Six terms that get mixed up
Three of these are ways to pay for equipment over time. Three are types of protection after the equipment is installed. Mixing them up is the most common source of confusion, so each one has its own section below, followed by a side-by-side comparison.
Approval, rates, payment amounts, terms and availability depend on the provider and the selected equipment. Nothing on this page is an offer, a quote or a promise of approval.
Financing: you borrow, then you pay it back
With financing, a lender provides the money for the equipment and installation, and you repay the lender over time. In a typical arrangement, you are the buyer and you own the equipment once it is installed.
Whether you are approved, and on what rate and terms, is the lender's decision. It depends on your application and on the equipment selected. Kelvin Mechanical does not set the lender's terms.
Lease-to-own: payments first, ownership at the end
A lease-to-own agreement lets you use the equipment while you make payments to a leasing provider. Ownership passes to you at the end if you complete the agreement as written. Some agreements include a buyout option along the way.
Read what happens if you end the agreement early, miss a payment or move out of the home. Those terms are set by the provider and vary between agreements.
Rental: you pay for use, the provider keeps ownership
With a rental agreement, you pay a rental provider for the use of the equipment. The provider owns it throughout. What happens to repairs, maintenance and end-of-term removal depends on the agreement, so those points should be read closely before signing.
Rental is a good fit for some households and not for others. The right choice depends on how long you plan to stay in the home and how you want to handle repairs.
Manufacturer warranty: protection from the brand
A manufacturer warranty covers defects in the equipment as defined by the manufacturer. It typically depends on the model, correct installation and registration. Parts coverage and labour coverage can be different, and the length varies by manufacturer and model.
It comes with the equipment under the manufacturer's terms. It does not pay for the installation work itself or for problems caused by misuse or poor maintenance.
Labour warranty: protection for the work
A labour warranty covers the workmanship of an installation or repair, as set out in writing. It is separate from the manufacturer warranty, which usually focuses on parts. Labour warranty packages may be available depending on the equipment, registration and the protection option you select, and the terms are confirmed on your quote.
Extended warranty: added protection you choose
An extended warranty is optional protection purchased separately, usually from a plan provider. It can extend coverage beyond the standard terms, and what it includes, excludes and requires from you depends on the plan. Check whether it needs regular maintenance records.
Side by side
This comparison is qualitative on purpose. The details of your own agreement will always govern.
| Option | Who you pay | Who owns the equipment | What it covers |
|---|---|---|---|
| Financing | The lender or finance provider | You, under the loan terms, once installed | The cost of equipment and installation, spread over time. It is not repair coverage. |
| Lease-to-own | The leasing provider | The provider until the agreement is completed, then you, per its terms | Use of the equipment while you pay toward ownership. Repair coverage depends on the agreement. |
| Rental | The rental provider | The provider, throughout | Use of the equipment. Service and repair terms are set by the agreement. |
| Manufacturer warranty | No separate payment; it comes with qualifying equipment | Does not change ownership | Manufacturing defects as defined by the manufacturer, subject to registration and conditions |
| Labour warranty | The installer, as set out on your quote | Does not change ownership | Workmanship on covered work, as written |
| Extended warranty | The plan provider | Does not change ownership | Added protection beyond standard terms, with exclusions and conditions |
What applies to every option
- Approval depends on the provider and is never assured in advance.
- Rates, payment amounts and terms depend on the provider and the selected equipment.
- Availability can change, and not every option is offered for every product or property.
- Any promotional wording, such as zero-down, deferred-payment or no-interest, only applies when the provider has approved it and shows its terms and expiry date.
- Rebates are separate. Eligible Ontario customers may qualify for up to $7,500 depending on the program rules, equipment, property and funding available at the time. See the rebates page.
Questions to ask before you sign anything
Tell us what you are considering when you build your quote, and check our offers page for anything that has been confirmed with a provider. Whichever option you look at, ask these questions first.
- Who exactly am I paying, and who do I contact about the account?
- Who owns the equipment during the agreement, and at the end?
- What does the warranty cover: parts, labour, or both, and for how long?
- What do I have to do to keep the coverage valid, such as registration or maintenance?
- What happens if I sell the home or want to end the agreement early?
- Are there fees, conditions or expiry dates attached to any promotional wording?