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Equipment Loans British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Evolocity 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

In British Columbia, there are plenty of different industries that provide expansion and wealth for the province, including real estate development and technology-based businesses. Many of these industries require reliable, often expensive equipment to function efficiently, which is where equipment loans can come in handy.

Interested in applying for a personal loan in British Columbia? Read this first.

Here are some other popular British Columbia industries that would benefit from an equipment loan:

  • Construction/contracting
  • Fishing
  • Farming
  • Transportation businesses
  • Manufacturing
  • Restaurants, bars, coffee shops, etc.
  • Dental practices and laboratories
  • Medical supply distribution
  • Utilities (plumbing, electricity, gas, and oil, etc.)
  • Mechanics, garages, and other automotive businesses

Using Equipment Loans to Expand Your Business

Since any type of business equipment can be pricey, an equipment loan can help make such items more affordable, as they allow you to pay through scheduled installments, rather than all at once.

You can also use a British Columbia equipment loan to:

  • Upgrade to newer, state-of-the-art, more reliable equipment
  • Repair damaged equipment
  • Purchase additional equipment to increase productivity
  • Lease equipment rather than purchase it completely
  • Lease or finance heavy machinery

Equipment Loans Canada

Additional Benefits of Equipment Financing

When you choose an equipment loan, you’ll be working with professionals that understand your particular industry. If you’re approved, you and your business can also benefit in other ways, including but not limited to:

  • You’ll know exactly how much your equipment loan will cost you, which will help you pick the right items and budget accordingly.
  • You’ll be saving yourself time and will be able to get to work immediately.
  • You’ll gain access to customizable payment plans that allow you to minimize your debt and maximize your cash flow.
  • You can rest easy knowing your lender understands the needs of your business.

Check out your 2018 guide to budgeting.  

Using Your Equipment to Borrow

Once you’ve managed to pay off your equipment completely, there is another financing option that you could benefit from. Essentially, your lender will perform an appraisal of your equipment to determine its estimated market value. If there is some value to it, you may be able to use it as an asset to leverage for extra loan money.

Some types of valuable assets in British Columbia include:

  • Farming equipment (tractors, ploughing engines, threshing machines, etc.)
  • Trucks or other company vehicles
  • Commercial assets (buildings, land, etc.)
  • Fishing equipment (boats, trawlers, fish farming technology, etc.)
  • Dental/medical equipment
  • Construction equipment

Benefits of these secured loans include:

  • Lower (cheaper) interest rates, making your loan more affordable
  • Better terms and conditions
  • Liquid cash to spend on whatever business issues you have, such as:
    • Hiring and paying your employees
    • Investing in marketing strategies
    • Increasing the products and services your business provides
    • Designing and purchasing new uniforms for your growing staff
    • Financing, repairing or renovating your workspace
    • And much more!

Look here if you have bad credit and need a loan in British Columbia.

Choose Loans Canada For Your Equipment Financing Needs

If you’re looking for a loan to purchase or lease the equipment that helps your business run properly, then you’ve come to the right place. When you apply with Loans Canada, our team can set you up with the best equipment financing sources in your British Columbia industry.


FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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