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Equipment Loans Surrey 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

The first step in any good business plan is to create a budget that factors in all costs involved, particularly the big ones like purchasing and maintaining the equipment it needs to function effectively. Since that element alone can drive your business expenses way up, applying for an equipment loan may be the best solution.

Read this if you’re looking for a business loan with no credit check.

Using Your Equipment Loan Appropriately

An equipment loan is a lump sum of money that you can apply for through both prime and alternative lending sources. There are also many lenders across Canada that deal specifically with equipment financing for business purposes.

Being that most equipment is relatively expensive, equipment loans themselves can be larger, so it’s best to only apply when your business has healthy finances. This way, you’ll have a better chance of securing more capital at a lower interest rate.

Following the approval of your application, the equipment loan is usually deposited directly into your bank account, although some lenders offer a variety of financing options, such as cheque, e-Transfer, or paying the equipment dealer first-hand.

Once you have the loan funds, use them to:

  • Upgrade from your existing outdated, damaged, or unreliable equipment
  • Lease or purchase the latest tools, gear, and gadgets
  • Lease or purchase vehicles and heavy machinery
  • Lease or purchase additional items to increase business productivity

Need a loan to purchase a truck? Click here first.

Successful Businesses in Surrey

Being that Surrey is more centrally located, the town doesn’t see as much profit from the fishing or farming industries as other areas of British Columbia do. However, the urbanization of the community means that plenty of other businesses have the opportunity to flourish, any of which would require reliable equipment.

Here are just a few examples:

  • Beauty salons
  • Grocery stores and markets
  • Mechanics and auto-body shops
  • Clothing outlets and other retail locations
  • Wellness spas and health centers
  • Installation, maintenance, and repair services
  • Gyms, yoga studios, and fitness clubs

Equipment Loans Canada

Types of High-Priced Equipment

As we mentioned, these loans are often necessary for businesses because most equipment can be relatively pricey, especially if you want state-of-the-art pieces. Nonetheless, as a business owner, it’s your job to factor those kinds of costs into your budget and deal with them accordingly.

The high-coster cost equipment items should be factored first, such as:

  • Computers and other office tech
  • Stoves, grills, and other kitchen appliances
  • Forklifts, power-loaders, and other vehicles/devices
  • Payment processing machines
  • Shelving, lighting, and ventilation units
  • Weights, cardio machines, and other fitness gear
  • Desks, tables, chairs, and other furniture
  • Sound, video, and entertainment systems

Look here if you’re thinking about building a greener business.

Using Your Current Equipment

One of the main benefits of having the right business equipment is that you can also use it to borrow extra capital. In fact, any piece of machinery, vehicle, or commercial asset that’s in good condition can be used as collateral for a secured loan or line of credit. This commonly is known as ‘asset-based’ leasing and financing.

The more valuable your collateral is, the more capital you can secure and the better your interest rate will be since the lender will have something to sell in the event that you default on your upcoming payments. As soon as you have that extra capital in your account, you can use it to expand or manage your business in any way you see fit.

Many business owners use their extra capital to:

  • Hire additional staff/employees
  • Consolidate any outstanding debts
  • Invest in marketing strategies
  • Pay their taxes, licenses, and other administrative costs
  • Renovate, repair, and maintain their property
  • Deal with the costs of a new or secondary location

If you’re interested in asset-based leasing and financing, click this link.

Other Benefits of an Equipment Loan

These days, it’s rare to find an enterprise that doesn’t require some kind of equipment to make things easier on their staff and cash flow. Even a simple cash register can be a significant amount of money when you factor in all the other costs associated with a business, particularly one that’s open every day.

Need a commercial mortgage? Try reading this.  

The purpose of an equipment loan is, of course, to help you manage those kinds of costs and make them more affordable.

Bonus benefits of an equipment loan include:

  • A payment plan that can be customized to fit your financial needs
  • The ability to connect with a lender that specializes in your industry field
  • Time and money saved, allowing you to focus on the needs of your operation
  • All loan costs are displayed in advance, so you can budget properly and choose the best pieces for your business

Click here for some important facts about your business credit score and credit report.

Applying With Loans Canada

Getting the right business equipment takes a lot of time, money, and effort. However, we can help you make it less of a chore. Contact Loans Canada today to be quickly set up with a lender that understands your industry, as well as a payment plan that’s tailored to your financial requirements.  

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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