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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Canadian Equipment Finance

Finanso.Multilogin™

About lender

CEF is a Canadian equipment finance and leasing company that provides financing solutions to various industries, including transportation, construction, forestry, oil and gas, manufacturing, aircraft, mining, and printing. Remember that Canadian Equipment Finance is around if your business needs funds to purchase or lease machinery or equipment.

CEF has been operating in Canada since the 1980s. It is a joint venture between Canadian Equipment Finance & Leasing Inc. and PROVEN Financial Group Inc. and is a member of CFLA-ACFL. CEFL, PROVEN, and its predecessors have collectively funded $2 billion in equipment finance transactions.

The company works with more than 30 brokers or lenders, so it can offer different loan solutions for the customers to find the most suitable option for their businesses quickly.

Features

The most significant feature of CEF is that they have a very narrow specialization. The company provides loans for enterprises to buy or lease heavy machinery, work vehicles, and other equipment types.

Also, it is essential to note that CEF is not only a lender, but it can also act as a broker, which means that they not only provide their own money but also connect the customer to other lenders and financial institutions to find the best solution for the customer. The company works with more than 30 partners.

CEF operates in different industrial spheres such as construction, transportation, mining, forestry, manufacturing, energy, and aircraft.

CEF offers various loan options. The solutions and products they offer are capital and operating leases, sale and leasebacks, term loans and conditional sales contracts, pre-approved equipment lines of credit, factoring lines, U.S. Dollar funding and repayment, equipment-backed revolvers, and bridge financing.

In addition, there is no application form on the company's website, so the customers can’t apply online. Instead, if the client wants to apply for the loan, they will need to call one of the company’s offices’ phone numbers, write down an email message or just visit the office. CEF has offices in Kelowna, Edmonton, and Breslau.

Pros and cons

However, it is essential to note that cooperation with CEF has pros and cons that can affect customers’ decisions.

Pros

  • CEF provides many loan solutions and options;

  • The company works with businesses, so their services will be beneficial for people whose business needs money for buying or leasing equipment;

  • CEF operates in various industry spheres;

  • The company has a vast network of partners that allow them to offer the best loan option to the customer;

  • The range of borrowable amounts is up to $1.200.000;

  • The company has an impressive experience in lending as they have been operating since the 1980s.

Cons

  • The company doesn’t have sufficient information on its website, such as interest rates limits or loan conditions;

  • The customer can’t apply online as there are no application forms on the website, so the clients will have to call the company’s phone number, write an email or visit one of their offices;

  • The company has only three offices in Canada;

  • Only monthly repayment;

  • Funding time can be extended to 2 weeks.

The company provides loans for businesses from different industries. Also, CEF provides many loan options and solutions that can be very useful for customers.

However, there are some disadvantages, the main one being that CEF provides insufficient information on their website and doesn’t let the clients apply online.

Loan conditions

The company provides loans for long terms for 24 - 96 months. Unfortunately, there is no information about interest rate limits, but as CEF works with 30+ funding partners, the APR depends on them. The range of borrowable amounts is big: $50,000 - $12,000,000.

Customers must fit some basic requirements, such as being older than 18 years old and being a Canadian citizen. Moreover, as the company deals with businesses, the client must have a business that has been active for at least 3-5 years and must provide financial disclosure: compiled statements, review engagement, or audited financials. Moreover, the client will have to provide personal documents such as two pieces of government-issued identification: passport, driver’s license, etc., void cheque, and recent invoices.

The customer will have to apply offline because CEF has no application forms on its website. Approval can take not more than two days but can take up to 2 weeks.

Methods of loan funding

Once the customer gets approved, they will receive their funds by direct deposit or cheque.

FAQ

What is Canadian Equipment Finance?

Canadian Equipment Finance is a Canadian equipment finance and leasing company that offers enterprises loans for buying or leasing heavy machinery, work vehicles, and other equipment types. They have been operating in Canada since the 1980s and now have a vast network of partners that allow them to find the best loan option for the customer. They provide not only their own money but also work with brokers. 

Who owns Canadian Equipment Finance?

Canadian Equipment Finance is a joint venture between Canadian Equipment Finance & Leasing Inc. and PROVEN Financial Group Inc. and is a member of CFLA-ACFL.

How do you qualify for Canadian Equipment Finance?

To be approved by CEF, the customer must be older than 18 years old; be a citizen of Canada; have a business that has been active for at least 3-5 years, and must provide financial disclosure: compiled statements, review engagement, or audited financials. Also, the client must provide two government-issued identification pieces: passport, driver’s license, etc.; void cheque and recent invoices.

How much can you borrow from Canadian Equipment Finance?

The company allows borrowing the amount between $50,000 and $12,000,000.

Is it a legitimate company?

CEF is a legitimate company. It is registered on the OPENGOVCA database. The business number is 735261513. Its Corporation ID is 10985287. 

Company documents

Privacy Policy

Simply put, we connect customers with capital for any stage of the business lifecycle.

© Canadian Equipment Finance

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What to pay attention to when applying for a loan from Canadian Equipment Finance

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Canadian Equipment Finance from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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