Commercial electric griddle financing allows restaurant owners to either lease the griddle they need or take out a loan to pay it outright. This way, a restaurant that needs AccuTemp EGF2401B2450-T1electric griddle has it when it needs it, but without a huge one-time payment. The terms of the agreement and interest rates depend on the business qualification. Restaurant owners use commercial electric griddle financing to shore up cash flow, buy expensive commercial griddle, and pursue growth. Equipment loans tend to be inexpensive to get than credit cards and do not require you to give up a piece of your business or personal asset as collateral. Moreover, the loans are easy to acquire, even if your credit rating is less than stellar. Before shopping for a commercial electric griddle financing loan or lease, you must consider equipment financing basics. This post is for restaurant owners who are considering applying for AccuTemp EGF2401B2450-T1 financing.
AccuTemp EGF2401B2450-T1 Overview
The EGF2401B2450-T1 commercial electric griddle from AccuTemp is a tabletop unit with 574 sq. in . of effective cooking area configured for use with 208v/60/3-ph power. Unlike most commercial electric griddles on the market that use directly heated griddle plates, the Accu-Steam Griddle utilizes a hermetically sealed vacuum chamber with the heating elements submerged in pure water. This vacuum chamber is the same as those found in jacketed steam kettles and will never need maintenance or refilling.
The griddle plate is made from seven gauges stainless steel that is polished cold-rolled to keep food sticking. It might appear like this is instead a thin griddle plate with limited thermal mass. Nonetheless, since steam is used for heating, it recovers almost instantaneously. This is because steam naturally heats the cold spots where food has been placed to match the griddle plate’s rest.
Managing grease on the cooking surface is simple with a ½” deep, 3- ⅞ “wide grease that runs the full width of the cooking surface, leading to a 5-quart grease pan for easy removal. The grease pan is accessed from the unit’s front with a grease drawer and incorporates a weep hole to show when it is full. The Accu-Steam™ Griddle is ENERGY STAR compliant and saves on electrical costs. This model uses 27.0 amps of power and comes with a five-foot power cord that terminates in a 15-50P plug.
The Difference Between A AccuTemp EGF2401B2450 Lease And A Loan
Even though the idea is the same, there are slight differences between commercial electric griddle loans and leases. Equipment Loans work, like most other ones, in that the applicant borrows a considerable sum of money, buys the equipment that the restaurant needs, and then repays the money with interest. Nonetheless, unlike a traditional bank loan, the equipment financing company can restrict how a borrower spends the money. The financing company enforces this by paying the equipment manufacturer directly for the inventory.
Leasing commercial electric griddles are just entering into a rental contract. A restaurant owner pays the lender to use the commercial electric griddle for a particular duration. The lender owns it. When the lease term ends, the restaurant owner generally can choose to end the lease by returning the machinery, or more commonly, either choose to keep renting it or request for buyout options. Regardless of which commercial electric griddle financing process a borrower uses, the equipment serves as security and will be impounded in the event of deferring payment.
Benefits Of AccuTemp EGF2401B2450-T1 Financing
Equipment financing is useful for many reasons. The flexible options are an excellent option for up-and-coming restaurants since the owner does not have to put collateral on the line, and flexibility of financing indicates a quick application process and the ability to upgrade commercial electric griddle as technology advances. Financing might even provide a restaurant owner with tax advantages in the form of tax-deductible payments. Moreover, financing allows restaurant owners to pay little to no upfront cost, which boosts cash flow in the immediate future.
Cases When Restaurants Need Commercial Electric Griddle Financing
Without stating the obvious too much here, below are some basic cases where restaurants might need to finance new commercial griddles.
- Your old electric griddle broke: If something is completely out of commission, you will need to replace it as soon as possible.
- It is outdated: Maybe the industry has changed and, even though it might work just fine, the machinery you have just is not quite cutting in.
- It is too costly to keep repairing: It is almost always inexpensive in the moment to pay for a machinery repair than it is to purchase a replacement. Nonetheless, it is important to consider how much repairs will cost long-term. If you are getting your griddle repaired several times a year, replacing the product will pay itself off faster.
