📅 Last Updated: August 26, 2022
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood

Equipment Loans Saskatchewan - Compare Providers


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

Equipment Loans Canada

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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