Bank Loans vs. Leasing/Financing

What is the difference between a bank loan and a lease? A loan is the borrowing of money, while a lease is term debt used for specific equipment utilized by a business.

• Rates are usually floating based on prime
• Banks generally lend only a portion of the equipment cost (60%-80%)
• Banks will use fees to boost their rates (originating fees, etc.)
• Banks are less flexible than a lease company & will need a full financing package

• Rates are fixed for the term of the lease, allowing customers to budget cash flow
• Is 100% financing (including all soft costs, like shipping & installation)
• Most applications fall under our “application only program“
• We do not require a financing package

SCL Equipment Finance provides equipment financing nationwide and in Canada to businesses from $10,000-$5M. Contact me for a quote on your next equipment/software purchase (new or used)!