- You need to keep cash accessible: Many restaurants might have the capital to pay for the entirety of a new commercial electric griddle but would like to keep working capital for other business expenses. In this case, it is better to pay interest on a loan than save money and have no available capital.
- The new appliance will be tax-deductible: A purchase of new equipment for your restaurant can be written off on your taxes in the form of a business expense. Generally, under a section 179 deduction, restaurants can write off the entire expense as far as it is below $500,000.
How To Get Financing For Commercial Electric Griddle Financing?
Restaurant equipment financing is simpler to get than some other kinds of loans since the equipment can be used as security for the loan. An equipment financing company can simply take the AccuTemp EGF2401B2450-T1 back if a restaurant defaults on the loan. This is mainly advantageous for startups that do not have sufficient history to have established credit. Still, good personal and business credit is essential. Like any business loan, lenders will look at your history before they offer a loan for commercial equipment. If your restaurant has a reliable record of sales over a given period, you might still be eligible with a less than perfect credit score.
If you want your loan to be processed fast, pursue online lenders. Take advantage of new opportunities by applying for commercial electric griddle financing with alternative lenders as Top Financial Resources. Our programs are friendly, and we easily extend lines of credit. What’s more, they do not come with a high-interest rate attached. Here are some tips to help you get a loan or lease for your new commercial electric griddle:
- Show up to a loan or lease application meeting with a few key things in mind:
- Plan ahead to make positive modifications to your credit rating however possible. This will help to give you better rates and terms.
- Have both your personal and credit history prepared.
- Take a great business plan to show how you will use the loan and how it will boost your sales.
- Put together cash flow statements to portray that you know where your money comes in and where it goes out.
- Add a resume to show your lenders what type of character and background you have.
Can I Apply For Commercial Electric Griddle Financing From A Bank?
If speed is important, and you have a great credit score, online lenders are going to be the fastest route to funding. You can apply and be approved in minutes and receive your funding in a couple of days. If you have a less than perfect credit score, you have a better shot of getting approved with an alternative lender like Top Financial Resources than a traditional bank. Small Business Administration loans are another option, but the application to approval time can take weeks if not months.
Can I Apply For Financing For Other AccuTemp EGF2403 Series Countertop Electric Griddles?
At Top Financial Resources we can provide you with a loan or a lease for any commercial equipment. We want to see you succeed. Apart rrom AccuTemp EGF2401B2450-T1 other counetrtop electric griddles you can finance with us in the AccuTemp EGF2403 series include (note the list is not limited):
- AccuTemp EGF2403B2450-T1 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403A2450-T1 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2401A2450-T1 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403A3650-T1 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2401B2450-S2 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403B2450-S2 Accu-Steam™ 24.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403B4850-T1 Accu-Steam™ 48.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403A3650-S2 Accu-Steam™ 36.25” Polished Stainless Steel Countertop Electric Griddle
- AccuTemp EGF2403A4850-T1 Accu-Steam™ 48.25” Polished Stainless Steel Countertop Electric Griddle
How Is Top Financial Resources Different From Other Restaurant Equipment Financing Companies?
Finding the right financing solutions for your restaurant is hard. At Top Financial Resources, we make it easy. We provide financing and leasing solution services for businesses of all sizes. We will help you find a commercial electric griddle loan or lease program that helps your restaurant grow. Together, we will tailor a financing solution to fit your restaurant.
Top Financial Resources offers personalized services. Our financing lending solutions and variable payment options are designed to your specific needs. We move fast to provide funding solutions. Whether we are responding to your questions or processing your application, you can be sure you are getting fast and reliable customer service. In fact, we can fund qualified applicants in less than two days. What is more, you will get your approval feedback in as little as twenty-four hours. With more than enough types of commercial equipment financing, we can quickly narrow down exactly what solution works best for your restaurant.
Simply apply through our website or call us at 1-(800)-260-5126 and get a quick lease or finance decision and funding in as few as 48 hours. All you have to do is submit a one-page application and business bank statements to get AccuTemp EGF2401B2450-T1 funding.