📅 Last Updated: December 9, 2021
✏️ Written By Kale Havervold
🕵️ Fact-Checked by Caitlin Wood

Equipment Loans Kitchener - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001709683200 Dashloansup to $1,250 12%-32% 90 - 150 days
up to $1,250
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
211700524800 AimFinance$1,000 - $5,000 46% 9-24
$1,000 - $5,000
151695254400 GoLoans$1250 16.06% (nominal) - 31.99% (effective) 3 - 5
$1250
111692748800 BreeUp to $250 0% Up to 61 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
11670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
1001642723200 Pay2Dayup to $1,500 - -
up to $1,500
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
301637280000 Symple Loans$5,000 - $50,000 5.75% - 22.99% Up to 84
$5,000 - $50,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 6 - 60
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001594684800 Lendle$100 - $2,000 0% -
$100 - $2,000
1001593561600 PayBright- 0+ 2 - 60
-
1001589155200 Moves Financial$2,500 15.65% AIR 13 - 26
$2,500
1001582243200 LendCare- - Up to 60
-
1001581033600 X-bankers$5,000+ - Up to 60
$5,000+
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
91580860800 Refresh Financial$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $5,000 29.78% - 44.8% 36 months
Up to $5,000
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001579219200 Instant Payday Canada- 15% - 19% -
-
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001562198400 Pylo Finance$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 My Canada PaydayUp to $1,500 15% - 19% 14 days
Up to $1,500
1001551398400 Mr. Payday$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551398400 Loan Express- - 14 days
-
181546128000 Loan AwayUp to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
1001551139200 Loan & Go$250 -$1,250 29% 3 - 6
$250 -$1,250
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001569974400 iCashUp to $1,500 15% - 23% -
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
191550534400 FlexFi$2,500 + - -
$2,500 +
1001550534400 Eastern Loans$500 - $1,000 28% - 32% 3 -5
$500 - $1,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001549411200 Cash 4 You$1,000 -$15,000 46.93% 12 - 60
$1,000 -$15,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit Club$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548720000 Amber Financial$1,000 - $50,000 4.6% – 49.96% 3 - 60
$1,000 - $50,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
161545264000 Ferratum$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545264000 Fast Access Financial$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
1001545177600 LendingMate$2,000 – $10,000 34.9% - 43% 12 - 60
$2,000 – $10,000
101545264000 Consumer Capital Canada$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 514 LoansUp to $3,000 22% - 35% 3 - 4
Up to $3,000
1001545350400 Cashco FinancialUp to $7,000 - 6 – 60
Up to $7,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 BC Loans$500 – $750 23% - 34.4% 3 – 12
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
31545264000 Mogo FinanceUp to $3,500 47.72% -
Up to $3,500
21568937600 Cash Money$1,500 – $10,000 Varies by province Varies
$1,500 – $10,000
101545177600 Borrowell$1,000 - $35,000 5.99% - 29.19% 36 - 60
$1,000 - $35,000
181545177600 Magical Credit$100 - $20,000 Up to 46.8% Up to 60
$100 - $20,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
31697414400 SafeBorrowUp to $800,000 9% - 49.99% 3, 6, 9, or 12
Up to $800,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001603756800 Accelerated Payments- - -
-
1001598918400 Loop- - -
-
1001592438400 Core Capital Group Inc- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581292800 SNAP Financial Group- - -
-
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Toronto Truck Loan Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001578873600 Guardian Leasing- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 First West Credit Union$500,000 - $10,000,000 - -
$500,000 - $10,000,000
1001552262400 PACE Credit Union- Competitive -
-
1001552262400 DUCA Credit Union- - -
-
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - -
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money Line Capital$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
1001548633600 AOne Financial SolutionsUp to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
101545177600 Borrowell$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
21679529600 ClutchVaries 8.49% + 24 - 96 months
Varies
1001643846400 Fix4 Capitalup to $10,000 19.99% 12 - 36
up to $10,000
31632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
81624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
1001610409600 Advantagewon- - -
-
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
71606435200 Go To Loans$500 - $10,000 29.95%+ up to 48
$500 - $10,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
1001594339200 Alphera Financial Services- - -
-
1001582761600 Go Auto- - 12 - 96
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001582761600 Auto Loan Solutions- 0% - 29.5% -
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001579219200 Leisure Trailer Sales- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Coast Capital Savings- Starting at 4% Up to 84
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575504000 Canada Car Loans- - -
-
61569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001550534400 Dixie Auto Loans- - -
-
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
71708473600 Blue Pearl MortgageVaries Varies 1 - 10 years
Varies
51700524800 Rocket Mortgage- - -
-
61696377600 Mortgage Maestro- 5.69% + -
-
1001695945600 Mortgage Intelligence- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
31679616000 Frank Mortgage$100,000 - $2 million Fixed, variable, or adjustable rates 1 - 5 years
$100,000 - $2 million
41541030400 Meridian Credit Union- Varies 6 months - 5 years
-
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
21620777600 Spring FinancialUp to $35,000 - -
Up to $35,000
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9% negotiable
Up to $500,000
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001580688000 Northwood Mortgage- 2.74% - 4.45% 12 - 120
-
1001580688000 Matrix Mortgage Global- - -
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001579132800 Finser Mortgages- 2.79% - 4.45% -
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001578268800 Manzilup to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
1001577059200 Equitable Bank$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
1001577059200 Dominion Lending Center- - -
-
1001577059200 Fisgard Asset Management- -- -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574985600 CMLS Financials$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001574899200 CanWise- 2.23% - 4.45% -
-
1001560124800 Centum- 2.89% - 3.79% -
-
1001548806400 Capital Direct$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
1001548720000 Bridgewater Bank- - -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Whether you are in Kitchener, Ontario or Saskatoon, Saskatchewan, starting a business is an increasingly popular way for people to make a living. Being your own boss allows you to set your own hours, be in control of when and how you work and allows you to control your financial future. That freedom with the ability of the internet and technology to assist business owners makes starting a business easier now than ever.

