A gas charbroiler is a must-have piece of commercial foodservice equipment for restaurants and food services looking to cook vegetables, proteins, and other grilled favorites with aromatic and smoky charred quality. To help you create mouth-watering menu items, we will discuss how to finance one of the best commercial gas charbroilers, the APW Wyott GCB-18I 18″ gas charbroiler, even if you have a poor credit score or past bankruptcies.
APW Wyott GCB-18I 18″ gas charbroiler overview
APW Wyott GCB-18I 18″ definitely helps reduce the amount of labor time to cook a quarter-pound hamburger patty by 20-percent. It has a versatile grate system that can be adjusted in height to give maximum control. The special high-temperature stainless steel radiant offers even heat across the cooking area. It has openings in the front that allow the pilot light to be easily lit and adjusted without removing the front panel. Its bull-nose front extension protects staff from burns.
APW Wyott GCB-18I 18″ gas charbroiler design features
- 3/ 4′” (1.9cm) cast iron “steak char” grate
- 3″ (7.6) stainless steel backsplash
- 4″ x 1″ (10.2 cm x 2.5 cm) grease chute drains into grease drawer
- Extended bull-nose front
- Field convertible and adjustable gas regulator
- Fish Grate (#3102202) and flat griddle play overlay (#21813095)
- Front access panels for easy adjustment
- Gas connections use ¾” NPT pipe.
- Heavy-duty 4″ (10.2cm) heat-resistant, adjustable legs.
- The pilot can be lit without removing the front panel.
- Special high-temperature stainless steel radiants
- Stainless steel grease collector drawer
- Viewable standing pilot. Safety pilot available
What is restaurant equipment financing?
Restaurant equipment financing is a kind of business financing specifically intended to be used for business equipment. The word equipment includes virtually any physical item a restaurant uses in the course of its operations, so it can be used to buy gas charbroiler and other highly-specialized tools, just to name a few.
The pros of gas charbroiler financing
- Financing your gas charbroiler is a great way to jump-start your venture. There are various options available for financing equipment to fit your specific needs- restaurant equipment financing and leasing, personal loans, small business Administration loans, and even small business credit cards.
- Financing your appliance can be key as it affords you the opportunity to hire employees, promote and build your restaurant, and buy reliable and high-quality commercial charbroiler.
- Improve your restaurant efficiency with new equipment. With equipment financing, you can get a significant outlay of money.
- The restaurant equipment financing process is quick and painless. Besides, there are flexible options available.
Will personal bankruptcy affect your chances of acquiring APW Wyott GCB-18I 18″ financing?
Bankruptcy is a sophisticated process. In the case of Chapter 13, it can be very stressful and leave you paying all or a section of your debts to your creditors for up to five years under a court-supervised plan. Obtaining restaurant equipment financing after a personal bankruptcy might be challenging; however, you might be in a better position based on several factors than you think. Top Financial Resources takes every opportunity to strengthen small restaurant owners. We empower you to do your business- with customized small business lending options and resources to assist foster your financial well being and let you transform your vision into reality.
Top Financial Resources is an ally to small restaurant owners, including those that have filed previously for bankruptcy. If you have been operating in business for a minimum of six months and your restaurant can generate at least $8,500 per month, we will move quickly to provide financing solutions for you. We are a passionate team, driven by ethics, hard work, transparency, and mutual respect. We listen to your clients, understand their needs, and nurture their passion into thriving businesses. Below is a checklist to help you increase your chances of obtaining gas charbroiler financing if you have filed bankruptcy.
Establish a business credit score
Separating your personal credit history from your restaurant credit history can reduce any personal credit issues’ negative impacts. To determine if you have a business credit file, contact credit information services like Experian. As long as you have an existing business credit file, it will have information about your business credit. Having this evidence of the official separation between your business and personal finances is vital when trying to get restaurant equipment financing after bankruptcy. Another way to portray this separation is by establishing a business credit report with one of the credit reporting bureaus.
Timing of equipment financing
The timing of your equipment financing is essential, as well. Remember that Chapter 7 bankruptcy remains on your credit history for ten years and a Chapter 13 bankruptcy remains for seven years. Based on the kind of personal bankruptcy and the date of filing, your credit report might already be free of any bankruptcy mentions, making it simpler for you to obtain financing for your appliance. Some equipment financing companies and banks will still consider your application as far as you meet their certain guidelines for how long after a bankruptcy you can apply. Usually, that waiting period is two years after your bankruptcy filing. Whereas you can expect to pay a premium on that equipment loan, the credit might be a well-needed lifeline to ride out a challenging duration.
Prepare a business plan
This is the most essential part of your equipment financing after bankruptcy. Having filed personal bankruptcy puts more pressure on having a solid business plan. In your business plan, you will have to provide details on how you run your restaurant, your expected revenues, and your contingencies and operating expenses. Prepare your document using realistic figures and factual explanations. Figure out what are the requirements for business plans and other documents before you submit your loan application. Every financial institution has different criteria to make lending decisions.
Steps to take when applying for gas charbroiler financing
Clearly, restaurant equipment loans have many benefits. And you can even qualify if you have bad credit or you have filed bankruptcy. Interested in applying for one? Many lenders offer these loans, including online lenders and traditional banks. First, evaluate lenders before preparing and submitting your applications.
Step 1: Understand your current position
Before assessing lenders, you should be able to answer a few basic questions. Why do you need a gas charbroiler? How could it affect your revenues, overall restaurant, and profits? By knowing the answer to these questions, you will be more prepared to discuss your options with a restaurant equipment lender.
Step 2: Ensure you qualify for financing
As you assess lenders, check out their eligibility requirements. These will vary from one equipment financing company to another, so it is important to make sure that you meet the basic prerequisites before you apply. Common criteria for restaurant equipment financing include:
- Revenues: To qualify, you might have to prove that you are generating a specified amount of income.
- Time in business: Some lenders will only offer financing to restaurants that have been established for a certain number of years.
- Credit scores: Generally, you will need a score of at least 550 to qualify for a restaurant equipment loan, even though many lenders prefer scores of 660 or more.
Bear in mind that some lending financing companies might have additional requirements concerning your business finances or could have lenient prerequisites than the ones discussed above. As such, you should conduct considerable research before you apply.
Step 3: Determine if you can get a down payment
When applying for a restaurant equipment loan, you might have to make a down payment to qualify. Equipment loan lenders will want to know that you are vested in the purchase, and obtaining a down payment will increase their confidence that you are able to repay your small business loan. Often, down payments will range from five to ten percent.
If you do not have sufficient cash on hand to make a down payment or do not meet the above qualifications, you might not be approved. Thus, your best bet will be to get a different lender, improve your financial situation to meet the qualifications, or seek alternative financing.
Step 4: Research different restaurant equipment loan options
Finally, it is time to start applying for restaurant gas charbroiler loans. The application process will vary from one lender to another. Still, if you have already figured out your eligibility and current position, you are off to a good start. It is smart to compare your options at this stage. Nonetheless, ensure you do not apply to more than one financing company at a time. This is because multiple hard credit pulls can hurt your personal and business credit ratings. In addition, ensure you do not take out another loan if you are already paying off a previous one since this is regarded as stacking. Instead, if your restaurant loan offer is not enough to fund your needs, you can look for another offer.
Gas charbroiler financing and leasing for restaurants after bankruptcy: Bottom line
Business owners with good separation between their personal and company finances, existing relationships with financial institutions, and proper disclosure of business assets in bankruptcy filings might have a chance for getting financing.