Equipment Loans Ontario
Compare and Save With Loans Canada
Written by Bryan Daly
Best Equipment Loans Ontario (Online) January 2021
Cities like Ottawa and Toronto are what makes the province of Ontario a hub for tourism, one of its main industries, along with technology manufacturing and, of course, hospitality services to accommodate all that tourist activity. If you’re part of any of these industries, you’ve chosen a wise career path. However, chances are you’ll require the best equipment available, especially if you’re running your own business in Ontario. That’s where an equipment loan through Loans Canada can be a huge asset.
Looking for further information about loans in Ontario? Click here.
The Right Tools for Business Expansion in Ontario
What can you do with your equipment loan in Ontario, you ask? Plenty of things! In fact, there’s a wide variety of business expanding techniques that you can take advantage of, such as:
- Leasing or buying used or new equipment that suits your trade.
- Leasing or buying durable, heavy-duty machinery and industrial vehicles.
- Leasing or buying several equipment units to increase production.
- Upgrade to the most recent items when yours are no longer safe or efficient.
- Using your loan payments to improve your credit health, save you money in interest, and increase your chances of future loan approval.
Another Borrowing Option in Ontario
Did you know that there’s another way to borrow in Ontario that also involves the use of equipment? Only in this case, rather than getting a loan specifically for leasing or buying purposes, you can offer your existing equipment (that you own outright) and company vehicles as collateral to access general loan money. If you own the equipment and your lender determines it has value for resale (in the event that you default), they’ll grant you a loan based on that value, along with a cheaper interest rate than you’d find with an unsecured loan. You can then use the extra money to:
- Buy new work gear (uniforms, safety glasses, helmets, steel-toe boots, etc.).
- Expand or renovate your workspace or property.
- Pay for repairs or maintenance for your other existing equipment.
- Pay for licensing, insurance, property taxes and other common business fees.
- Buying food, beverages, and supplies for your service industry or hospitality-related business.
Wondering how lenders set their interest rates? Find out here.
Equipment for Any Line of Work
In this day and age, there are very few businesses in Ontario that don’t require some type of equipment to function properly. Whether you’re part of Ontario’s main industries or another popular line of work, rest assured that an equipment loan can help you lease or purchase:
- Industrial fridges/freezers, deep-fryers, ovens and other kitchen appliances.
- Ice machines, music players, beverage dispensers, and other restaurant tools.
- Forklifts, power-loaders, assembly lines, and other warehouse equipment.
- Computers, fax machines, printers, scanners, and other office technology.
- Televisions, mini-fridges, personal safes, and other motel/hospitality supplies.
Running a motel, BnB, or vacation rental business? Check this out.
Equipment Financing For Your Industry
Other Positive Aspects of Equipment Financing in Ontario
When you get an equipment loan in Ontario, you’ll be able to lease or buy equipment that would normally be too expensive to finance all at once. However, there are plenty of other positive factors that make an equipment loan the best choice for your business, including but certainly not limited to:
- Loans Canada can set you up with lending sources and professionals who understand your particular line of work.
- You’ll be offered customizable payment schedules that are easy to follow and make your loan more affordable over time.
- Your loan contract will be straightforward and will detail every cost involved, which will help you formulate an appropriate budget.
- You’ll be able to secure financing and get your equipment quickly so that you can focus on the important needs of your business.
More interested in applying for a personal loan in Ontario? Take a look at this.
What’s the difference between a finance lease and an equipment loan?
How do I apply for equipment loans in Ontario?
Are equipment loans secured?
Need an Equipment Loan? We Can Help With That!
If you’re thinking about equipment financing, Loans Canada is your go-to source. We know that running a business in Ontario is tough and requires all your attention. Don’t worry, we’ll quickly get you set up with the best Ontario equipment loans, so you’ll have more time to concentrate on your profit margin.