Should Your Restaurant Get a Restaurant Equipment Loan?
No matter what kind of small business you run, there’s a good chance that at some point your equipment will need to be replaced. Whether it's deep fryer, freezer or refrigerated prep tables; if something happens and saves money on rentals (or purchases) then why not take advantage of a financing option that offers low lease payments. The credit application for restaurant owners takes only a few minutes.
Kitchen Equipment Financing
When you’re looking at your cash flow and a possible working capital loan to expand your business, equipment financing may be what you need. An Equipment Loan is an easy and sensible option because it lets the buyer use his or her purchase while making monthly payments on it; when paying back a loan like this in full with interest over time (depending upon which lender one goes through), he/she owns that asset outright! There are typically loans available up 100% of their value as long as they're expected life hasn't exceeded 6 months - 10 years depending on how much risk wants involved etc... When shopping around there can vary between 15%-30%.
Restaurant equipment loans can be a great choice Business, Restaurant, Chefs, and Entrepreneurs that are preparing to open up their second restaurant or food truck. Financing new restaurant equipment covered under warranty freezers, refrigerators, sandwich prep tables, pizza prep tables, griddles, char-broilers, and deep fryers fill the new kitchen space while also giving you more capital equipment than if this were all paid off through cash on hand or maxing out a a credit cards.
Used Restaurant Equipment or New Equipment
The downside is you finance used restaurant equipment of course, which can be a risky investment because it will be tied down by damage and repairs thanks to being out-of warranty or without coverage.
DISCLAIMER: The above is not to be intended as an financial/investment advice, but as a pros and cons leasing services guide on working with the Quickspark national funding restaurant equipment finance company.