Excavator & Skid Steer Financing in Canada: Power Up Your Fleet This Summer

Reviewed by Matt N., Associate, NewCap Leasing

In construction, the best machines move fast. Excavator and skid steer financing lets Canadian contractors lock in the right machine the day they find it, instead of waiting weeks on a bank while a competitor hauls it away. Whether it’s a low-hour mini excavator on Kijiji, a compact track loader at auction or a new machine from your local dealer, the right financing keeps your crew working and your cash in the bank.

From the GTA to the Okanagan to the Maritimes, contractors race to finish as many projects as possible while the ground is workable. Your fleet decides how much work you can take on. At NewCap Leasing, we finance excavators, skid steers and other construction equipment across Canada, and most applications are reviewed within 24 hours.

Why excavators and skid steers are the most financed construction machines

Excavators and skid steer loaders show up on almost every type of site, from residential lots to municipal infrastructure. They’re versatile, they hold their value and they earn their keep quickly, which is why they’re among the most searched and most financed units in construction. With the right attachments, one machine can dig, grade, trench, lift, break concrete and clear snow.

Excavator and Skid Steer Financing in Canada: Mini to Full-Size

Whether you need a 1.5-tonne mini excavator for a tight residential lot or a 30-tonne machine for road building, excavator financing lets you match the machine to the work instead of to your bank balance. Urban infill and densification keep demand high for compact, zero-tail-swing machines that can work in tight spaces without damaging neighbouring properties.

Excavators we commonly finance:

• Mini excavators (about 1–6 tonnes): residential, landscaping and utility work
• Mid-size excavators (about 6–20 tonnes): commercial and municipal projects
• Full-size excavators (20+ tonnes): road building, land clearing and major earthworks
• Specialty configurations: long-reach and zero-tail-swing models

Mini excavator financing is especially popular with residential and utility contractors. These machines are platforms for thumbs, augers, hydraulic breakers, tilt buckets and compactors, and those attachments can be included in the same financing agreement so the machine is fully productive from day one.

Skid steer and compact track loader financing

If the excavator is your heavy hitter, the skid steer is the utility player. Skid steer financing covers both wheeled skid steers and compact track loaders (CTLs). Tracks perform better on soft or wet ground and leave less damage on finished grades and lawns, while wheeled machines are faster on hard surfaces and generally cost less to run.

Contractors finance skid steers to move between grading, material handling, lifting, sweeping, trenching and snow removal without renting a different machine for each job. Because skid steers and CTLs tend to hold their resale value well, skid steer leasing is a cash-smart way to run modern equipment without tying up capital.

We finance new and used machines from all major brands, including Bobcat, Cat, John Deere, Case, Kubota, Takeuchi, New Holland and more.

Used Excavator and Skid Steer Financing in Canada: Finding the Best Deals

Many experienced contractors start by looking for value: browsing Kijiji and Facebook Marketplace, checking online auctions such as Ritchie Bros. and IronPlanet, or calling regional equipment yards. That’s often where the best-priced machines are, and excavator and skid steer financing for used machines lets you act on them quickly.

The problem is that many traditional lenders treat used equipment, especially private sales and auction purchases, as too much trouble. They may ask for years of statements, insist on approved vendors and take weeks to decide. By then, the machine is gone.

NewCap finances used equipment from:

• Private sellers, including other contractors, farms and small businesses
• Online and on-site auctions
• Independent dealers and regional equipment yards
• Equipment liquidations and estate sales

Before you buy used, get the serial number, hours, maintenance records and photos, and have the machine inspected if you can, especially the undercarriage, hydraulics and pins and bushings. A good machine at a fair price is a bargain; a cheap machine that spends August in the shop isn’t. Read our guide to financing used equipment from private sellers before you start shopping.

Other construction equipment we finance

Excavators and skid steers are usually just the start of a fleet. NewCap also finances backhoe loaders, wheel loaders, bulldozers, telehandlers, trenchers, compactors and rollers, plus the trucks and trailers that move them. See our construction equipment leasing page for the full list. Need a telehandler too? See our guide to telehandler financing in Canada.

