the top of Saskatchewan’s list of main industries, there are plenty of other business types that could certainly benefit from an equipment loan in Saskatchewan, including but not limited to:

Fisheries
Sports retailers (hunting, fishing, hiking, organized sports, etc.)
Farming and agriculture supply wares/retailers
Food and beverage service locations (restaurants, coffee shops, etc.)
Pet stores and pet grooming locations
Medical facilities (dental practices, chiropractors clinics, etc.)
Hospitality-based locations (motels, vacation rentals, etc.)

Ways to Use Equipment Loans In Saskatchewan

Any type of equipment can be costly, especially if it involves heavy-duty or high-quality products. However, with a good equipment loan on your side, you will be able to:

Lease or rent equipment with affordable payment plans
Lease or rent heavy machinery (tractors, assembly lines, appliances, etc.)
Buy computers, furniture, and other technology for your office
Dispose of your old equipment, the lease or buy upgraded versions
Lease or rent multiple items to improve your productivity margin

Leveraging Your Equipment to Get a Loan

While the methods above are some of the main ways to use an equipment loan in Saskatchewan, you can actually use any equipment you own to access varying amounts of secured loan money, as long as your lender can determine that there’s some market value to it. You can even leverage other properties, such as:

Cars, trucks, boats, and other company vehicles
Tractors, plows, balers, and other farming machinery
Commercial assets (buildings, silos, other real valuable structures, and land)

Read this if you’d like to learn more about loans using collateral.

Once you’ve secured your loan, you can use it on almost anything, including:

Repairing or maintaining other equipment you have
Renovating or fixing up your workspace
Leasing or purchasing a new location or multiple locations
Paying your employees
Building a roadside stand for product sales
Buying new livestock, grains, feed, and other farming supplies
Buying bait, tackle, crawfish cages, and other fishing supplies
Dishware, cutlery, food stock, cooking supplies, etc.

Interested in applying for a business loan in Saskatchewan? Take a look at this.

Additional Benefits of Saskatchewan Equipment Loans

Besides being able to finance the best equipment for your trade, equipment loan in Saskatchewan come with other benefits. For instance:

We offer negotiable payment plans and affordable rates.
You’ll know exactly how much your loan will cost you in advance, which will help you start budgeting accordingly and give you time to generate more income.
You’ll be connected with lending professionals that understand the needs of your Saskatchewan business.
Your credit score will be affected positively whenever you make a complete, timely payment.
Your ever-improving credit will help you secure future loan products, as well as lower interest rates for your future installments.

Look here if you want to know more about installment loans in Saskatchewan.

Frequently Asked Questions

Is collateral needed for an equipment loan?

For equipment loans, the asset itself can act as collateral if it is a big-ticket item, such as a forklift or excavator. If you default on the loan, then the lender can take the asset and sell it to recoup some or all of the outstanding loan balance that you owe. You will likely be asked to make a downpayment on the equipment as well, especially if you have a lower credit score. You may also want an equipment loan to purchase a variety of small or mid ticket items (computers, desks, etc.). In this case, the lender may want to take a general lien on your business’s assets. They will also want to more closely evaluate your business and its cash flow to determine if you qualify.

What is the lowest interest rate for equipment loans in Saskatchewan?

The interest rate you’ll get on your equipment loan can vary depending on many conditions. That said, they typically fall between 2.5% to 35%. Your credit rating and the overall financial health of your business will influence this the most. However, the size of the loan, as well as the age and condition of the equipment will play a role too. Older and less expensive equipment typically has higher interest rates than newer and more expensive equipment. The term length can be anywhere from 3 months up to 10 years. The exact length will depend on the size of the loan, the size of your payments, as well as the expected lifespan of the equipment.

If I have bad credit, can I still get an equipment loan in Saskatchewan?

As a business in Saskatchewan, you might’ve relied on traditional banks to get the financing you need. However, if you get rejected because of a less than perfect credit score, you may have another option for equipment loans. Online lenders offer more lenient loan approval requirements in exchange for charging higher interest rates. These providers will focus less on a raw credit score and more on the overall health of the business. You will need to show how long the business has been established and the revenue it generates. If your credit score is lower than 600 to 650, you may be required to make a down payment or put up collateral to improve your chances of being approved.

Need an Equipment Loan In Saskatchewan? Loans Canada Can Help

When you apply for financing through our network, you’ll be taking advantage of all the benefits that come with a good equipment loan in Saskatchewan. Contact us today and watch your Saskatchewan business thrive!

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