Leasing company
Rating by Finanso®
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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.

Equilease

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About Lender

Equilease, a well-established lease financing company, which has been providing equipment financing solutions to businesses across Canada for over three decades. The company prides itself on its ability to adapt to the evolving needs of businesses, offering quick and hassle-free financing solutions tailored to each client's requirements.

Equilease distinguishes itself from traditional bank-owned lease financing companies by providing speed, flexibility, and asset knowledge that only an independent leasing partner can offer. With a team of experienced industry experts, Equilease ensures a streamlined application process with unparalleled decision-making speed, often delivering equipment on the same day.

Equilease specializes in simplifying the equipment leasing process, working closely with clients to develop flexible lease financing plans that meet their growth and cash flow objectives. Equilease offers a wide variety of financing options across numerous industries, including office equipment, media, transportation, construction, healthcare, and technology. The company takes a flexible approach to lease financing, accommodating both new and used equipment assets through various acquisition channels, including private sale transactions and structured deals.

Equilease

Key Features

  1. Speedy Approval Process. Equilease prides itself on its quick and efficient approval process, often providing decisions on lease requests with unparalleled speed. Businesses can expect a streamlined experience, allowing them to acquire the equipment they need promptly.

  2. Flexibility in Financing. Unlike traditional lenders, Equilease offers flexible financing options tailored to the unique needs of each client. Whether businesses require new or used equipment assets, private sale transactions, or structured deals, Equilease can accommodate a wide range of financing needs.

  3. Expert Industry Knowledge. With a team of experienced industry experts, Equilease provides invaluable insight into equipment usage and industry-specific requirements. Clients benefit from working with advisors who understand their business, ensuring that the financing solutions provided are aligned with their objectives.

  4. Diverse Industry Coverage. Equilease serves businesses across various sectors, including office equipment, media, transportation, construction, healthcare, and technology. This broad industry coverage allows the company to cater to the financing needs of a diverse range of businesses, regardless of their specialization.

Pros and Cons

Pros

Minimal Administrative Burden. Equilease's user-friendly application process and dedicated support team minimize the administrative burden on businesses, allowing them to focus on core operations without the hassle of extensive paperwork or complex financing arrangements.

Enhanced Budget Predictability. With fixed lease payments over the term of the agreement, businesses can accurately forecast their expenses, facilitating better budget management and financial planning for the long term.

Improved Cash Flow Management. Lease financing with Equilease enables businesses to spread the cost of equipment acquisition over time, preserving working capital and providing greater flexibility in managing cash flow fluctuations.

Access to Latest Technology. By leasing equipment through Equilease, businesses can regularly upgrade to the latest technology without the financial burden of outright purchases. This ensures access to state-of-the-art equipment, enhancing competitiveness and operational efficiency.

Tax Advantages. Lease payments may be fully tax-deductible as operating expenses, providing potential tax advantages for businesses. This can result in significant cost savings compared to other forms of financing or outright purchases, contributing to overall financial health and profitability.

Cons

Higher Total Cost of Ownership. While lease financing offers flexibility in payment terms, businesses may end up paying more over the long term compared to purchasing equipment outright. This can result in a higher total cost of ownership, especially for assets with long useful lifespans.

Dependency on Leasing Partner. Businesses that rely heavily on lease financing may become overly dependent on Equilease or similar companies for equipment procurement. This dependency could pose risks in cases where leasing terms or conditions change, impacting business operations.

Limited Asset Ownership. Unlike outright purchases, lease agreements with Equilease do not confer ownership of the leased assets to the lessee. This means businesses may miss out on potential equity or resale value that ownership could provide.

Restrictive Terms and Conditions. Lease agreements may come with certain restrictions or conditions that limit the lessee's flexibility in using or modifying the leased equipment. Businesses should carefully review lease terms to ensure they align with their operational requirements and future growth plans.