Leasing vs. financing: which is right for your equipment?

One of the most common questions from Canadian contractors is whether to lease or finance. The honest answer depends on your cash flow, how long you plan to keep the machine and your tax situation.

The case for construction equipment leasing

• Lower payments: structures with a residual keep more capital available for payroll, fuel and materials.
• Possible tax advantages: payments under a true lease may be deductible as a business expense. Confirm with your accountant.
• Easier upgrades: with a fair market value lease, you can return the machine and move to a newer model at the end of the term.
• Ownership options: a $10 buyout or 10% buyback lets you keep the machine if you want to.

The case for equipment financing

Financing makes the most sense for a core-fleet machine you plan to run for many years. You build equity as you pay, and once the financing is paid off, the machine keeps earning with no payment attached. If a machine is central to your work and won’t be traded in, ownership often wins.

For a deeper comparison, see our breakdown of the pros and cons of leasing vs. buying equipment, or learn how equipment leasing works at NewCap.

Payments that fit the construction season

Construction revenue isn’t steady all year, and your excavator and skid steer financing payments don’t have to be either. Seasonal, quarterly or annual payment options let you pay more during your busy months and less over the winter. Step payments can start lower while a new machine builds up its work. If you already own equipment outright, a sale and leaseback can turn that equity into working capital for the next season.

Why contractors choose NewCap for excavator and skid steer financing

Traditional lenders often run on timelines that don’t match the pace of a job site. Here’s how NewCap handles excavator and skid steer financing instead:

• A short online application: no stack of paperwork to get started.
• Fast decisions: most applications are reviewed within 24 hours, so you can move on a machine before someone else does.
• Used and private-sale support: no approved-vendor list standing between you and a good deal.
• Flexible terms: typically 24 to 60 months, with up to 100% financing on approved credit.
• Startups welcome: no minimum operating history required.
• People who understand construction: we know a missing excavator isn’t a line item, it’s a stopped job site.

Estimate your monthly payment, or apply online and get a decision fast.

How to get approved for excavator and skid steer financing

Have these ready when you apply:

• A bill of sale, dealer quote or auction listing for the machine
• Make, model, year, serial number and hours
• Your business name and contact details
• For larger requests, recent financial information if we ask for it

Excavator and skid steer financing FAQs

Can I finance a used excavator or skid steer from a private seller?

Yes. NewCap finances used equipment bought from private sellers, auctions, independent dealers and equipment yards. Have the serial number, hours and condition details ready, since the machine’s age and condition can affect approval and terms.

How fast can I get approved for excavator financing?

Most NewCap Leasing applications are reviewed within 24 hours. Having the machine’s details and your business information ready helps avoid delays.

What’s the difference between a skid steer lease and a skid steer loan?

A lease can offer lower payments and more choice at the end of the term, such as buying, returning or upgrading. A loan builds equity from day one and suits machines you plan to keep long-term. The right choice depends on your cash flow and how long you’ll keep the equipment.

Do you finance mini excavators for small contractors?

Yes. Mini excavator financing is one of our most common requests. We work with contractors of all sizes, from owner-operators to multi-crew companies, and startups are welcome.

Can I include attachments in my financing?

Yes. Buckets, thumbs, augers, breakers, forks and other attachments can be included with the machine, so you start with everything you need.

What lease terms are available for construction equipment?

Terms typically range from 24 to 60 months. Seasonal, quarterly and step payment options are available to match the construction calendar.

What brands do you finance?

We finance all major brands, new and used, including Bobcat, Cat, John Deere, Case, Kubota, Komatsu, Hitachi, Volvo and Takeuchi.

Ready to put a machine to work?

NewCap Leasing has helped more than 2,000 Canadian businesses get the equipment they need with financing built for the job site. Apply for excavator and skid steer financing, estimate your payment or call (416) 645-0286.

This article is for general information only and is not financial, legal, tax or accounting advice. Financing and leasing terms are subject to credit approval and individual business circumstances. Consult a qualified advisor or accountant before making significant equipment decisions.