Loans Canada Services Are 100% Free. Disclaimer

Equipment Loans Richmond 2019

Compare the best lenders in this region:
ProviderRating
Cash Money -
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
Alliance Financing Group LTD -
CanaCap -
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
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
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

From Richmond to Vancouver, to Victoria, British Columbia is becoming a hotspot for businesses. Entrepreneurship is alive and well in the province and new businesses are being started frequently.

Regardless of what type of business you have, there is one thing most enterprises have in common, the need for money to purchase materials, pay employees, and cover the cost of daily expense. But another thing that most businesses need is equipment. This can be anything from huge machines for manufacturing companies, to computers, desks, and chairs for digital marketing companies.

Because most businesses don’t have the funds (at least initially) to afford all of this equipment, companies in Richmond and the rest of Canada often rely on equipment loans to get what they need.

Learn how to increase your business’s cash flow, click here.

Benefits of Choosing Equipment Financing

Why do consumers go with equipment financing instead of just getting a standard loan for what they need? Well, the answer is that equipment financing can provide benefits that most standard loans just don’t.

When you choose to use equipment financing, you will work directly with experts and lenders who understand the industry you are a part of. As you can imagine, this provides you with a handful of benefits. The first is that they will be able to help you come up with a budget that makes sense for what you need. Or, if you have a budget, they will be able to help you find what is right for your needs and price range alike.

Next, by working with these experts, they will be able to help save you time and get back to work quicker than waiting around for a standard loan to be approved. Your lender will also understand your business needs, which is a nice bonus. Many of these equipment financing providers also offer customized repayment plans, which is great for businesses with unpredictable or seasonal cash flow.

Want to know what you need to get a small business loan? Find out here.  

These are all benefits you won’t get if you simply go with a standard loan. So not only does equipment financing get you the money you need, but will get it to you faster and ensure you get exactly what you need.

Equipment Loans Canada

Types of Equipment That Can Be Purchased

So now that you know the benefits of an equipment loan, what sorts of equipment can be purchased using one? Well, the good news is that nearly any sort of equipment can be purchased using an equipment loan. This includes:

  • Farming equipment (combines, tractors, etc…)
  • Transport vehicles (work trucks, forklifts, etc…)
  • Construction equipment (saws, hammers, materials, etc…)
  • Restaurant equipment (chairs, tables, ovens, etc…)

Of course, when purchasing equipment for your business, it is important to make intelligent purchases. When you’re just starting out, it makes sense to only buy a few pieces of equipment instead of purchasing everything you need at once.

Also, make sure you know exactly what you need and how much you can afford. Getting a huge loan for a lot of equipment you don’t necessarily needs can cripple your businesses finances before you really get started.

Trying to deal with your small business debt? Read this for some solutions.  

Use Your Equipment to Borrow in Richmond

While you can use borrowed money to purchase the equipment you need, you can also use equipment that you currently own to borrow money. This is great for those situations where you have all of the equipment you need but require a little extra capital for other business expenses.

In these cases, a secured loan (with a piece of your equipment as collateral), makes a lot of sense. This type of loan can be used to do a wide variety of things, including:

  • Hire more employees
  • Expand your operation
  • Open up a new location
  • Invest more in marketing
  • Make larger purchase orders
  • Offer additional services or products

These secured loans are often cheaper than traditional financing, as there is less inherent risk present for the lender. If you don’t pay off your loan on schedule, they can sell off the collateral to make the money back. Because of this, the interest rates on secured loans can be more affordable depending on the lender you work with.

Of course, if you are going to put up some of your equipment as collateral, be sure that you can pay off the loan you borrow on time. If not, you could potentially lose your equipment, which could cause serious problems for your business.

Do you know what your business credit score is? Learn more here.

Great Equipment Loans for Your Needs

Interested in purchase new equipment for your business in Richmond? If so, don’t hesitate to reach out to Loans Canada. We will be able to assist you in finding a great loan for all the equipment you need to operate your business.

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.

How useful was this post?

Click on a star to rate it!

Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

Services In This Region
Regional Service Directory
From the blog...
Make Sure You Understand These Financial Terms Before Getting a Loan
Posted on November 19, 2019

Make Sure You Understand These Financial Terms Before Getting a Loan

Taking on a loan is a serious financial decision, make sure you understand these terms first as they will help make the process as smooth as possible.

Can I Pay Off My Loan Early?
Posted on October 31, 2019

Can I Pay Off My Loan Early?

Thinking about paying off a loan early to save on interest or to get rid of any debt you have? Loans Canada has all the information and advice you nee... Read More

How Can I Get a Lower Interest Rate on a Loan?
Posted on September 26, 2019

How Can I Get a Lower Interest Rate on a Loan?

From our friends at Fairstone Financial, everything you need to know about how to get a lower interest rate on a loan.

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.