Before you take out a loan to buy the Lang R30S-ATE electric range, you need to investigate all the available options. It can seem a little sophisticated with all of the jargon and all of the various lending institutions with different terms, rates, and conditions. But electric range financing is a comparatively simple business model that is easy to understand and simple to obtain. If you need an electric range for your new restaurant (may it be Lang R30S-ATE or any other electric range in the Lang R30S series), then this loan is for you. More details are provided below.
Restaurant equipment financing is a little different from inventory financing. The key difference is that you are buying equipment and utilizing this as security with restaurant equipment financing. With inventory financing, you are employing the inventory as collateral. It is also different from leasing. With electric range leasing, you do not own the property unless you purchase it at the end of the term. But with electric range financing, you initially advanced the money to acquire Lang R30S-ATE immediately as the equitable owner.
Lang R30S-ATE electric range overview
Lang R30S-ATE is an electric restaurant range. It features 30″ W, (one) 18″ W x3/ 4″ thick snap action griddle and (one) hot plate, standard oven base with (three) rack positions and (one rack). It also comes with a 150°F-450°F solid-state oven thermostat with one-hour timer, 2″ vented stainless stub back, 4″ casters and 430 stainless steel exterior. This unit is cULus, NSF certified.
Standard features of the Lang R30S-ATE electric range
- 1″ high range–top backstop
- 150 °F-450°F oven thermostat with 60-minute timer and alarm
- 2.75″ wide full front grease trough, grease drain, and spillage drawers
- 4″ casters standard
- All ranges are factory wired for three-phase service. The installer might wire 208V or 240V service one phase
- Griddle configurations include a one-piece splash guard, sides, and back
- 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 that has a 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 temperature controls and knob-set time
- Two-speed fan with fan pulse capability
Options and accessories for the Lang R30S-ATE electric range
- 480 Volt, three-phase model
- Additional wire pan racks
- High Storage Rack
- Set of 6″ casters, two fixed, two-locking, two fixed
What is Lang R30S-ATE financing?
Restaurant equipment financing is a loan generated specifically for the aim of the purchase of commercial equipment. Thus Lang R30S-ATE financing is a loan used specifically to buy the Lang R30S-ATE restaurant range. The term equipment means tangible assets. With an electric range financing loan, the total amount will not exceed the appliance’s total economic value. You might still pay interest on the loan; however, it is not as steep as other methods (like working capital loans and credit cards). If you fail to pay, then the commercial electric range will be seized by the lending institution.
The commercial electric range financing model is a simple and easy loan process beneficial to restaurants requiring electric ranges to get up and running. The most important thing to bear in mind is that commercial electric range financing is a loan, not a lease. You own the appliance and simply have to make payments. With a lease, you are renting the Lang R30S-ATE and do not own it. With restaurant equipment financing, you can claim depreciation on your equipment to lower tax liability to the equipment’s legal owner.
Who uses restaurant equipment financing?
Restaurant equipment financing is usually suited for startup businesses that find it hard to obtain conventional means of finance. This is because restaurant equipment financing is easier to get than other types of financial options (the equipment itself serves as security in the event of loan default). Another added advantage is that restaurant equipment financing can be (in some cases) cheaper compared to other business loans.
However, any restaurant that requires equipment can use this method, not just startup restaurants. If you are starting a restaurant, you will probably need to get commercial electric ranges and other essential equipment. Commercial electric ranges are expensive, which is simply too much to pay upfront. Restaurant equipment financing is the most sensible option since you will need that money for other operational expenses.
Commercial electric range financing rates
Whereas the commercial electric financing rates are competitive (because of the collateral supplied), they tend to have high minimum loan amounts. Mainly it depends on what kind of loan you are looking for. However, if this is too high, you can consider a business line of credit or a term loan (which you can use to finance Lang R30S-ATE anyway).
There is little standardization for restaurant equipment financing rates since there are so many different kinds of equipment. It is essential to distinguish restaurant equipment financing from leasing and inventory financing, where the average rates will differ. Here is a table that outlines the different rates when financing at Top Financial Resources. Obviously, the rate and terms will be based on your specific situation, what you are looking for, and what your credit score is (note: we finance restaurants with bad credit scores and bankruptcies).
