FAQ
WHO IS WESTAR FINANCIAL?
Westar Financial is a privately owned Canadian Equipment Leasing and Finance broker. In business since 1999, we proudly serve clients across Canada in arranging asset based financing. No deal is too big or too small – we are here to help.
HOW LONG DOES IT TAKE FOR A CREDIT APPROVAL?
Provided we have the credit, financial and asset information we need from you, a credit decision can be as fast as 3 hours and generally we’ll have an answer for you within 24 to 48 hours.
CAN I GET A PRE-APPROVAL TO GO SHOPPING AND KNOW MY LIMIT AHEAD OF TIME?
Yes you can! It’s a simple process and many of our clients get pre-approved for auctions or to go shopping for equipment…
CAN I PURCHASE EQUIPMENT FROM A DEALER OR FROM A PRIVATE SELLER?
Yes, we do this all the time. Westar Financial will go one step further to make sure if the equipment has any liens or encumbrances and have these cleared prior to dealer/private sale is funded.
WHERE DOES WESTAR GET ITS MONEY?
Westar works with Canadian lenders and lessors who have a long standing history of integrity in their respective markets. These lenders use agents and brokers to distribute their leasing/financing services. With lending sources ranging from large schedule “A” banks and Credit Unions to smaller private lenders, we will seek out the best alternative for your unique situation.
WHAT EQUIPMENT AND AMOUNT QUALIFY FOR WESTAR FINANCIALS’ SERVICES?
Westar provides financing for nearly all types of equipment and commercial vehicles for your business, with a particular focus on Oilfield, Construction Equipment, Transportation, Forestry and Industrial sectors. We’ve even financed lighting infrastructure for commercial shopping malls and specialized medical equipment. The minimum financing is approximately $10,000 and there is no maximum.
WHY DON’T I JUST TALK TO THE LENDERS MYSELF – I DON’T NEED AN AGENT OR BROKER.
You can certainly go direct to any major lending institution. For many of our customers, they choose Westar Financial so they can stay focused on running their business without the hassles of having to make appointments with the lending institution. We deliver “best in market” lease or finance options with NO OBLIGATION.
WHAT INTEREST RATE DOES WESTAR FINANCIAL CHARGE?
Each client will be offered rates and terms which best reflect their financial position and purchase decision at that time. Rate can be very important, but for many clients it is only one factor in determining value. Rate is ultimately determined by your time in business, financial statements, credit history and the asset to be financed.
WHAT TYPES OF SECURITY ARE REQUIRED?
The type and level of security required for financing can vary immensely. In most cases the asset itself can provide adequate security to protect the lenders. In other cases, a more creative approach is required and may need you as a co-signor.
DO YOU OFFER CONSOLIDATION LOANS?
Westar Financial will work on your behalf to obtain a consolidation loan for your equipment during challenging circumstances/times.
MY BUSINESS KEEPS ME ON THE ROAD – IT’S HARD TO MEET DURING “BANKING” HOURS
That’s no problem, we often find ourselves on the side of the road meeting with our clients and with today’s technology, a lot can be done without having to show up in person. We are happy to courier or email documents and make this as easy as we can for you. Making sure you don’t experience unnecessary “down time” is important to us.
DO I HAVE THE OPTION OF LOAN FINANCING AS WELL AS LEASING?
Yes of course. In many cases, we find that leasing presents more options and flexibility for our clients. Straight financing usually comes into play when transactions have a potential lender liability issue. Either way, we’re happy to provide you with all the options, so you can make the best decision for your situation.
WILL I BE CHARGED TAX ON MY LEASE?
Yes, this is unavoidable by law. Applicable taxes are added to the monthly lease payment over the term of the lease.
WHO CAN CHOOSE A LEASING OPTION?
Westar Financial provides leasing services for any commercial company, organization, association or professional.
IF MY COMPANY IS NEW, CAN I STILL LEASE?
Every business is new at some point and we are happy to help new business owners prepare for success. Westar Financial deals with a select group of funding partners that specialize in relatively new businesses and start-ups, and as such, we are often able to approve companies that have been in business for less than one year, pending credit approval.
DO YOU HAVE LOW DOWN PAYMENTS AVAILABLE?
Yes. We can get as low as one payment up front for qualified customers.
CAN I GET 30 – 60 DAYS BEFORE FIRST PAYMENT?
Yes. We can request this at the same time we request a credit approval and in most cases, not an issue for credit to approve.
I WORK SEASONALLY AND NEED 3 MONTHS OF MINIMUM PAYMENTS. IS THIS AVAILABLE?
Yes. We can request this at the same time we request a credit approval and in most cases, not an issue for credit to approve.
ON A LEASE, CAN I HAVE A LARGER RESIDUAL TO REDUCE MY MONTHLY PAYMENTS?
Yes. We can request this at the same time we request a credit approval and in most cases, not an issue for credit to approve.
We welcome your questions.
Please call us at 1-855-967-7600 for more information.