If your restaurant needs to finance the AccuTemp EGF2083B2450-T1 electric griddle, then you have come to the right place. We have discussed the best commercial electric griddle financing options for small restaurants in the US right in this article. Restaurant equipment financing is extremely common in the United States because of the high costs of machinery to the moderate cash-flow small companies normally have. With equipment financing, you can receive a loan to put towards your commercial electric griddle purchases.
AccuTemp EGF2083B2450-T1 Overview
The EGF2083B2450-T1 Accu-Steam Griddle from AccTemp is a tabletop unit with 574 sq. in. of the effective cooking region and is configured to utilize 208V/60/1-ph electrical power. Accutemp has designed a unique method of providing heat to this griddle that is unlike any other unit accessible on the market. Their Accu-SteamTM system uses a hermetically sealed vacuum chamber with pure water inside. Low watt density heating compounds are immersed in water to heat it to generate steam. The hot steam rises and heats the cold-rolled seven gauges stainless steel griddle plate evenly. This is unlike most commercial electric griddles that use several heating compounds that directly heat various sections of the griddle plate; for even heating, they depend on a thicker griddle plate’s thermal mass and usually suffer from poor recovery times. AccTemp’s steam solution has near-instantaneous recovery time because of the nature of steam transferring heat to any regions that have started to cool from cooking food.
The digital thermostat controls temperature and can provide temperatures between 200°F and 400°F. The three temperature presets can be programmed for convenience, and if you only require a single temperature, a manager mode can be utilized to lockout temperature control. A 3-⅞ wide grease trough runs the full width of the cooking surface for simple grease management. Grease is held in a 6-½ quart grease pan for simple removal via a front-accessible drawer. This commercial electric griddle is very efficient and is ENERGY STAR compliant, and pulls up to 27.0 amps of power. It also has a 5” power cord with a 15-50P plug.
What Is Commercial Electric Griddle Finance?
For many restaurants, obtaining the equipment, they need to run their operations can be challenging, if not impossible. This is where commercial electric griddle financing comes in. It is a kind of business loan that helps restaurants get access to that equipment. They obtain it through a financing company, often on a lease basis, with the machinery used as security for the loan. This indicates they do not have to invest a large amount of capital, but they can still launch, run, or expand their operations. Equipment finance, also called asset finance, takes care of the initial outlay. In case of default, there is a probability that the electric griddle will be repossessed.
How To Use AccuTemp EGF2083B2450-T1 Loan?
- Upgrade commercial electric griddle
- Buy new equipment models
- Repair existing griddle that has broken or is outdated
- Repay the financing on-time, which can improve your restaurant and personal credit ratings
- Lease necessary equipment
AccuTemp EGF2083B2450-T1 Loans Versus Leases
The main difference here is a matter of who owns the commercial electric griddle. A loan, or financing, is something that allows restaurants to buy the equipment over a long period. On the other hand, a lease lets a restaurant rent a commercial electric griddle over a certain period.
What Are The Conditions Of AccuTemp EGF2083B2450-T1 Loan?
- The machinery will be yours after the loan is paid in full.
- Usually, you will be on the hook for a down payment and then interest over your repayment time.
- A bank, lender, or restaurant equipment financing company will pay the vast majority of the appliance price.
- Whereas this might be beneficial in the long run, it is risky since you are stuck with the equipment, even if it does not work long-term.
What Are The Conditions Of AccuTemp EGF2083B2450-T1?
- You do not have to worry about repairs- the restaurant equipment leasing company takes care of everything.
- And because it is a rental, the application process is much faster.
- You will not put up security or any down payment.
- Under a commercial electric griddle lease, the upfront costs will be much less.
- Nonetheless, if you have a long-term lease, you will pay a premium by the end of the lease term. If you end up having the griddle for a long period, a loan will possibly be a much cheaper option.