- Loan to Value Ratio
- Funding Speed
- Average Interest Rates
- Minimum Requirements
- Repayment Terms
Commercial Electric Range Financing
- 24 Hours
- 6 to 30 percent
- One year in business, 600 credit score, $50,000 yearly revenue.
- 1 to 15 years
Commercial Electric Range Leasing
- 24 Hours
- 7 to 30 percent
- one year in business, credit score 600, $50,000 yearly revenue.
- 2 to 5 years (generally, it will not exceed the economic life of the equipment)
- Upto 80-percent advance of the total loan
- 24 Hours
- 1 to 35 percent (additional inspection fees might apply)
- one year in business, credit score 600, $50,000 yearly revenue
- 0 to 1 year
How to get commercial electric range financing?
Most of the online and conventional Lenders will also provide equipment financing in tandem with their other offerings. As a result of the nature of the restaurant equipment financing loan, it is often easier to obtain than term loans. As mentioned earlier, this is because the loan is automatically collateralized. There is less risk for the lender since they will merely take the commercial electric range back if the debt is not paid.
Nonetheless, there are still going to be some parameters. Nobody is merely going to lend high-quality commercial equipment without knowing some essential information about you and your business. The minimum criteria for obtaining restaurant equipment financing at Top Financial Resources include:
- A credit score of 600 and above
- Minimum annual revenue of $50,000
- Minimum of 12 months in business
These are our typical minimum requirements; however, it will often change based on your unique business situation. If you can show strong cash flow for the previous 12 months, we might overlook a lower credit rating. However, you should know the weaker your application, the higher the interest rate will be. It is worth noting that the above points are the absolute minimum and the best in the industry. You are likely to encounter lenders who will want a minimum of two years in business and $100,000 annual revenue to be considered for restaurant equipment financing.
Can I get commercial electric range financing for multiple pieces of restaurant ranges?
Instead of applying for multiple times, there are ways Top Financial Resources can set up the financing for multiple pieces of commercial electric ranges.
Can I get equipment restaurant financing for any other Lang R30S restaurant range?
We help small and established restaurants to acquire the commercial electric range they need, whether used or new. That is why we finance other Lang R30S restaurant ranges, including:
- Lang Manufacturing R30S-ATF Restaurant Range
- Lang Manufacturing R30S-ATB Restaurant Range
- Lang Manufacturing R30S-ATA Restaurant Range
- Lang Manufacturing R30S-ATC Restaurant Range
- Lang Manufacturing R30S-ATCM Lang® Marine Restaurant Range
- Lang Manufacturing R30S-ATDM Lang® Marine Restaurant Range
- Lang Manufacturing R30S-ATAM Lang® Marine Restaurant Range
Who offers commercial electric range financing?
If you need to upgrade your restaurant range, Top Financial Resources is the right financing partner for your business. We are technology-enabled restaurant equipment financing lenders and are keen to provide our clients with a hassle-free lending experience. With us, you will enjoy a quick disbursal. We offer funds in just two days. This offers complete peace of mind to our borrowers.
You will also be happy to know that there are no hidden costs on our machinery loans. Our restaurant equipment loans are offered at competitive interest rates. We do not have any hidden costs, and the borrowers are informed of the interest rate and processing fee before they sign the contract. You can also use our business loan EMI calculator to find out what your monthly installments will be. Moreover, we have flexible repayment options. We offer our borrowers flexible repayment options. We do not force them to pay early or unnecessarily extend the loan or lease tenure.
Conclusion: Lang R30S-ATE financing
A commercial electric range is one of the most straightforward loan options available to restaurant business owners. It is very commonly used and often necessary for a new restaurant. After all, tying all your money in a piece of equipment when you start a business does not make the most sense. And even if you are already started, it is still a way to conserve cash and other credit business lines. For more information about commercial electric loans and financial avenues, contact us at 1-(800)-260-5126. You can also send us an email at [email protected]