Potential for Penalties. Failure to comply with lease terms, such as late payments or exceeding usage limits, may result in penalties or additional charges imposed by Equilease. Businesses should be aware of these potential penalties and strive to adhere to the terms of their lease agreements to avoid financial repercussions.

Reliability

Established in 1991, Equilease has become a well-established presence in the equipment leasing industry. While their website may not feature client testimonials or detailed information about certifications, their longevity in the field suggests reliability. Despite the absence of reviews on platforms like Trustpilot, Equilease's long-standing tenure and extensive experience imply a level of trustworthiness. Equilease's enduring presence in the market indicates stability and reliability, making it a potential choice for businesses in need of equipment financing.

How to Apply for an Equilease Loan?

  1. Contact Equilease. Begin by reaching out to Equilease either through their website, phone, or email to express your interest in obtaining financing for equipment. Their website provides contact information and an inquiry form for initiating the application process.

  2. Consultation and Assessment. A leasing advisor from Equilease will get in touch with you to discuss your equipment financing requirements in detail. During this consultation, you'll have the opportunity to explain your business needs, the type of equipment you require, and any specific preferences or constraints you may have.

  3. Application Submission. Equilease will provide you with the necessary application forms and documentation requirements. These documents typically include basic information about your business, financial statements, and details about the equipment you intend to lease. The application process is usually streamlined, requiring minimal paperwork.

  4. Review and Approval. Once you've submitted your application and supporting documents, Equilease's team will review your request promptly. They will assess your eligibility for financing based on factors such as your business's creditworthiness, the value of the equipment being leased, and the terms of the lease agreement.

  5. Decision and Terms. If your application is approved, Equilease will provide you with the terms of the lease agreement, including the lease duration, payment schedule, and any other relevant conditions. You'll have the opportunity to review and confirm these terms before proceeding with the financing arrangement.

  6. Equipment Acquisition. Upon acceptance of the lease terms, Equilease will coordinate with the equipment vendor to facilitate the acquisition of the leased assets. Depending on the agreement, the equipment may be delivered directly to your business location or made available for pickup.

  7. Commencement of Lease. Once the equipment is acquired and in your possession, the lease agreement with Equilease officially begins. You'll start making lease payments according to the agreed-upon schedule, allowing you to use the equipment for your business operations effectively.

Conditions and Requirements

Conditions

  1. Minimum Lease Term. Equilease may stipulate a minimum lease term that businesses must commit to when securing financing, ensuring that the lease period aligns with the company's policies and objectives.

  2. Maximum Equipment Age. There may be a maximum allowable age for equipment that Equilease is willing to finance. This condition ensures that businesses lease equipment that meets quality and reliability standards.

  3. Insurance Requirements. Equilease may require businesses to maintain insurance coverage on leased equipment throughout the lease term, protecting both the lessee and the lessor against potential risks or damages.

  4. Maintenance Obligations. Businesses may be required to adhere to specific maintenance and servicing protocols for leased equipment, ensuring its proper care and functionality throughout the lease term.

  5. Usage Restrictions. Equilease may impose usage restrictions or guidelines on leased equipment to prevent misuse or excessive wear and tear. Businesses are expected to adhere to these usage conditions to maintain the leased assets' value.

  6. Financial Covenants. Equilease may establish financial covenants that businesses must meet throughout the lease term, such as maintaining a certain level of profitability, liquidity, or debt-to-equity ratio.

  7. Default and Remedies. The lease agreement may outline conditions under which Equilease can declare a default and the corresponding remedies available to both parties. Businesses must understand and comply with these provisions to avoid potential repercussions.

  8. Reporting Requirements. Businesses may be required to provide periodic reports or updates to Equilease on their financial performance, equipment usage, or other relevant metrics as specified in the lease agreement.

  9. Subleasing Restrictions. Equilease may impose restrictions on subleasing or transferring leased equipment to third parties without prior consent. This condition ensures that Equilease retains control over the leased assets throughout the lease term.

