In order to properly register, license, and insure your equipment, a power of attorney may be required. This document permits you to act on behalf of Prospera Equipment Financing when establishing insurance and registration.
If you require a BC Insurance Power of Attorney, please call Westland Insurance at 778-670-9171 or email mapleridgeroad@westlandinsurance.ca for all other inquiries; please contact us at 604-528-3802.
Business borrowing
Equipment leasing and financing
Ready to grow your business? Lease or finance the equipment you need through our subsidiary, Prospera Equipment Financing.
Equip yourself with a tailored arrangement
Operating across Canada, we help businesses lease new and used equipment, providing term loans, leasebacks, and refinancing. Whatever your industry, our equipment specialists can recommend the right financing package for you.
Fast turnaround
Customer-centric approach
Flexible options
Competitive rates
Transparent decision- making
How can we help you?
- We provide leasing or financing for new owner-operators and new business start-ups, as well as more established orgnaizations.
- We finance private sales.
- We facilitate restructuring of finance contracts, including lease buyouts and rental conversions.
- We offer flexible terms and structures that match your business’s cash flow.
We have special expertise in these industries — but we support every industry
Energy: Production Equipment, Oilfield Service Equipment, Vacuum, Trucks, Compressors, Batteries, Gas Plants, Drilling Rigs, Environmental and Safety Equipment
Transportation: Highway Tractors, Trailers
Construction: Excavators, Loaders, Off Highway Trucks, Track Type Tractors, Pipe Layers, Skid Steers, Forestry Equipment
Industrial Manufacturing: Lift Trucks, Scissor Lifts, Boom Trucks, Power Generation Equipment, CNC Equipment, Food Handling, Processing Equipment, Shop and Diagnostic Equipment
Transportation: Highway Tractors, Trailers
Construction: Excavators, Loaders, Off Highway Trucks, Track Type Tractors, Pipe Layers, Skid Steers, Forestry Equipment
Industrial Manufacturing: Lift Trucks, Scissor Lifts, Boom Trucks, Power Generation Equipment, CNC Equipment, Food Handling, Processing Equipment, Shop and Diagnostic Equipment
Why lease your equipment?
Vehicles and equipment are getting more expensive. The average business can go into “budget shock” just doing the math on a new piece of equipment. A substantial down payment and high monthly payments can make it difficult to purchase outright.
Leasing allows you to get the equipment you need while reducing the impact on your company’s cash flow.
3 great reasons to lease:
- Protect your cash flow by not spending the full price upfront.
- Pay tax over time, on each monthly payment, instead of all at once.
- Conserve your operating line for other priorities.
Equipment leasing and financing team
Peter Greenaway
Senior Account Executive
Peter.Greenaway@prospera.ca
604 219 5290
How does vehicle leasing work?
When you lease a vehicle or fleet of vehicles, you can reduce the monthly cost of ownership and avoid having to pay a lot of money upfront. Through a lease, you pay the difference between the initial cost of the vehicle and the residual value of that car after an agreed upon amount of time. That difference is known as “depreciation.”
Explore other business borrowing solutions
Commercial line of credit
Be ready to seize business opportunities at a moment’s notice.Commercial mortgages
Compared to a loan or line of credit, mortgages generally allow you to borrow more money at a lower interest rate.
Frequently asked questions
Power of Attorney information
Who pays for the equipment insurance?
You are responsible for insuring the equipment with the amount of coverage required by your lease.
I've received a letter requesting proof of insurance. What should I do?
Most equipment leasing contracts require that you prove that the leased equipment is insured. Your insurance company should provide you with a copy of the policy. If you do not have a copy of the policy you must contact your insurance company to obtain a copy. This should then be emailed to leasing@prospera.ca. Be sure to include your name, lease number and a phone number at which you can be reached.
Who is responsible for repairing the equipment during the lease?
You will need to repair the equipment and do regular maintenance. Lack of maintenance will erode your equity in the equipment.
How do I find my lease number?
We can provide your lease number to you by email, phone or fax. To request your lease number:
- Phone us toll free at 1 844 528 3802, or
- Email your request to leasing@prospera.ca
I'm changing bank accounts - what do I need to do?
When you update your bank accounts, we must add your new information to our records to ensure that your account does not go into arrears. Send a copy of a voided cheque (write “VOID” across the front of the cheque) for your new account by email to leasing@prospera.ca. Be sure to include your name, lease number and a phone number at which you can be reached. Note that it can take up to 5 business days to update our records.
I want to defer a payment. How do I do that?
A Prospera Equipment Financing representative must authorize the deferment of payments. To defer your payment contact your account manager or, if you do not know who your account manager is, request a payment deferment in the following ways:
- Phone us toll free at 1 (844) 528-3802, or
- Email your request to leasing@prospera.ca
What happens to the equipment at the end of the lease?
This depends partly on whether it is a closed-end or open-end lease. Our Account Executives will develop a program with you that best suits your business or personal equipment and financial requirements.
Let's start with a conversation
To speak with one of our team members about your equipment, vehicle, and fleet leasing needs, please contact us:Email: leasing@prospera.ca
Phone: 1 844 528 3802
Legal
Equipment leasing and financing is provided by Prospera Equipment Financing LTD., a subsidiary of Prospera Credit Union.