LONDON, ONTARIO: Onix Machinery Sales, a Canadian machinery sales company, wants Canadian companies to know they can now purchase machinery for less thanks to a recent drop in interest rates.
On October 23, 2024, the Bank of Canada lowered its key interest rate to 3.75 percent, the first 50-basis-point reduction since COVID-19. Before the reduction, the interest rate was 4.25.
The reduction in this key interest rate means that lenders can offer financing at lower rates than before. When financing machinery, this can make a substantial difference in a purchaser’s overall costs.
If a borrower were to take out a loan of $20,000 for machinery, with repayment due over 3 years at a rate of 4.25% on a monthly basis, the total interest cost would be $1,337.43. The same loan, paid off in the same time period at an interest rate of 3.75% would have a total interest cost of $1177.29, a difference of $160.14.
The difference in interest rates is even more drastic with higher-value loans or with loans paid off over a longer period of time.
A representative for Onix Machinery Sales discussed how substantial the difference in interest rates can be for companies looking to expand and automate: “Even on lower price ticket purchases, customers can see hundreds of dollars in savings thanks to these reductions in interest rates,” said the representative. “When it comes to larger purchases, customers can save thousands. Being able to finance the automation of some or all of your workshop tools can lead to dramatic increases in efficiency, saving you time and money. Most of our customers find that the price they pay for these machines is well worth the ROI. Thanks to the lower interest rates, customers may now be able to afford to finance large purchases, giving them access to time and money-saving machines sooner.”
Onix Machinery Sales is a Canadian machinery company; it offers machines for metalworking and woodworking, as well as ironworkers, tube and pipe benders, HVAC machines, punches and dies, and parts for machines. As a Canadian company, it can offer complimentary shipping for orders over $10,000, and financing in line with Canadian interest rates.
For more information, visit www.onixmachinerysales.com.
Media Contact
Name
Onix Machinery Sales Ltd.
Contact name
CJ Ruzza
Contact phone
519-913-1515
Contact address
16 Blanchard Crescent
City
London
State
Ontario
Zip
N6G 4E2
Country
Canada
Url
https://www.onixmachinerysales.com/
