The business of owning a restaurant is sophisticated and often stressful. However, you feel the pain that much more when the need for costly- but vital- restaurant equipment arises, such as the Garland MCO-GS-10-ESS convection oven. When restaurant convection oven breaks or you need to increase capacity to keep up with rising demand, you have a few:
- Raise money through equity financing: where you essentially sell-off of a piece of your restaurant in exchange for capital.
- Wait till you have sufficient cash to replace your broken convection oven (which basically is not really an option) or keep on maxing out your current capacity.
- Take out a loan: Also known as restaurant equipment financing- which you will pay back, plus interest, over time.
Many business restaurant owners are wary of convection oven financing since debt is a scary word that indicates risk. And even though it is true taking on debt can be a risky endeavor, you can control your risk and explore ways in which equipment financing in the short term ends up paying for itself in the long term. One of the best business debt financing options, mainly for commercial kitchens, is equipment financing. Let us review how convection oven financing works, how you can use it to your advantage, and where to find it.
Garland MCO-GS-10-ESS convection oven overview
Garland MCO-GS-10-ESS is a master series convection oven. This single-deck gas features a standard depth of 39″, (two) speed fan, master 200 solid-state controls with a one-hour timer, electric ignition, and dependent 60/40 doors with windows. It also comes with stainless steel front, sides, and top, porcelain cavity, 24″ cooking cavity height, with (six) chrome-plated oven racks on 13- position rack guides and 25-1 /2″ legs. This unit is UL, cUL, NSF, ENERGY STAR® qualified.
Standard features of the Garland MCO-GS-10-ESS convection oven
- 24″ cooking cavity height w/ 6 chrome-plated oven racks on 13 position rack guides
- 60/40 dependent door design that has double pane thermal window in both interior lighting and doors
- Double-deck models accessible, the suffix -20-ESS
- Electronic spark ignition, an inclusive automatic pilot system with 100-percent safety shut off
- Five-year limited door warranty, excluding window (the USA and Canada only)
- Full Length, stainless steel positive door closure
- Master 200 Solid State Control with 150° F to 500°F temperature range and electromechanical timer
- One year limited parts plus labor warranty (the USA and Canada only)
- Patented “Safety Door System”
- Porcelain-enameled oven interior with coved corners
- Stainless steel front, top, sides, and legs
- Total of 60,000 BTU loading per oven cavity
- Two-year limited parts and labor warranty (USA Kindergarten to Grade 12 schools only)
- Two-year limited parts and one-year labor warranty (the USA only)
- Two-speed fan control (low and high) w/ 3/4HP fan motor
Optional features of the Garland MCO-GS-10-ESS convection oven
- Additional oven racks
- 208V or 240V, single-phase motor
- 3/4″ gas flex hose and quick disconnect
- Back enclosure (stainless steel)
- Direct connect vent
- Four Low profile casters, w/ front brakes (double ovens only)
- Maximum security package accessible contact factory for details
- Stainless steel open base with rack shelf and guides
- Stainless steel oven interior
- Stainless steel solid door or doors- No Charge
- Swivel casters, (four) w/front brakes
Convection Oven Financing Explained
Convection oven financing is a kind of debt financing that helps restaurant owners pay for 100-percent (or close to it) of a commercial oven for their business. The idea is that a lender offers you the exact amount of convection oven costs to purchase the equipment immediately. You then repay that amount, together with interest, over the expected life of the convection oven. As financing goes, this kind of acquiring funding is relatively simple and straightforward. So what makes it so coveted by restaurant owners?
- The equipment loan is self-secured: The convection oven itself acts as collateral, so if the borrower defaults on the loan, the financing company simply takes the equipment back as repayment.
- The loan is precisely what you need: If you needed a business loan to pay for your convection oven, you might need to pay for your equipment, you might have to take out an amount that far exceeds your real needs.
- The equipment loan requirements are not stringent: Typically, applying for a bank loan requires meeting strict criteria, like high personal and business credit ratings and strong revenues. Since convection oven financing is self-secured, most restaurants qualify.
- The loan is fast: You can apply for this kind of restaurant equipment financing and get the capital in as little as one business day.
