When you work with Money Line Capital, you’ll be able to choose from a number of different leasing and financing options, any of which you can use to access the machinery, vehicles, and other equipment that your business needs. First established in 2014, they offer a 95% approval rate during their application process, so it’s even possible for borrowers with bad credit or recent bankruptcies to receive funding. Check out their website for additional information or set up an appointment at their head office in Mississauga, Ontario.
How to Qualify With Money Line Capital
Some equipment and vehicles can cost a lot to finance, which is why there will be a few different requirements when you apply with Money Line Capital. Although the exact documents you need may vary depending on what service you’re applying for, there are a few ways to qualify for the best financing or leasing terms and interest rates, such as:
If you’re running a startup, if you have bad credit, or if your business has gone through recent debt problems, you can still qualify for equipment financing or leasing from Money Line Capital. That said, the conditions above are just some of the ways to receive the best conditions for your loan or lease deal.
To become an eligible client of Money Line Capital, you must first complete your application, which can be done online or over the phone during their service hours. You can also make an appointment to visit with a customer representative at their main office in Brampton or send them an email for more information.
When you apply for equipment financing or leasing through Money Line Capital, you will have to provide the following personal and financial documents:
As mentioned, the exact documentation you’ll need to qualify will depend on which product you’re looking for. You may be asked for other personal and financial information when you actually apply. Nonetheless, Money Line Capital can give you a free no-obligation quote, so you can decide whether their conditions work for you.
Simply put, equipment financing is meant to help you purchase the tools, vehicles, and heavy machinery that your business needs over time, while leasing helps you rent them for a specific period. Here are a few features that both these services can offer you:
In the end, financing and leasing can make business equipment more affordable, so you get back to work and spend less time worrying. What’s more, Money Line Capital can help you lease or finance all sorts of tools, machines, and vehicles, such as:
Once again, the exact costs of your financing or leasing contract from Money Line Capital will vary based on its conditions. For instance, if you have healthy business finances and credit, you may pay less for your loan or lease overall (and vice versa). That said, here are some of the basic costs you’ll have to budget for:
Every lender, whether they are business oriented or not, has benefits and drawbacks that you must think about before applying. While Money Line Capital can make your equipment more cost-effective, here are a few pros and cons to consider:
Money Line Capital FAQs
Why does my business credit matter and can I qualify with bad credit?
As mentioned, you will have to fill out a credit application when you apply for equipment financing or leasing (and other services). This is because Money Line Capital must see how you’ve handled debt in the past by checking your business credit report.
If your business has a history of making responsible payments, as well as a good credit score, and high credit ratings for its existing accounts, you will find it easier to get approved for more financing, a lower interest rate, and a longer payment plan.
On the other hand, if you have bad business credit, your options may be more limited and your interest rate can get higher. Money Line Capital can still approve you for an equipment financing or leasing plan, as long as your business finances are stable enough to make all payments on time.What’s the difference between equipment financing and leasing?
Prior to applying with Money Line Capital, you’ll also have to decide which type of financial service you want, as there are some significant differences involved. For example, equipment financing and leasing are vastly different because:
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
|---|---|---|---|---|---|
Equipment Financing | $5,000+ |
|
| Must be an Ontario resident Must be at least 18 years of age Other conditions may apply during approval process | Completed application form Government issued identification 3 most recent commercial bank statements List of your assets |
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