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Frequently Asked Questions

Who can lease equipment?

Any individual, company, organization or association.

Why should I lease my equipment?

There are a number of advantages that make leasing an attractive option for many people. Leasing…

  • Offers fixed regular payments 
  • Provides financing for 100% of the cost 
  • Allows people and businesses to pay for equipment as it is used to generate income
  • Conserves both working capital and bank lines of credit

Who owns the leased equipment?

One of our selected financial institutions is the lessor of the equipment, and therefore, the legal owner of the equipment

What is the process of leasing equipment?

EFC first reviews the credit information provided on the lease application. Upon approval, the lease agreement is prepared. When the equipment is delivered, EFC’s lenders pays the vendor and begins billing you according to the agreed lease payment terms and schedule

Is a down payment required?

No. In most cases we can get up to 100% Financing

How are lease payments determined?

The monthly payment is based on the term of the lease, cost of the equipment and the type of leasing plan you choose. EFC offers 24-72 month leasing plans.

Can I purchase the equipment at the end of the lease?

Yes. You have the option of continuing the lease, purchasing the equipment or returning it. Your lease plan will determine what your buyout options are.

What factors are used to determine credit worthiness?

Your credit worthiness is based on a number of factors:

  • Credit bureau rating
  • Type of business
  • Length of time in business
  • Financing conditions
  • References from financial institutions
  • Trade references
  • Bank reference

What about GST and PST?

The GST and PST (where applicable) are calculated on a monthly basis based on your lease payment. This way, you are only financing the actual cost of the equipment; you are not financing the taxes

What about tax benefits? How do I account for lease payments?

Although most lease payments are fully tax deductible, you should seek the advice of your accountant to determine the best treatment for tax purposes

Who services or maintains the equipment?

As a lessee, you receive all the benefits of “buyer” warranties and are therefore responsible for the care and maintenance of the equipment.

3 Simple Steps

Apply Online

Take 5 minutes to
complete our application
or give us a call.

Get Approved

Finalize your terms and
equipment with our team.

Receive Equipment

Pick up your equipment
and our team will handle
the rest.

Ready to get your equipment?

Apply and get approved today!

Get Approved

Contact Us