Peel Financial Reviews, Ratings And Fees January 2023

Be the first to review Peel Financial
180 Wilkinson Road, Unit 19
Brampton, Ontario
L6T 4W8

Who Is Peel Financial

Peel Financial is an equipment financing company for small to medium-sized businesses. They have over 50 years of experience in the financing industry and have been providing solutions to business owners across Canada. They provide equipment loans and leases in many different industries like transportation, construction, office equipment, dental and manufacturing.

What Does It Take to Qualify With Peel Financial?

Peel Financial doesn’t just offer equipment loans. They can also help you finance a truck or trailer, as well as lease or refinance your equipment. Since they provide a few different business solutions, the approval requirements may vary depending on which product you choose and how much financing you want (if you don’t choose a lease). 

That said, there are a few things you might need to qualify for the best leasing or financing deal, an affordable interest rate, and favourable repayment term, such as:

  • A good business credit score and payment history
  • A decent monthly/yearly revenue
  • One or more assets to offer as collateral
  • A low amount of outstanding debt
  • A clean driver’s record (few or ideally no repossessions)
  • No recent consumer proposals or bankruptcies

Secured vs. Unsecured Loans

If you’re applying for equipment financing from Peel Financial, the first thing you’ll have to decide is whether you want a secured or unsecured loan. Each of these loan types has its benefits and drawbacks, be sure to weigh both options carefully before you make your decision:

  • Secured Loan – When it comes to applying for a secured loan, you’ll have to provide an asset for security, such as a real estate property, a vehicle, or even the equipment itself. If your collateral is valuable, you may qualify for better loan conditions and a lower rate. However, your lender will have the right to seize your asset to recuperate their loss if you default on too many payments. 
  • Unsecured Loan – If you don’t have or don’t want to endanger an asset, you can apply for unsecured financing instead, wherein your business’s credit history and cash flow will become more important for approval. The stronger your finances and credit are, the easier it will be to qualify for a large loan with a good rate and term. Unfortunately, weak business strength can lead to opposite conditions.

How Can I Apply For Financing or Leasing From Peel Financial?

Similar to many business lenders, all you have to do to apply for a loan or leasing contract with Peel Financial is to visit their webpage and fill out the appropriate application. You can also call or visit them at one of their service locations in Brampton (ON), Surrey (BC), Saskatoon (SK), and Winnipeg (MB), or send them an email for more information. 

Once again, the documentation you need may vary according to what type of product you want and how much money you would like to borrow. That said, here some of the basic personal and financial details you will have to provide when you apply:

  • Full name & date of birth
  • Social Insurance Number (SIN)
  • Address & Postal code
  • City & province
  • Home & cell phone number
  • Email address
  • A pre-authorized debit form or VOID cheque

Additionally, there will be several boxes to check off, such as whether you have:

  • Had any prior dealings with Peel Financial
  • Ever declared bankruptcy
  • Had any repossessions
  • Been the subject of any legal suits

As mentioned, you may also have to fill out and sign a credit application so Peel Financial can have a better idea of how you would handle your future payments. 

While Peel Financial has served clients in many areas of Canada, they mainly operate in Ontario and British Columbia, including the following cities:

  • Toronto
  • Mississauga
  • Brampton
  • Oakville
  • Hamilton
  • Burlington
  • Surrey
  • Vancouver

What Costs Could You See When Financing or Leasing Equipment?

Once again, when you work with Peel Financial, the costs you encounter can fluctuate depending on what type of product you’re applying for, how much financing you need, and how healthy your business finances/credit are. Nonetheless, here are some of the standard expenses you may have to budget for:

  • Your interest rate (weaker finances/credit can lead to higher rates)
  • Your loan payments (made on a monthly or seasonal basis for 2 – 10 years)
  • Fees (for origination, cheque cashing, and other administrative services)
  • Penalties (if you miss or make a late/short payment)

Typically, Peel Financial will collect your loan, lease, or refinancing payments via automatic pre-authorized debits, directly from your business bank account. So, if your account has insufficient funds upon any due dates, you may be subject to a penalty fee, additional interest, and a decline in your business credit score.

What Are The Pros and Cons of Working With Peel Financial? 

Before you apply for any credit product or leasing agreement, don’t forget to weigh the potential benefits and drawbacks, as they can have a positive or negative impact on the health of your business. When you apply for equipment financing or leasing through Peel Financial, here are some of the pros and cons you could experience:


  • Your business may qualify for over $1,000,000 in financing 
  • Collateral is optional (secured or unsecured loans are available) 
  • Repayment terms are flexible and can last a long time
  • Interest rates are flexible (based on your finances/credit)
  • They can connect you with many lenders, giving you better approval odds
  • Responsible payments can elevate your business credit score


  • Funding can take up to a week (may not be good for business)
  • Services may not be accessible in every province or city 
  • Weak finances/credit can lead to worse conditions and higher rates

Peel Financial FAQs

Why do I have to fill out a credit application when I apply?

Although your business might be making a decent revenue, a credit application could be a standard request when you apply for equipment financing or leasing from Peel Financial. This is because your business credit report tells them how you’ve handled your prior debts and how easy it will be for you to make your upcoming payments. So, if you have a responsible payment history, good ratings for your existing credit accounts, and a high credit score, you’ll be more eligible for approval, as well as a higher credit amount, a lower interest rate, and a better repayment plan.

How are financing and leasing contracts different?

Not sure if you should finance or lease your equipment, truck, or trailer? You’re not the only one. In fact, the idea of a loan vs. a leasing contract can be a bit confusing for some borrowers, so here are two simple explanations:
  • Financing – In this case, Peel Financial would offer you a loan; a lump sum of liquid money that can be transferred to your bank account (or directly to the dealership you’re working with) via direct deposit, cheque, or Electronic Fund Transfer (EFT). You would then use the loan to purchase your equipment or vehicle and repay what you’ve borrowed through divided installments (with interest and fees) over 2 to 10 years. 
  • Leasing – Rather than buying a specific truck, trailer, or piece of equipment, you can rent different kinds over several months or several years. While you won’t own your item and can’t use it as collateral, you can avoid the risk of it depreciating in value or getting stuck with something unsatisfactory. There are even lease-to-own contracts that allow you to eventually purchase the item.


Offered Services

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Equipment Loans

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