  10. Early Termination Provisions. The lease agreement may include provisions for early termination, outlining the conditions under which the lease can be terminated before the scheduled end date and any associated costs or penalties.

  11. Compliance with Laws and Regulations. Businesses are expected to comply with all applicable laws, regulations, and industry standards governing the use and operation of leased equipment, as well as any contractual obligations outlined by Equilease.

  12. Renewal Options. Equilease may offer businesses the option to renew the lease agreement at the end of the initial term, subject to certain conditions and terms agreed upon by both parties.

Requirements

  1. Business Information. Legal business name and contact information, business registration documents (e.g., articles of incorporation, business license), business address and contact details.

  2. Financial Statements. Income statement (profit and loss statement) for the past two to three years. Balance sheet showing assets, liabilities, and equity. Cash flow statement detailing cash inflows and outflows.

  3. Business Plan. Comprehensive business plan outlining the company's objectives, operations, target market, competitive analysis, and growth strategy. Projections for future revenues, expenses, and cash flow.

  4. Credit History. Business credit report showing credit history, payment history, and credit score. Personal credit reports for business owners or guarantors, if applicable.

  5. Equipment Details. Detailed information about the equipment to be financed, including make, model, age, condition, and cost. Quotes or invoices from equipment vendors.

  6. Financial Projections. Forecasts or projections for the business's financial performance, including revenue growth, profitability, and cash flow projections.

  7. Business Bank Statements. Recent bank statements for the business account, typically covering the past three to six months.

  8. Tax Returns. Business tax returns for the past two to three years. Personal tax returns for business owners or guarantors, if applicable.

  9. Legal and Compliance Documents. Any legal documents related to the business, such as contracts, leases, or permits. Documentation confirming compliance with regulatory requirements in the relevant industry.

  10. Collateral Information. Details of any collateral offered to secure the loan, if applicable. Appraisals or valuations of collateral assets, such as real estate or equipment.

  11. Other Documentation. Any other relevant documentation requested by Equilease to assess the business's eligibility for financing.

Ways to Receive the Money

  1. Direct Payment to Equipment Vendor. In most cases, Equilease will directly pay the equipment vendor on behalf of the lessee (the business acquiring the equipment). Once the lease agreement is finalized and approved, Equilease disburses the funds to the vendor to procure the leased assets. This method ensures that the equipment is acquired promptly and seamlessly.

  2. Leased Equipment Acquisition. Instead of receiving money directly, businesses receive the leased equipment itself. Equilease coordinates with the equipment vendor to acquire the specified assets and then leases them to the business for an agreed-upon period. This way, the business gains access to the necessary equipment without upfront capital expenditure.

  3. Structured Payment Schedule. Businesses receive financing indirectly through a structured payment schedule outlined in the lease agreement. Equilease disburses funds to the equipment vendor or acquires the equipment on behalf of the lessee, and then the lessee makes regular lease payments to Equilease over the term of the lease. This arrangement allows businesses to budget and manage cash flow effectively.

  4. Flexible Financing Options. Equilease may offer flexible financing options tailored to the unique needs of the business. This could include customized payment plans, deferred payment schedules, or seasonal payment arrangements. In such cases, businesses receive the benefit of accessing the equipment they need while managing their finances in a way that aligns with their cash flow patterns.

  5. Leaseback Arrangements. In certain scenarios, businesses may opt for sale-leaseback arrangements where they sell existing equipment to Equilease and then lease it back. In this case, the business receives funds upfront from the sale of the equipment and then leases it back from Equilease for continued use. This approach can provide immediate capital injection while retaining access to essential equipment.

Products

Equilease offers a wide range of leasing options tailored to help businesses grow and thrive. They lease all types of new and used equipment assets, providing flexible financing solutions across various industries such as office equipment, media, electronics, landscaping, transportation, construction, manufacturing, industrial, dental, medical, software, and technology. Whether it's lease-to-own, structured leases, fair market value, pre-approvals, sale leaseback, equity take-out, or equipment upgrades, Equilease offers diverse leasing options to meet the specific growth objectives of businesses.

