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What is equipment financing?

Equipment financing is a financial arrangement that allows businesses to acquire new machinery, vehicles, or other necessary equipment without paying the full cost upfront. Instead, the business takes out a loan or enters into a lease agreement to pay for the equipment over a specified period, often while using the equipment itself as collateral. This form of financing is particularly useful for companies that need to update or expand their operational assets but may not have the immediate capital to do so.

Can I finance used equipment?

Yes, you can finance used equipment through various options such as bank loans, equipment leasing, and vendor financing.

Are there any tax advantages or incentives associated with equipment financing?

Yes, there are tax advantages associated with equipment financing. One key advantage is the Capital Cost Allowance (CCA), which allows businesses to write off the cost of the equipment over its useful life. This depreciation can be deducted from your business income, effectively reducing your taxable income. Additionally, certain provinces may offer specific tax incentives or grants for businesses that invest in new equipment. It’s crucial to consult with a Canadian tax advisor to fully understand the tax implications and benefits tailored to your situation.

Can I get equipment financing with bad credit?

Yes, it is possible to get equipment financing with bad credit, although it may come with higher interest rates and stricter terms. Alternative lenders and specialized financing options are available for those with less-than-ideal credit scores.

How long does the equipment financing approval process take?

The equipment financing approval process in Canada can vary widely depending on the lender and the complexity of the application, but it generally takes anywhere from 24 hours to a few weeks.

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We’d love to have the opportunity to understand your business and develop a strategy customized to your business’ short-term needs and long-term goals. Contact us at 905-268-3351 or complete the online contact form below.