If you are wondering how Lang Manufacturing R30S-ATF Restaurant Range works? Or, if you know about it and you want a full guide on how to finance lang manufacturing commercial and restaurant electric ranges, you have come to the right place. Here is everything to know about the R30S-ATF range and restaurant equipment financing, and why it is a great idea.
Lang Manufacturing R30S-ATF restaurant range description
This unit comes with a 30″ W, (1)” W X 3/ 4″ thick snap action griddle, standard oven base with three rack positions and one rack. It also features a 150°-450°F solid-state oven thermostat with a one-hour timer, 2″ vented stainless steel stub back, 4″ casters, 430 stainless steel exterior, and 14.0 kW, cULus, NSF.
Standard features of the Lang Manufacturing R30S-ATF
- 1″ high range–top back stop
- 150-450°F oven thermostat with 60-minute timer and alarm
- 2.75″ wide full front grease trough, grease drain & spillage drawers
- 4″ casters standard
- All ranges are factory wired for 3-phase service. The installer may wire 208 or 240V service 1 phase
- Griddle configurations include a one-piece splash guard, back & sides
- Heavy-duty 430 stainless steel exterior insulated on six sides
- Aluminized steel cooking chamber
- Heavy-duty, hinge-down oven door
- One center rack guide with chrome-plated rack
- Two 3-heat switches for oven
- 430 stainless steel oven interior
- Five chrome-plated oven racks provided
- Heavy-duty compartment door, with large double-pane tempered glass window
- Heavy-duty right hinged door with magnetic closure
- HIGH-LOW speed fan switch
- Nine position oven rack slide supports
- ON-OFF power switch
- Simple knob-set time and temperature controls
- Two-speed fan with fan pulse capability
Accessories and optional features of the Lang Manufacturing R30S-ATF
- 480 Volt, 3-phase model
- Extra wire pan racks
- High Storage Rack
- Set of 6″ casters, two lockings, two fixed
Equipment finance for Lang Manufacturing commercial & restaurant electric ranges
Would you pay your rent for several years in advance? Possibly not- so why do the same for your restaurant electric range? That is where equipment finance comes in. Many restaurants depend on equipment to get the job done. And in some cases, new equipment might mean the difference between stagnation and growth. Whatever the reason why you need an electric restaurant range, restaurant equipment financing is a good option.
What is a restaurant equipment loan?
An equipment loan is a kind of finance that allows companies to obtain the machinery they need. Typically, the lender offers the restaurant with finance secured by the equipment (restaurant range). It is being used to buy or hire, and the restaurant pays the money back with interest in monthly installments. The electric range might be used as security; thus, if the restaurant fails to meet the repayment terms, the equipment will be taken away. As soon as the loan is settled, the restaurant owns the equipment.
Why do restaurants use equipment financing to fund commercial electric ranges?
But what if your restaurant can not afford such big-ticket purchases? Any of these units run into the thousands of pounds, and for smaller restaurants trying to grow, big up-front costs just are not possible. On the other hand, more established restaurants often do not want to purchase expensive equipment outright, even if they can afford it since the money can be spent on other things to benefit the restaurant.
What are the different types of Lang Manufacturing commercial & restaurant electric ranges financing?
There are numerous ways you can fund a large equipment purchase. Here are some of them:
Restaurant equipment leasing
Leasing restaurant equipment is a great way to keep your inventory of assets in good order- regular upgrades, tax efficiency, cash flow management, and servicing are just some of the benefits of leasing appliances. There are two kinds of equipment leasing, known as finance leases and operating leases, which provide a range of different timeframes and commitment levels based on what equipment you require.
Hire purchase is the same as equipment leasing in the sense that you make regular payments for an asset. However, as the name suggests, you are effectively buying the restaurant range and paying in installments. The main difference is that it will appear on your balance sheet from the beginning, making sense if you want to have the equipment for the long term, or the asset will hold its value well.
What are the benefits of commercial electric range financing?
There are many reasons you might choose equipment finance instead of paying the restaurant range upfront out of your restaurant’s coffers. Here are four of the best.
- Tax benefits: Some kinds of restaurant equipment finance such as equipment leasing and sale and leaseback are more tax-efficient than purchasing outright. That is because when you lease a unit, it is a monthly expense instead of an asset sitting on your balance sheet.
- Flexibility and scalability: If you finance your electric restaurant range and your business begins to grow, you can get more units faster without a large outlay. Generally, equipment financing is a great way to grow your restaurant.
- Easy to budget and manage: Restaurant equipment finance in most of its forms offers you predictable payments so as to spread the cost over time. That indicates that managing cash flow is a little bit simpler, and you can focus on running the restaurant.
- Access to other business lines of credit: One of the often forgotten but significant reasons to finance equipment instead of buying it outright is access to other credit lines. For the same reasons as tax efficiency, equipment finance is usually a predictable monthly expense, which indicates you can get another kind of business finance alongside it. This is a great advantage for some restaurants- you can get the equipment you need and take out a business loan for marketing and promotion, for instance.
Tax advantages of restaurant range financing
There are two financing alternatives when you plan to purchase restaurant equipment. You either lease it or buy it, based on the money you have right now. Nonetheless, your decision will also have an effect on the amount of taxes too. Here are the options.
Buying the Lang Manufacturing commercial & restaurant electric ranges
The first option involves paying for the electric range in full. It is a sensible choice for many since they have the money. But buying the machine would also mean evaluating its depreciation. The government decides the depreciation rates of various restaurant ranges. By the time you gather the entire depreciation value with your yearly tax deductions from the government, it will be time for the equipment to become out-dated.
Leasing The Lang Manufacturing commercial & restaurant electric ranges
The second option involves leasing the electric range. This is more like paying expenses rather than buying the appliance using the entire cash. It would entail depreciation value as a capital cost. Most importantly, lease payments are tax-deductible. So, you do not have to pay extra tax at the end of every year for the machine. Leasing will not involve paying taxes for the electric range against your income for the whole lease term.
You have to keep in mind many things when it comes to leasing equipment to make tax-deductible.
- You can write off a piece of equipment that depreciates over time faster. This is not always possible if you purchase the equipment. Money is always the king in a business. So, leasing a restaurant electric range will help you get your money back into the business as soon as possible.
- Leases on machines do not have up-front costs, like PST or GST.
As already discussed, leasing a restaurant electric range has various tax implications, and the IRS can recharacterize the lease as a scale. Here are some of the elements that might lead to the recharacterization:
- You obtain the title of the equipment after paying for a particular lease amount.
- A section of your rental payments for the equipment creates equity.
- You make lease payments within a short duration, and this amount is more compared to the amount required to purchase the machine in the first place.
- You make a part payment for the lease of the appliance as interest
- Your lease payments are substantially more than the fair payment value of the machine.
If you enter a lease arrangement with any of the clauses above, you should be very cautious to avoid penalties since the IRS can recharacterize the transaction. Other than that, you can be sure that leasing equipment is tax-deductible with minimal complications.
How to finance Lang Manufacturing commercial & restaurant electric ranges?
Top Financial Resources provides equipment financing; we provide the widest array of products to keep your restaurant running and your equipment to task. Do not let your equipment dictate your potential; simply follow our application procedure and let us help you.
- Request funding: Apply for funding online in just a few minutes or simply call us directly at 1-(800)-260-5126 to see if you qualify.
- Receive funds: Our financing specialist assesses your restaurant and offers a decision. Receive financing in as fast as 24 hours.
- Ongoing support: Get help from committed loan specialists, helping you understand ways to scale your restaurant.