TORONTO — Newcourt Credit Group and tool-maker Snap-On Inc. plan to create a new joint-venture company to provide financing for Snap-On’s dealers and customers.

Ownership of the new company, Snap-On Credit LLC, will be split evenly between Toronto-based Newcourt, North America’s second-largest non-bank lender, and Snap-On of Kenosha, Wis.

The deal is similar to arrangements Newcourt has with firms including truck-maker Western Star, in which Newcourt helps arrange loans for Western Star customers purchasing equipment and then repackages some of the loans for resale to investors.

The value of the venture was not disclosed.

Newcourt has provided about $100 million US per year in leasing services to Snap-On’s customers since 1996. Snap-On plans to combine its own captive finance program with Newcourt to create an entity with about 200 employees. About 15 of those employees will come from Newcourt.

The program is expected to allow sellers of Snap-On Tools, many of whom operate out of trucks, to receive almost immediate responses to requests for financing.

Snap-On Credit will be established initially in the United States early next year and later expand globally.

The deal is considered positive for Newcourt, which has sagged in recent months amid concerns about its access to capital. Newcourt’s stock fell a 52-week closing low of $30.75 on Oct. 2.