Reasons for Getting Rejected for an Equilease Loan

  1. Creditworthiness. Equilease typically assesses the creditworthiness of applicants to determine their ability to repay the lease financing. Businesses with poor credit histories or insufficient credit may face rejection.

  2. Financial Stability. Equilease may evaluate the financial stability and performance of businesses to assess their ability to meet lease payments. Businesses with inconsistent revenue streams or financial difficulties may be deemed too risky for financing.

  3. Incomplete Documentation. Inaccurate or incomplete submission of required documentation can lead to delays or rejection of the application. It's essential for businesses to provide all necessary financial statements, business plans, and other documentation as requested.

  4. Equipment Type or Condition. Equilease may have specific criteria regarding the type, age, or condition of the equipment being leased. Businesses seeking financing for equipment that does not meet these criteria may face rejection.

  5. Unsatisfactory Business Plan. Equilease may review the business plan submitted by applicants to assess the viability and growth potential of the business. A poorly developed or insufficient business plan may raise concerns about the business's ability to succeed and repay the lease financing.

  6. Lack of Collateral. While lease financing typically does not require collateral, Equilease may still consider the availability of collateral or personal guarantees as a factor in the approval process. Businesses unable to provide adequate collateral or guarantees may face rejection.

  7. Industry Risk. Equilease may evaluate the industry in which the business operates to assess potential risks and uncertainties. Businesses operating in high-risk industries or experiencing industry-specific challenges may be deemed ineligible for financing.

  8. Policy Changes or Market Conditions. Changes in Equilease's lending policies or shifts in market conditions may also impact the approval of loan applications. Businesses that were previously eligible may face rejection due to updated criteria or changing economic circumstances.

How to Repay an Equilease Loan?

  1. Payment Schedule. Equilease will specify a payment schedule in the lease agreement, outlining the frequency (e.g., monthly, quarterly) and amount of lease payments due. Businesses are responsible for making these payments on time according to the agreed-upon schedule.

  2. Payment Methods. Equilease usually provides multiple payment methods for convenience, including electronic funds transfer (EFT), online payments through their website, or traditional methods like checks or wire transfers. Businesses should follow the instructions provided by Equilease to ensure payments are processed correctly and on time.

  3. Automatic Payments. Some businesses may opt for automatic payments, where lease payments are deducted automatically from their bank account on the due date. This can help streamline the repayment process and reduce the risk of missed payments.

  4. Late Payments. It's essential for businesses to adhere to the payment schedule to avoid late fees or penalties. Equilease typically imposes penalties for late payments, so it's crucial to prioritize timely payment to maintain a positive repayment history.

  5. Communication. If businesses encounter difficulties in making payments or need to discuss alternative arrangements, it's important to communicate with Equilease promptly. They may be willing to work with businesses to find solutions, such as restructuring payment schedules or deferring payments in certain circumstances.

  6. End-of-Term Options. At the end of the lease term, businesses may have various options depending on the type of lease agreement. These options may include returning the equipment, renewing the lease, purchasing the equipment at fair market value, or upgrading to newer equipment. Equilease will outline these options in the lease agreement, and businesses should carefully consider their choices based on their evolving needs and circumstances.

Alternatives

CBW

CBW is a prominent player in the Canadian commercial financing landscape, providing businesses with streamlined access to over $11 billion in funding. With a strong emphasis on equipping businesses for growth, CBW offers a range of financing solutions tailored to meet diverse needs. Whether it's securing financing for essential equipment or offering financing options to customers, CBW is committed to simplifying the process and ensuring customer satisfaction. As Canada's largest and longest-standing equipment financing company, CBW boasts a wealth of expertise and resources to support businesses in achieving their growth objectives. From expedited equipment acquisition to enhanced buying power and flexible payment options, CBW's financing solutions empower businesses to optimize their operations and seize new opportunities. With a focus on transparency and accessibility, CBW leverages innovative tools like the NLi Financing Portal to provide clients with convenient access to financing details, putting control at their fingertips.

