Quick answer: Equipment Financing Companies in Canada can spread the cost of eligible commercial assets over scheduled payments, subject to provider approval. Compare the asset and seller details, required contribution, total repayment and cash available for operating costs before committing.
What to compare before choosing an option
| Factor | Why it matters | What to verify |
|---|---|---|
| Total cost | The payment alone can hide fees or end-of-term costs. | Rate or factor, fees, taxes, residual or buyout, and total dollars paid. |
| Repayment structure | Frequency and term affect cash flow. | Daily, weekly, monthly, seasonal, amortization, and maturity. |
| Security and guarantees | Collateral and guarantees change borrower risk. | Liens, personal guarantees, covenants, and insurance requirements. |
| Flexibility | Exit terms matter if plans change. | Prepayment, payout, renewal, refinance, upgrade, and end-of-term options. |
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.
BDC’s equipment-financing guide emphasizes the complete financing structure when comparing offers.
“Don’t focus only on interest rates”
For the equipment decision discussed here, compare the amount financed, payment schedule, collateral and remaining obligations alongside the quoted rate.
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. Approval and funding timelines vary by lender, application completeness, and required conditions.
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
- 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
- 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:
- or 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.
Authoritative references
- Innovation, Science and Economic Development Canada — Canada Small Business Financing Program:
The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.
Program eligibility, lender criteria, tax treatment, and product terms can change. Verify current official guidance and the final financing documents before making a decision.