Investing in NEMCOGS 1110-17 convection oven can be key to a successful restaurant; however, this can be costly; especially when your budget is tight or you just want to free some essential funds; convection oven leasing is a great option. Here we outline the core details of convection oven leasing and answer some frequently asked questions.
NEMCOGS 1110-17 Overview
A simple, compact single deck oven such as the NEMCOGS 1110-17 convection oven is an easy choice to bake items with limited counter space. This oven accepts Half-size pans, and it can hold up to four of them. A simple temperature control knob enables simple adjustment of the cooking temperature between 200°F and 500°F. To control the cooking time, another knob allows for times of up to two hours. An extra hold setting on the knob disables the timer and lets the oven to maintain the set temperature infinitely.
The exterior of this oven and the stainless steel construction of the cooking chamber makes sure that it can stand up to daily use commercially while keeping it easy to clean with a simple wipe-down. To make cleaning operations simple, this oven features an inspection door with a recessed gasket to seal the cooking chamber. This unit is wired for use with standard 120v/60/1-ph power and comes with a NEMA-5-20P plug. The model has a rated current draw of 14.0 amps. This convection oven is ETL and ETL-Sanitation listed.
What Is A Convection Oven Lease Agreement?
Convection oven leasing is an agreement that takes place between you (the lessee) and a restaurant equipment financing and leasing company (the lessor). The convection oven’s total cost is covered by the lessor, letting you take receipt of your order and put it to use while making fixed monthly repayments. This will also free working capital enabling your business to have better cash flow.
Is Convection Oven Lease Same As A Commercial Rental?
Not all Top Financial Resources commercial leasing agreements are made on a lease to buy basis, indicating that after all repayments have been made, the convection oven is the property of your restaurant. Rentals are when restaurant equipment is hired and given back at the end of the agreed period; ownership never lies with the renter.
What Is Sale And Leaseback?
This term is utilized when a restaurant sells a property to a buyer; this buyer then instantly leases back to the seller. It is a great way to free up capital that is tied up in an asset while still being able to use the convection oven.
How Can NEMCOGS 1110-17 Leasing Help My Restaurant?
Restaurant equipment leasing has proven a common method for acquiring commercial kitchen equipment while spreading the monthly cost and freeing up money for use in other areas. Instead of paying for three to four years of use upfront, as when buying outright, you can pay over the useful life of the appliance. This financing option enables higher-priced items such as NEMCOGS 1110-17 to be invested in units that might otherwise be unobtainable when purchasing outright. Here are more benefits of convection oven leasing to your restaurant:
- Up to 100-percent financing: In most cases, we let lesses make the first payment only in advance, which is not common in our industry.
- Flexible payment schedules: Since we own our portfolio, we can write our own rules. We can frequently provide financing with little down as the first payment. We generally write the end of term Purchase Options as either $10 or 10-percent of the initial purchase price. Top Financial Resources lease terms usually range from 24 to 60 months. However, all this can be modified if the customer needs it to and if the deal- as a whole- warrants further flexibility.
- Tax benefits: Our equipment leases are written as rental contracts with an option to buy the convection oven at the end of the lease term. In many cases, 100-percent of the monthly rental can be written off. We encourage our lessees to consult with accounts on the write-off benefits of rental payments over cash purchases.
- Manage and conserve your cash: Utilize your money to make money by adding or upgrading commercial equipment. Use your money to invest in other sectors of your restaurant, such as adding staff or marketing. Or save your cash for unpredictable expenses or business downturns.
- Improve your balance sheet; less debt offers more finance options: Healthier financials help keep the windows of opportunity open for you.
- Improve competitive advantage with the latest technology capacity or efficiencies: Remain or become an industry leader by leasing the most-up-to-date convection oven without crippling your cash flow or working capital.
- Leaseback assets you already own: One method of accumulating quick working capital is to sell an asset you already own. A lease agreement is created at a mutually acceptable term. Minimum cash down is needed, and sale-leasebacks can be a great solution to long or short-term cash crunch while enjoying the full advantages of leasing write-offs for your financials.
