Best Equipment Financing Companies in Canada

Whether you’re buying a new reefer trailer, upgrading clinic technology, or launching a mobile business, finding the right equipment financing partner is crucial.

But with so many options—banks, fintech lenders, leasing arms, and brokers—how do you choose?

In this guide, we compare some of the top equipment lenders in Canada as of 2025, including:

• Their focus and ideal customer type
• Loan or lease options
• Strengths and limitations
• Who each lender is best suited for

This comparison is based on industry observations, public offerings, and market feedback. And yes—Mehmi Financial Group is included with full transparency.

1. Mehmi Financial Group

Type: Independent broker
Region: Canada-wide
Ideal For: Transportation, construction, healthcare, manufacturing, food service, startups

Overview:
Mehmi works with 30+ lenders across Canada to help businesses secure equipment loans, leases, and working capital solutions. Known for fast approvals (as little as 24–48 hours), flexible documentation, and customized structures—even for private sales and refinancing.

Strengths:

• Broad lender access (not just one source)
• Approvals up to $5M
• Specializes in transport trucks, heavy machinery, medical equipment, and private sale financing
• Works with newer businesses (1–2 years in operation)

Limitations:

• Not a direct lender—funding is facilitated through lending partners
• Not focused on very large enterprise-level deals ($10M+)

🔗 Explore: Equipment Financing & Leasing Services

2. RBC Equipment Finance

Type: Bank
Region: Nationwide
Ideal For: Established corporations with strong credit and formal financials

Overview:
RBC offers term loans, leases, and structured financing for equipment through its commercial banking arm. Focused on larger clients and well-documented borrowers.

Strengths:

• Low interest rates for top-tier clients
• Strong agricultural and commercial fleet programs
• Bilingual service in all provinces

Limitations:

• Longer approval timelines
• Strict documentation and financial ratios
• Less flexible for used or private-sale equipment

3. CWB National Leasing

Type: Leasing company (subsidiary of Canadian Western Bank)
Region: Canada-wide
Ideal For: Small to mid-sized businesses with common equipment needs

Overview:
Specializes in small-ticket leasing for construction, agriculture, and commercial vehicles. Popular with dealers and vendors across Canada.

Strengths:

• Quick online applications
• Vendor integration programs
• Accepts newer businesses

Limitations:

• Leasing only—no loans
• Limited customization for complex or unconventional deals

4. Fairstone Bank (Equipment Finance)

Type: Non-bank lender
Region: Canada-wide
Ideal For: Mid-market borrowers needing fast, asset-based approvals

Overview:
Fairstone provides equipment financing directly and through brokers. Offers both loan and lease options, with a focus on speed and flexibility.

Strengths:

• Fast turnaround (2–4 days)
• Competitive for used assets
• More lenient than banks

Limitations:

• Higher interest rates than traditional lenders
• Limited to certain industries or asset classes

5. BMO Equipment Finance

Type: Bank
Region: National
Ideal For: Businesses needing long-term structured capital financing

Overview:
BMO supports capital asset purchases with loans and capital leases. Strong focus on transportation, healthcare, and agriculture.

Strengths:

• Competitive interest rates
• Deep relationships in commercial banking sectors
• Available in both English and French

Limitations:

• Slower process (2–4 weeks)
• Often requires formal business plans, past financials, and higher credit thresholds

6. Econolease

Type: Private leasing firm
Region: National
Ideal For: Hospitality and restaurant owners

Overview:
Econolease focuses on equipment leasing for restaurants, cafés, and food trucks. Offers bundled services like insurance and payment deferrals.

Strengths:

• Very fast online leasing (24–72 hours)
• Ideal for food service startups and franchisees
• Bundles soft costs (delivery, install, etc.)

Limitations:

• Not suitable for heavy equipment or transportation
• Primarily leasing—not loans

7. Funding Circle / Thinking Capital (Fintech Lenders)

Type: Online lender / fintech
Region: Canada-wide
Ideal For: Tech-savvy businesses looking for speed over flexibility

Overview:
These lenders offer quick-turnaround working capital and fixed-term business loans, including use of funds for equipment.

Strengths:

• Same-day or next-day approvals
• Soft credit pull options
• Great for small-ticket assets

Limitations:

• Higher interest rates (8%–29%)
• Shorter terms (6–24 months)
• Loans, not asset-specific leases

Final Thoughts: Choose Based on Your Equipment, Speed, and Flexibility Needs

Here’s how to think about it:

• Need speed and flexibility for transport or private sale? → Mehmi Financial Group
• Have top-tier financials and want lowest possible rate? → RBC or BMO
• Buying from a vendor and want an easy lease? → CWB or Econolease
• Need working capital plus equipment in one package? → Fairstone or fintech options

Final Word: The Best Partner Is the One Who Understands Your Business

Choosing the right lender isn’t just about rate—it’s about who understands your industry, asset type, and timing.

At Mehmi, we help you compare multiple offers across banks, leasing firms, and private lenders—so you get the best deal based on your business today, not just a rigid scorecard.

Want to compare equipment financing offers from Canada’s top lenders?
Speak to a credit analyst or use our calculator to get matched with competitive options.

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