Toronto equipment leasing options are readily available for businesses in Toronto, the Greater Toronto Area, and Southern Ontario.
This region is blessed with a large number of both national and regional equipment leasing companies, most of whom have a preference to provide equipment lease financing in Ontario due to the close proximity to their headquarters.
Having several potential options can have both its pluses and minuses.
For instance, sometimes it can be hard to find the lowest cost form of Toronto equipment leasing, resulting in business owners paying higher effective rates that other potential options.
On the minus side, many of the Ontario equipment leasing companies that service the Toronto and surrounding area only work through equipment leasing brokers.
This is in itself is only an issue or problem if you are trying to arrange equipment leasing on you’re on.
Working with an experienced equipment leasing broker or specialist can help you quickly zero in on your best overall options, regardless if they are broker specific or not.
Many leasing companies will have a certain focus in the market, such as certain industry and asset types, credit profiles, and so on.
Knowing which Toronto equipment leasing companies are going to be best suited to your equipment leasing request and business financing profile is the key to getting the rates and terms you’re looking for.
For equipment lease financing requests under $25,000, approvals can be granted in a matter of hours. For amounts under $100,000 you can still get financing approved in 24 hours. As the amount of equipment lease financing increases, the longer the process will take as higher lease values will have to be reviewed by more than one person at the leasing company. For most applications, regardless of size, the equipment lease financing decision will be made in three to five business days assuming all lender requested information to support the application is readily available.
Once approved, most deals can be funded in a matter of days, so the entire process from time of application to funding is typically no more than a week or five business says.
The standard information we need to start with to assess your request for financing is a completed application form and a copy of an invoice/quote/estimate from the vendor who is prepared to sell you the equipment you are trying to secure.
As equipment leasing specialists, we will then review the information provided and recommend other information items that the lender is likely going to require in order to speed up the application process.
Typically when a business owner or manager calls in, we will go through their situation for Toronto equipment leasing with them on the phone and suggest the best lease financing options available through our equipment leasing company network.
Toronto equipment financing is available through a wide variety of equipment lending and equipment leasing companies located both in Toronto and outside of the Greater Toronto Area.
Because of the population and commercial business concentration in the GTA, we are fortunate to be able to provide our clients with a number of equipment financing and leasing options.
Equipment financing companies tend to focus on particular areas of the market defined by asset type, loan or lease size, and credit profile of the applicant.
Our role is to quickly assess your equipment financing requirement and then match you up with the most relevant Toronto equipment financing or equipment leasing sources in order to get the best available deal in the least amount of time.
The great thing about having your business located in Toronto is that there are equipment lenders servicing just about every potential segment of the equipment financing market and all degrees of credit.
This is both a good and bad thing in that its easy to end up with 1) a more expensive deal than is available to you if you don’t know how to qualify the market versus your requirements, or 2) no deal at all if you’re focusing on Toronto equipment financing sources that will not be interested in your financing request.
The key is to work with an equipment financing specialist who can make an accurate assessment of your requirements, discuss relevant equipment financing or leasing options with you, and then get the funding in place in the time you have to work with if at all possible.
And there are many different ways to approach an equipment financing need. For instance, you can first apply for a pre-approval before you even start actively offering or bidding on the equipment you wish to acquire.
You can consider operating and capital equipment leasing to best fit your cash flow and tax planning requirements.
Or even if you’ve already purchased equipment for cash, we can still arrange to get equipment financing in place after the fact, up to 6 months after the initial purchase was completed.
Regardless of your requirements or where you are in the buying and financing process, please give us a call today for immediate assistance.