- Be free from obsolete appliances at the end of the term: Most restaurant business owners make excessive use of the end of the term Purchase Option on their lease as it rarely makes sense to return the convection oven. They will find it will either disrupt their workflow or since the appliance is worth more than the Purchase Option amount. If they want to upgrade, they frequently buy out their appliance utilizing the Purchase Option, then trade their existing appliance at a dealer for a newer or different appliance. Nonetheless, lesses are allowed to return the equipment to Top Financial Resources if they so wish.
Can I lease Other Series Of NEMCOGS 1110 Convection Oven?
Convection oven leasing is available across all commercial ovens meaning that you can invest in the best NEMCOGS 1110 convection oven without the hefty upfront cost. Whatever you are looking for, you can place on a leasing solution, that is, anything from the commercial electric range, gas range to combination ovens.
Similar convection ovens to NEMCOGS 1110-17 that you can obtain for your restaurant include:
- NEMCOGS 1110-28 Single Deck Half Size Electric Convection Oven
- NEMCOGS 1130 Single Deck Quarter Size Electric Convection Oven
- NEMCOGS 1105-17 Single Deck Half Size Electric Convection Oven
- NEMCOGS 1105-28 Single Deck Half Size Electric Convection Oven
- NEMCOGS 1115 Single Deck Half Size Electric Convection Oven
- NEMCOGS 1120 Single Deck Half Size Electric Convection Oven
Can I Apply For Restaurant Equipment Lease Even With A Poor Credit Rating?
Convection oven leases to buy applications are regarded as more than just your credit score. While a good credit score will definitely speed up the lease application process, it does not mean that these businesses are the only ones that can make excessive use of a leasing deal. Top Financial Resources will also be interested in other areas like the length of time your restaurant has been operating, the equipment you are buying, whether it is new or old, your restaurant’s current performance, and business revenue. All existing credit, including loans and overdrafts, are protected.
Do I Need To Pay A Large Down Payment For Convection Oven Leasing?
Typically a charge equivalent to the first one to three months of rental repayments will be needed to begin the lease, a lot less than buying the convection oven outright. The deposit is typically negotiable.
How Long Does A Commercial Convection Oven Lease Application Take?
The length of time from equipment lease application to finalization will vary, generally between one to five days, based on many factors, like your business, the number of years trading, and how fast paperwork is returned. But do not expect your convection oven to be delivered the following day. The paperwork requires filing out and terms agreed on, so do not expect instantaneous results. However, usually, the lease application process takes about ten minutes. It is straightforward and fast; you can even apply it through your phone. When it comes to funding, you will have the equipment in a week.
What About Convection Oven Lease Payments?
Flexible payment solutions are accessible, making sure that all individual business requirements are catered for. With fixed rates all through the term of the lease, your lease payments will remain stable. Making your repayments is easy; all fixed and regular payments are made by direct debit, leaving no monthly hassle.
What Happens At The End Of The NEMCOGS 1110-17 Lease Period?
After all, repayments have been made, and the agreed terms of the lease have been fulfilled, the convection oven becomes the property of your restaurant.
Who Takes Care of Insurance When Leasing Convection Oven?
To protect all parties engaged, we, as the legal owners during the lease period, require that all commercial equipment be insured by you, the lessee.
Who Is Responsible For Maintenance And Service Of NEMCOGS 1110-17 Convection Oven?
During the lease period, you will get all of the privileges and advantages of being a buyer. While this includes warranties and support, it also indicates that any service and maintenance costs will fall over to you.
How To Apply For NEMCOGS 1110-17 Lease?
You can lease both new and used NEMCOGS 1110-17 convection ovens quickly by applying for our program online. Top Financial Resources offers restaurants some of the lowest cost financing options for leasing restaurant equipment and supplies. There are many leasing plans available. Simply submit an online lease application online. Once we have received your application, a credit decision will be made, and financing options are returned within two hours of receiving it.