However, if you plan to start a business, you likely need some equipment. While some equipment can be found affordably, many pieces that you might need can be quite expensive. Most new entrepreneurs simply don’t have the money necessary to make these types of large purchases in cash.

Thankfully, equipment loans in Kitchener and nearly every other city across Canada can make it easy for your company to get the equipment that it needs.

What is an Equipment Loan?

An equipment loan in Kitchener is exactly what it sounds like, borrowing money from a lender to purchase the equipment your company needs. These loans are a good option for new entrepreneurs looking to start a new venture, but can also be used by existing businesses to purchase any extra equipment that is needed.

Equipment loans are available from a variety of different lenders including big banks, credit unions, online lenders, and private companies. The rates of these loans will vary depending on things like your credit history and the lender you ultimately decide to work with. The terms of these loans will also depend on what the lender is offering and even the life of the equipment you will be buying.

There is also a chance you may need to qualify for an equipment loan by showing you have a healthy business and decent credit, but this isn’t the case with each and every lender. Also, you may be required to show certain documentation such as bank statements, invoices, tax returns, and other financial documents.

Equipment Loans Canada

Types of Equipment That Can Be Purchased

Now that you know a little more about equipment loans in Kitchener, what types of equipment can be purchased with them? The good news is, almost anything that your business will need to purchase to thrive and operate successfully can count as equipment. Some of the types of equipment that can be purchased include:

  • Restaurant equipment like appliances, chairs, and tables
  • Farming equipment like tools, tractors, and fence
  • Transportation equipment like trailers and vehicles
  • Construction equipment like tools, lumber, and machinery

Companies in nearly every industry can benefit from equipment loans in some capacity. Whether you are a farming company, transportation company, restaurant or a service-related operation, you will be able to use an equipment loan. These loans are quite flexible and can be adapted for nearly every type of equipment possible.

However, just because you can purchase a variety of different pieces of equipment for your company doesn’t mean that you should. You need to be careful not to borrow more than you can afford to pay back. If you do, it could end up negatively affecting your cash-flow. Only borrow money for equipment that is necessary for your business to operate or can guarantee a large ROI.

Equipment Loans Can Be Used to Expand Your Business in Kitchener

One of the primary reasons for people to use equipment loans in Kitchener is to expand their business. Even established businesses, who might be making a lot in terms of revenue, may require a business loan to get the equipment they need. There are many ways that an equipment loan can be used to expand your business, such as:

  • Upgrading your old and outdated equipment to optimize your processes
  • Purchasing brand new equipment that just released to keep up with your competition
  • Increasing your productivity by purchasing additional machines

Expansion of your business is incredibly important and in many industries, this expansion is directly tied to having the right equipment. Sure, having additional debt can be tough for some companies to handle, but in many cases, it will be well worth it because of the benefits this new equipment can provide.

Learn how to increase your profits by reducing business expenses.

Benefits of Choosing Equipment Financing

You might be wondering why someone would specifically choose to go with an equipment loan in Kitchener over a standard loan. Well, there are a couple of reasons. First of all, you will be working with experts that understand not only the industry you are in but also the needs of your company.

These lenders will also be aware of your budget and know the best solution for you, instead of simply providing general advice. Because of their expertise and how quickly they will be able to help you find the right solution, choosing equipment financing will often get you the equipment you need much more quickly. This will ensure you can get right back to work as soon as possible, and not lose as much potential revenue.

Another great benefit of equipment loans and financing is that they can often come with customizable repayment plans. These equipment lenders know that the business cycle is very real and there will be ups and downs for your company in terms of revenue. Instead of having consistent payments every month, many lenders will allow you to pay more when you have excess money, and pay less when you don’t.

Of course, not all lenders or equipment loans will come with this benefit, so be sure to talk to your lender ahead of time and see.

Using Your Equipment to Borrow Money

Just like you can use an equipment loan in Kitchener to borrow money for new equipment, you can also use your equipment to borrow money. Lenders will be more willing to offer you better interest rates of higher loan amounts the less risky you are. Putting up some of your equipment as collateral is a great way to put less risk on the lender, which they will certainly appreciate.

You can leverage your vehicles, your machinery, your farm equipment, or other large and valuable commercial assets to ensure you have enough money to operate. All of this will help you save money in the long term, as long as you can be sure to pay the loan off on time and in full.

This secured loan can get you some much-needed funding to help your business grow and succeed. The money from the loan can help you do a variety of things, such as:

  • Hire and/or train some new staff members
  • Invest more money into your marketing efforts
  • Offer more products and services
  • Improve your office or retail space

However, always be aware of the risk of getting a secured loan of any kind. If you decide to use your equipment as collateral for a loan, you need to do so incredibly carefully. If you miss your payments and end up defaulting on your equipment loan, it could have serious consequences for your company.

The lender would be able to seize the asset or assets that you put up for collateral, in order to make back what they lent to you. In many cases, losing that vital asset or piece of equipment could stop the growth of your company. While you should always be careful when borrowing money, this is especially true with an equipment loan.

The Right Equipment Loans for Your Needs

If you’d like to learn more about equipment loans in Kitchener or are interested in applying for equipment financing for your business, don’t hesitate to reach out to Loans Canada. We look forward to hearing from you and being able to help you out.

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