Does Your Business Need To lease Finance New or Used Equipment?
Ontario equipment leasing is available for a wide range of equipment types and in a variety of different lease structures.
Both new and used equipment assets can be financed through equipment leases with the rates, terms, and conditions dependent on the age of the equipment, its condition, and the assessment of strength of the used equipment market.
For new businesses or start up’s, strong personal credit profiles are going to be required as well as significant personal net worth to cover off the risk of start up loss.
With well established businesses, the application requirements will increase with the amount of lease financing being applied for. Consistent with this is the amount of time it takes to get a credit approval. For instance, for most lease financing requests under $25,000, a lease approval can be granted in a matter of hours. As the amount of financing increases, more information will be required which will require a greater level of review on behalf of the equipment leasing company with the process taking anywhere from two to ten business days.
Get Ontario Equipment Leasing That Meets Your Business Needs
In many cases, the best equipment leasing options are going to come from manufacturers for both new and used equipment that are provided through the manufacturer’s approved dealers.
However, it can also be worth doing a comparison of other options due to the fact that even if implicit cost of financing is higher on an alternative, the purchase price for a cash purchase may be lower.
Equipment leases basically can be structured into an operating lease or a capital lease. With a capital lease, you are obligated to purchase the asset for a nominal amount at the end of the lease term and with an operating lease you have the right to return the asset to the leasing company at the end of the lease term without an further repayment or purchasing obligations.
If you have an Ontario equipment leasing requirement, please give us a call so we can quickly go over you requirements and provide equipment leasing solutions that best meet your needs and get all your questions answered right away.