Prentice

Mehmi Financial Group helps businesses finance and lease Prentice equipment, including forestry equipment, in Canada and the USA. As a brokerage, we compare options from banks, equipment finance companies and alternative lenders for new and used Prentice units, from dealer purchases to private sales. Approval, rates and terms are set by each lender.

About Prentice

Prentice knuckleboom loaders are known for being fast, strong and light, as described by dealer Weiler Forestry.

Prentice equipment

Prentice loaders sort and load logs at landings and mills.

What lenders look at

Lenders review machine hours, the logging contract and whether the loader is truck- or trailer-mounted.

Financing Prentice equipment

Used Prentice loaders are common and financeable with an inspection.

How Prentice equipment financing works

Most Prentice purchases are financed with an equipment loan or a lease. A loan gives you ownership from day one, with the lender registering a security interest (PPSA in Canada, UCC in the USA). A lease keeps title with the lessor and can lower the monthly payment, with a buyout, renewal or return option at the end.

What lenders check on a Prentice forestry equipment

Lenders look at hours, component condition and the contracts or cutting rights behind the work. Forestry equipment is specialized, so lender appetite and terms vary more than for general construction machines.

Expect to provide a credit application, recent business bank statements, the dealer quote or bill of sale with serial number and hours, and financial statements or tax returns for larger amounts.

See the full list of eligible equipment, compare equipment financing options, or estimate payments with the equipment financing calculator.

Tax treatment of Prentice equipment

In Canada, the CCA class depends on the asset and how it is used. Your accountant can confirm the right class. With a loan, you generally claim capital cost allowance and deduct interest. With a true operating lease, lease payments are generally deductible instead. See the CRA classes of depreciable property. In the USA, Section 179 and bonus depreciation may apply; see IRS Publication 946. Always confirm with your accountant.

End-of-term options on a Prentice lease

A $1 buyout lease is built for ownership: you keep the machine for a nominal amount at the end. A fair market value lease usually has a lower payment, and at the end you can buy the equipment at its market value, return it or upgrade. Read the return conditions, such as hour limits and wear standards, before you sign.

Who finances Prentice equipment

Forestry: logging contractors, sawmills, land-clearing firms, road builders in resource areas and forestry service companies finance Prentice equipment to take on new work, replace aging units or add capacity.

The right structure depends on how the equipment earns money. A machine tied to a long contract can support a longer term, while seasonal work may call for skip or seasonal payments that some lenders offer.

Questions to ask the dealer or seller before you finance

• What is the exact model year, serial number and hours?
• Is there a service history or recent inspection report?
• Is any warranty or extended coverage included, and does it transfer?
• Are attachments, delivery, installation and taxes itemized on the quote?
• For a private sale, is the equipment free of liens, and who will provide the bill of sale?

Insurance on financed Prentice equipment

Lenders and lessors require the equipment to be insured for its replacement or financed value, with the lender named as loss payee, before funding. Some also ask for liability coverage. Getting an insurance quote early avoids last-minute delays.

Can I finance a Prentice loader?

Yes.

Can a used Prentice be financed?

Yes, with inspection.

Can a truck-mounted loader be financed?

Yes, with the truck.

Are seasonal payments available?

Often.

Do logging contracts help?

Yes.

Can a mill finance a loader?

Yes.