Equipment Leases and Equipment Finance Agreements (EFAs) are the most popular ways for businesses to acquire the equipment and vehicles necessary for them to make money and grown their business. Leasing is the most popular way to do this, as it allows your business to write off the entire lease payment when you file your taxes. An EFA, by contrast, only allows you to claim the depreciation.
Whether you are a transport company looking to add a truck or trailer, a restaurant looking to add or replace kitchen equipment, a manufacturer looking to add machinery, or an office looking to add equipment or a high-value software suite, Priority Lending can help you make this acquisition easy and efficient.
In commercial equipment leasing there are no balloon payments like in personal auto finance. For applicants qualifying credit, there are low and no down payment options, as well as deferred payments and competitive interest rates.
Qualifying for a Equipment and Vehicle Finance
Equipment leasing and finance is available for established businesses as well as start-up businesses. While certain, stronger credit profiles can qualify for lower-valued equipment with only an application, most businesses will need to supply bank statements, and sometimes financial statements as well.
Several factors go into determining the outcome of an application, including the applicant’s personal credit profile, the client’s personal net worth, the client’s experience in industry, the age of the equipment, and how the equipment will be used.
Priority Lending for Equipment and Vehicle Finance
If you are a small business in Canada looking to finance equipment and/or vehicles, Priority Lending can help you by matching you with some of the best financial institutions in your area. We can help you find alternative lenders who will be interested in lending you money for growing your business. Priority Lending helps small businesses acquire equipment through hassle-free processing and quick turnaround time.