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Equipment Loans London 2019

Compare the best lenders in this region:
ProviderRating
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Payday King 2 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
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Meridian Credit Union 5 / 5
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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
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Cash 4 You 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
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Fast Access Finance 5 / 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
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BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
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Magical Credit 5 / 5
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SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
PACE Credit Union 5 / 5
Meridian Credit Union 5 / 5
DUCA Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Desjardins 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 Line Capital 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 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
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iCapital 5 / 5
Lendified -
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OnDeck 5 / 5
Evolocity 5 / 5
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ProviderRating
Canada Car Loans -
Car Loans Canada -
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Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
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Prudent Financial Services 5 / 5
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Approve Canada 5 / 5
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Newstart Canada 4 / 5
SkyCap Financial 4 / 5
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Newstart Canada 4 / 5
Fast Access Finance 5 / 5
BHM Financial 5 / 5
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CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

Being close to the United States border and surrounded by a vast rural landscape, the main source of economy in London, Ontario used to come from automotive manufacturing, forestry, and agriculture. However, those industries have declined slightly in recent years, so the town has also become popular among the food processing, information technology, and education-based businesses.

While all the above industries are vastly different, all of them require the right type of equipment to function efficiently and see a respectable profit. Equipment loans in London are one of the best options for owners looking to grow and expand their business. 

Are you looking for startup business funding? Take a look at this article

How Does an Equipment Loan Work?

Traditionally speaking, an equipment loans in London a form of financing that you can apply for through select lenders. Soon after your application is approved, a lump sum of cash will be deposited into your bank account. It must then be repaid over time through equally divided installments with interest. 

You can choose to apply with a prime lender, such as a bank or an alternative lender, either of which can send you the funds via several payment options (direct deposit is the most common). There are even some lenders that deal specifically with business and equipment based financing and can send the appropriate funds straight to the equipment seller.

Make sure to properly prepare yourself for the approval process, as it may include an examination of your:

  • Gross business income (monthly, yearly, etc.)
  • Current debts and financial delinquencies (if any)
  • Business credit report and credit score
  • Assets/properties (if offering collateral)
  • Guarantor’s financial health (if applying with a cosigner)

No matter where you apply, the overall goal is the same, in that you would use the borrowed funds to purchase any tools and other equipment pieces that your operation needs, and in doing so make them more affordable over time. 

The right equipment loan can also help you:

  • Finance all kinds of tools, heavy machinery, and work vehicles                                                                                                                                                                                                                                                                              
  • Upgrade from any outdated, damaged, or otherwise unreliable equipment
  • Afford the latest and greatest equipment available on the market
  • Finance multiple equipment pieces, so you can increase productivity
  • Fully purchase equipment so you can use it as collateral for additional financing

Adjustable Payment Plans 

Although the conditions of your own plan will vary depending on where you apply, how qualified you are, and how much money you request, most equipment lenders will allow you to adjust the size and frequency of your payments to match your financial situation. Weekly, bi-weekly, monthly, and semi-monthly installments are usually possible. 

Some lenders will also accept larger or more frequent installments throughout your plan so that you can pay down your debt earlier. If you do want to make accelerated payments, just be careful, as some lenders will charge a prepayment penalty. 

Avoid these common application mistakes when applying for business funding. 

How Can Equipment Help Me Secure Additional Financing?

As mentioned, one of the ways that you can use an equipment loan in London to expand your business is by purchasing tools, machines, and vehicles in full. Once you own the proper titles to these pieces, they become commercial assets that you can offer up as collateral in exchange for additional capital. This is known as secured financing

Similar to equipment financing, this new capital would come in the form of a loan that you would borrow, then repay in segments over several months or several years (depending on the terms of your payment plan). Of course, this financing will only be possible if your lender determines that there is enough residual value in your equipment to sell it in the event that you default on your upcoming payments. 

As long as you follow your payment plan responsibly, you can then use your new capital to further improve your operation, which can be done by:

  • Hiring and training new employees
  • Purchasing new uniforms and safety gear
  • Consolidating any business credit card debt you’ve accumulated 
  • Investing in marketing strategies
  • Stocking your shelves with the best merchandise/products
  • Repairing or renovate any part of your work environment
  • Financing the building and maintenance of multiple business locations

Equipment Loans Canada

Which Industries Can Benefit From Equipment Financing?

Remember, the rural and urban areas of London make the city a perfect place to build a business that falls within the realm of agriculture, processing, manufacturing, education or information technology. Any of those businesses obviously requires plenty of reliable equipment to function well.   

However, the same can be said about almost any industry these days, such as:

 

  • Auto-mechanical services 
  • Restaurants
  • Beauty salons
  • Wellness spas
  • Gyms/fitness clubs
  • Pharmacies 
  • Law firms 

What Types of Equipment Can Be Purchased?

The unfortunate truth is that most tools, machinery, and vehicles are simply too expensive to purchase at once, especially when your business is just getting off the ground and you need to save every penny. Don’t worry, there are countless lenders who offer equipment loans in London. 

Here are just a few types of equipment that would require a large amount of financing to purchase in full: 

  • Construction (cranes, dump trucks, etc.) 
  • Farming/livestock (tractors, feeders, etc.) 
  • Food/beverage (kitchen appliances, drink dispensers, etc.) 
  • Medical (surgical tools, examination tables, etc.)
  • Exercise (cardio machines, weights, etc.) 
  • Office (telephones, computers, etc.) 
  • Energy efficient (lighting, ventilation, etc.) 

Want to incorporate your business but aren’t sure how? Find out here

What Are the Main Benefits of Equipment Financing?

By now, you’re well aware of the main purpose that equipment loans in London serve. Nonetheless, there is a slew of other benefits that come with this kind of financing, so take a look at the list we’ve provided below to make sure that this is the credit product that you’re currently looking for.

The main benefits of an equipment loan include (but certainly aren’t limited to):

  • The ability to finance otherwise unaffordable equipment pieces over time
  • The chance to apply with a lender that understands your particular industry
  • Payment plans that can be adjusted to suit your business budget
  • Best of all, you’ll know where your financing is coming from, so you can get back to concentrating on the health of your operation

Looking for Equipment Financing Today?

If you’re in need of an affordable equipment loan in London, rest assured that Loans Canada can help you find the right lending source. All you have to do is contact us today for more information or apply below when you’re ready to get started!   

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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