Equipment Finance Canada

Equipment Finance Canada streamlines the process of acquiring essential equipment with its straightforward and efficient financing solutions. With a simple pre-qualification process, businesses can quickly determine their eligibility and get started on securing the equipment they need. Offering 100% financing, Equipment Finance Canada enables businesses to preserve their capital and lines of credit by eliminating the need for down payments in most deals. Moreover, with credit decisions obtained within a day, businesses can avoid the delays commonly associated with banks and other financial institutions. Equipment Finance Canada also highlights the potential tax benefits of leasing, encouraging businesses to consult with their tax advisors to explore opportunities for expensing lease payments and saving on sales taxes upfront.

Tandem

Tandem understands the role that equipment leasing process plays in fostering business growth, offering businesses a range of benefits when acquiring essential equipment. With a focus on simplicity and convenience, Tandem provides a seamless 'one-stop' shopping experience for both equipment acquisition and financing. The credit approval and lease documentation process is straightforward and expedited, ensuring businesses can quickly access the equipment they need to thrive. Leasing with Tandem allows businesses to conserve cash and leverage their operating or capital budgets, overcoming budget limitations and expanding their purchasing power. With equipment costs established in current dollars and paid incrementally in future dollars, businesses can effectively manage cash flow while enjoying freedom from inflationary pressures. Tandem's 100% providing financing option eliminates the need for down payments on equipment, preserving valuable cash and lines of credit to fuel business growth. Furthermore, businesses benefit from simplified tax payments, with taxes based on equipment and location included in the monthly payment. Tandem's equipment leasing financing is accessible to most businesses, even those with less-than-perfect credit or minimal collateral.

Easylease

Easylease, a Canadian-based equipment leasing and finance company, streamlines the process of acquiring equipment for businesses, offering same-day approvals and low monthly payments to support growth. With an emphasis on tax benefits, Easylease allows businesses to expense monthly lease payments, potentially reducing taxable income while accessing necessary equipment. The application process is straightforward, with customers completing an easy online form, receiving prompt approval, and signing lease documents electronically for quick equipment acquisition. Easylease's efficient approach enables businesses to stay competitive and conserve capital for unforeseen expenses, making it a convenient choice for equipment financing needs.

Editorial Opinion

Equilease stands out as a reliable partner in the realm of equipment leasing, particularly for well-established businesses. Its commitment to making the equipment leasing process simple underscores its dedication to customer satisfaction and operational efficiency. By offering streamlined solutions and leveraging its extensive experience, Equilease empowers businesses to access the equipment they need with ease, facilitating their growth and success in today's competitive market landscape.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

What does the Equilease do?

Equilease specializes in providing equipment leasing solutions to businesses, focusing on ensuring customer satisfaction experience. They offer flexible leasing options tailored to meet the unique needs of each client, making the equipment acquisition process straightforward and efficient. Equilease's commitment to delivering exceptional service and understanding the importance of customer satisfaction sets them apart as a trusted partner for businesses seeking reliable equipment financing solutions.

Is Equilease a good company?

Determining whether Equilease is a reputable company involves assessing factors like customer experiences, industry reputation, and their track record in approving requests. Individuals or businesses considering Equilease should conduct thorough research and review feedback to evaluate their performance and service quality, ensuring they meet their specific needs and expectations.

How much does Equilease loan cost?

The cost of a loan from Equilease can vary depending on factors such as the amount borrowed, the duration of the loan, and the specific terms and conditions agreed upon. Generally, loan costs may include interest rates, fees, and any other charges associated with the financing. It's essential for individuals or businesses to review the loan agreement carefully and discuss all costs and terms with Equilease to fully understand the financial implications before proceeding with the loan.

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