These are the basics of a convection oven financing loan. The specifics will be based on the kind of equipment you need, your financial situation, and who is lending you the money.
Is convection oven financing right for my restaurant?
In a vacuum, convection oven financing sounds like an excellent deal for any restaurant that needs a convection oven, and they can not meet without crippling its cash flow. To determine if you would want a convection oven loan, nonetheless, you will have to understand the typical loan requirements, the costs of the loan, the benefits and drawbacks, and if financing is better than leasing.
Your typical Garland MCO-GS-10-ESS qualifications
The requirements for this type of financing are less strict than a conventional bank loan. That does not mean just any business can apply for and get convection oven financing- at least not with an APR that is sensible for the bottom line. Typically restaurant equipment leasing qualifications differ from one lender to another. At Top Financial Resources, restaurants that qualified had:
- A credit score of at least 600
- A time in the business of at least one year
- Over $50,000 in annual revenue
We also have a convection oven financing option for startup restaurants. If you have a new restaurant and you need help getting operations off the ground through convection oven financing, contact us at 1-(800)-260-5126 or email us at [email protected]. Moreover, if your credit score is less than 600, Top Financial Resources has a viable option for you. If you have been in business for at least six months and generate $8 500 revenue per month, we can help you finance your convection oven in most cases.
Your typical convection oven financing costs
What your convection oven financing will cost depends on the cost of the machinery you need. Whether it is new or old, Top Financial resources can front you the cash to make the purchase. Our interest rates run from 8-percent to 30-percent, depending on your business profile. You will continue to make payments on the Garland MCO-GS-10-ESS for a predetermined set of time- generally for the useful life of the convection oven, but not for more than ten years. A well-established restaurant with an elite credit rating might get lower interest rates than startups with less-than-stellar credit scores.
How does restaurant equipment financing differ from leasing?
As you might anticipate, the critical difference is that you will own the machinery outright at the end of your Garland MCO-GS-10-ESS financing agreement. With leasing, you do not own the equipment; you just pay to have access to it.
There are certain cases when leasing a convection oven might be more sensible. If the appliance you need is for temporary use, you might find that you own the equipment at the end of your financing repayment period, and you have to dispose of it. Moreover, with financing, you might need to supply a down payment upfront to your restaurant equipment financing company, which is not the case with leasing.
On the other hand, if you have the money for a down payment and anticipate Garland MCO-GS-10-ESS convection oven will be a mainstay of your commercial kitchen, the interest payments you make every month will be less than a lease payment, with the added bonus of owning your machinery outright at the end of the process.
Why Top Financial Resources?
With Top Financial Resources, you get a dedicated loan specialist who knows the ins and outs of restaurant equipment financing. More importantly, your loan specialist will take care of getting to know more about you and your restaurant to guide you to the best convection oven financing program available to you. Financing with us is a partnership and not a sales pitch. We take up the challenge to help strengthen small business restaurant owners. With our customized restaurant equipment financing options and resources to help foster financial well being and enable you to transform vision into reality.
Do not let the daunting task of going to a lender or financing company and filling out a pile of documents keep you from acquiring the equipment financing you need. Our online convection oven lending application is fast and easy. After you hit submit, one of our loan specialists will contact you to assist you in tailoring your restaurant equipment financing solution. You will get a decision in as little as 24 hours, so you can get back to running your restaurant. Apply now to get started.
Can I get financing for convection ovens similar to Garland MCO-GS-10-ESS?
At Top Financial Resources, we have a variety of solutions. We provide a wide range of lending solutions for a wide range of commercial convection ovens and other commercial kitchen equipment. Whether you need an old or used Garland MCO-GS series convection oven, Top Financial Resources can help you fuel your restaurant’s success. Some of Garland MCO-GS series convection ovens to consider:
- Garland MCO-GS-10-S Single Deck Gas Convection Oven
- Garland MCO-GS-10 Single Deck Gas Convection Oven
- Garland MCO-GS-20 Double Deck Gas Convection Oven
- Garland MCO-GS-20-S Double Deck Gas Convection Oven