Some Of The Benefits Of Commercial Electric Griddle Financing
Apart from the benefits of small restaurants financing new commercial equipment- allowing them to stay in or improve their operation- there are some added advantages of the process:
- Commercial electric griddle financing is more straightforward to secure than other kinds of small business loans: Small restaurants generally get the answer on the loan application more quickly. Nontraditional lenders like Top Financial Resources are typically faster yet. And since the loans are secured by the equipment itself, new and established restaurants are more likely to secure the financing.
- Flexible payments and lower interest rates: If your restaurant has strong seasonal sales swings, you might want to design your payment schedule accordingly to keep your available cash steady. Some also provide interest-free deferment for a given period after the loan is secured. These loans also usually come with lower interest rates than other small business loans.
- Quality of your electric griddle: Health concerns are always at the forefront of the food industry, so you want to ensure you have high-quality commercial equipment. Financing your commercial electric griddle allows you to choose from the newest units and brand names of various equipment without a staggering initial investment of your capital.
Questions To Consider When Financing AccuTemp EGF2083B2450-T1
Before you finance an electric griddle, ask yourself the following questions to make the best decision for your restaurant:
- Should I pursue commercial electric griddle leasing? Would it be better to buy the equipment using a loan from an alternative financing company?
- How much does the AccuTemp EGF2083B2450-T1 cost, and will I be able to make the monthly payments?
- How can commercial electric griddle financing improve my bottom line?
- Do I meet the restaurant equipment financing and leasing company’s qualifications and understand their terms (including fees and interest rates)?
Where To Get Commercial Electric Griddle Financing For Restaurants?
When it comes to restaurant equipment loans, whether you are a small restaurant, established, or struggling with a credit score, you usually need that equipment immediately. In most cases, small businesses in the US that are in need of financing need to replace a unit that has been put out of use. If you need a piece of equipment urgently, likely, you will not have enough free cash to afford it without some kind of financing. Banks are slow, and Top Financial Resources stands out among other online lenders. Our funding process is rapid.
What is the meaning of quick in this context?
- Apply online within minutes (you can even apply from your mobile phone)
- Get feedback typically within 24 hours. If you provide all the required information, we go above and beyond and get back to you within an hour if your application was submitted in business hours.
- After agreeing to the terms of the loans, you get funds instantly.
- Your commercial electric griddle can be bought within a week!
Does Top Financial Resources Provide Financing For Other Electric Griddles?
We are happy to finance small restaurants meeting our criteria for any purpose. Apart from EGF2083B2450-T1 we also finance other electric griddles from AccuTemp EGF208 series including:
- AccuTemp GF2083B3650-T1 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083A2450-T1 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083A3650-T1 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083B2450-S2 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083B3650-S2 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083B4850-T1 Accu-Steam™ 48.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp GF2083A3650-S2 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
Alternatives To Restaurant Equipment Financing
Other business loans you can use to finance commercial electric griddle include:
- Working capital loans: In simple words, working capital loans are short-term solutions for restaurants in need of money to fund operations, including commercial equipment. The benefit of a working capital loan is that small restaurants can keep their operations running while searching for other ways to boost revenue. Some drawbacks of working capital loans are that they usually come with higher interest rates and have short repayment terms.
- Merchant cash advance: This kind of business loan is made to a restaurant based on the volume of its monthly card transactions. The benefit of merchant cash advances is that they are comparatively easy to acquire, financing can take just a few days, and the debt is repaid from credit card sales. The biggest drawback is the expense: interest runs as high as 30-percent a month, based on the lender and amount borrowed.
- Invoice factoring: You can utilize your unpaid invoices to fund your new commercial electric griddle. Invoice factoring loans are when an alternative lender advances small companies money or unpaid invoices. As the invoices are collected, the lender receives the money and a fee. This can be a good option if your restaurant is looking to get funding upfront for invoices that have not been paid yet.
If you think AccuTemp EGF2083B2450-T1 financing is right for you, we encourage you to contact us via 1-(800)-260-5126, and let’s help you acquire the equipment that you need.