Commercial deep fryers such as the Globe GF30G Fryer are some of the most crucial pieces of equipment. Regardless of what type of food services business you own- deli, food truck, concession stand, or restaurant. These essential units reliably cook large batches of food with high oil and heat. They make some of the most beloved and oft-ordered items on your menu like onion rings, French fries, funnel cakes, donuts, and corn dogs. If you are looking for a commercial deep fryer for a large scale operation, check out our line for Globe GF30G Fryer and other types of fryers. We are happy to help you lease and finance the perfect deep fryer. And of course, with your specific budget, needs, and space. If you want to save on your commercial deep fryer, try our leasing program for Globe GF30G.
Steps involved in leasing commercial restaurant equipment
Some restaurant equipment is good for leasing as opposed to buying outright. Fryers are one of those appliances. A major benefit of restaurant equipment is that it can save you a lot of money when beginning a new restaurant business.
Steps involved in leasing a fryer
Step 1: Decide what suits you best; leasing or buying a new and used fryer.
You need to assess what suits you best, leasing or buying new and used appliances. Calculate the total for the lease over the cost of a new commercial fryer. You might pay a lot more for a lease than buying new equipment. And obviously buying used restaurant equipment is usually an inexpensive way. However, you need to know that the used equipment does not come with a guarantee, and you might have to pay more for the maintenance in the end.
Step 2: look around to get the best quotes on the restaurant equipment lease.
You will be surprised by the number of companies who are dealing with restaurant equipment leasing. In conjunction with the monthly fee, look out for what kind of services the lease offers. How often the firm will service the equipment.
Step 3: Go through the terms of the restaurant equipment lease.
Discover how long the lease term is and what situations you can experience if you have to conclude it before time. Most restaurant businesses fail within their first three years of operations, thus signing a five-year lease on kitchen equipment might not be a good idea.
Step 4: Get ready for a credit check.
Leasing a commercial fryer requires the same credit evaluation as leasing a new car or even applying for a bank loan. If your credit is challenged, which is quite common today, you might be approved for a lease, or you might have to pay a higher interest rate.
Globe GF30G Fryer leasing process at Top Financial Resources
- Locate the restaurant equipment you would like to lease.
- Download and complete our commercial credit application or apply through our online lease application.
- We will contact you with a credit approval notification and finalize any details.
- We contact the equipment supplier and pay for your appliance.
- You get your equipment.
Why should you finance a commercial restaurant fryer?
Is leasing and financing the best option for you? Are you on the fence? Check out these advantages below. Financing restaurant equipment is a great option for heavy-duty equipment that requires to be updated often and for clients with limited capital (those that have limited means of financing or are saving for unexpected expenses). It is also a great way to fund upfront soft costs such as freight, taxes, installation, and delivery. There are great credit lines accessible, which make it even simpler to get your restaurant up and going and make sure it stays on track.
Things to know before leasing restaurant equipment
Obviously, with any lease agreement, you do not possess the equipment, and you will have to pay monthly or weekly. You will have to sign an agreement that you have to assess very cautiously to ensure that you understand it and consent to the fine print. If your restaurant closes before the lease term is up, you might be responsible for the rest of the payments for the term of the lease.
Types of restaurant equipment leases
The following are common restaurant equipment lease kinds:
$1 Buyout lease
As a $ 1 buyout lease, most closely resembles an equipment loan and is a kind of lease that is commonly provided by equipment dealerships or manufacturers as an incentive. It is best used when a company intends to keep the equipment at the end of the lease term and is characterized by a symbolic $1 buyout option at the end of the lease.
Restaurants that do not intend to keep the appliance long term or require equipment that becomes obsolete fast should consider alternatives to a $1 buyout lease. Even though flexible repayment terms are accessible, this lease is typically the least flexible overall. The company is paying over 99-percent of the equipment’s cost over the length of the term, indicating that it is fully invested in the equipment if it fails or becomes outdated.
Ten percent option lease
A ten-percent option is another kind of capital lease, where instead of paying $1 at the end of the lease to purchase the asset, the borrower has the alternative to pay ten percent of its value, which is determined when the lease is signed. This option provides lower monthly lease payments than a $1 buyout lease, in exchange for the balloon payment option at the end, which is optional.
Restaurants that intend to own the equipment but would like lesser monthly payments should consider this option. Nonetheless, borrowers should be wary of a lease variation, called purchase upon termination lease, where the balloon payment is not optional. Restaurants that require to upgrade equipment frequently might still find this option not ideal since 90 percent of the equipment’s value is paid by lease-end.
Fair market value lease
FMV (fair market value) lease is a popular lease option that generally falls into the operating lease category. With an FMV lease, only a section of the equipment’s total value will be paid off, which indicates that monthly payments can be much lower and term lengths shorter, which favors more frequent equipment upgrades. At the end of the term, you can either walk away from the equipment or buy it at a fair market value.
FMV leases are a great fit for restaurants that need to frequently upgrade equipment or for shorter-term needs. It might also be preferred by POS and application needs, as it enables greater flexibility compared to buying. Companies that buy equipment at the end of the lease will probably pay a much higher cost with an FMV lease than a comparable buyout loan or lease.
Globe GF30G restaurant commercial fryer overview
This unit is a countertop model that ships are configured to use natural gas. With 30 lbs of oil capacity, Globe GF30G is more than capable of taking care of heavy-duty frying tasks for cooking french fries, fish fillets, donuts, chicken, and more. Powering this fryer are four stainless steel tube burners inside the heating chamber that offer a total thermal output of 53,000 BTU/hr. Robert Shaw™ snap-action thermostats provide fast recovery and ideal temperature control to cope with high demands during peak hours for faster turnover times.
The fryer comes with a sleek front plate and frame made from stainless steel, particularly designed for commercial environments. Moreover, the fry pot is made from stainless steel and features a drain valve and extension pipe for simple cleaning. Adjustable height 4″ stainless steel legs ensure the fryer does not wobble on the countertop and also provide access below the unit for fast wipe downs. Two heavy-duty nickel-plated fry baskets that have insulated handles are incorporated.
Standard Features of the Globe GF30G Fryer:
- High-performance burners
- Durable fryer baskets
- Adjustable 4″ stainless steel legs
- Built-in nesting groove(s) for hanging fry basket(s)
- Easy-to-remove oil pan
- Flue deflector
- Heavy-duty, nickel-plated fry baskets with cool-to-touch insulated handles
- High limit thermostat protection which shuts fryer down if it exceeds over-temperature
- High performance, stainless steel tube burners that is inside heat chambers
- Robert Shaw™ snap-action thermostats for fast recovery
- Sleek stainless steel front plate and frame
- Stainless steel fry pot with extension pipe or drain valve.
- Units ship liquid propane or natural gas (please specify when ordering)
At Top Financial Resources, we carry both counter gas fryers and floor gas fryers to accommodate your restaurant perfectly. Regardless of whether electric or gas, you will want to consider a counter or tabletop gas fryer, especially if you are looking at affordability. Top Financial is a great place to shop for financing. As your dedicated restaurant supply and commercial kitchen financing partner, we have got everything you need and want so you can smoothly run your restaurant establishment.