As a small business owner, it will be necessary to upgrade or replace various equipment pieces regularly. During this period, restaurant equipment loans are like a lifeline to any restaurant owner. This post will take you through the Prince Castle CTD-M commercial toaster financing benefits and what criteria lenders look for before approving financing for this equipment.
Prince Castle CTD-M commercial toaster overview
CTD-M is a series of dual-sided vertical contact toasters designed by Prince Castle. It comes with a metal belt, touch screen with LCD color display, digital programming, and an anti-slip rubber base. With Prince Castle CTD-M, you will be done toasting in six to 40 seconds. This commercial toaster has a temperature range of up to 550°. It also comes with stainless steel construction, variable speed motor, 1.5kW, 208-240v/50/60/1-ph, and 7.25-6.25 amps.
Standard features of the Prince Castle CTD-M commercial toaster:
- Auxiliary Heater option accessible for Higher Bun temperatures
- Digital programming for variable Temperature settings and Toast Time
- Comes with a large Touch Screen with LCD Display for easy programming
- One year – Parts and labor warranty
- Patented Parallel Compression Design amplifies toasting speed and surface contact for better Caramelization
- Stainless steel construction with Anti-slip rubber base
- Three conveyor belts available to provide all options for ideal toasting
The Prince Castle CTD-M advantages:
- Holds all buns up to 5.5″ in diameter
- Adjustable toast times, ranging from six to 40 seconds to customize products
- Available in three conveyor options: Wire, silicone, and stainless steel pleated belt
- Durable stainless steel construction makes it easy to maintain and clean.
- Easy to use with its touch screen color display, electronic settings and, precise and repeatable settings
- Large compression adjustment range enables maximum product flexibility (Bread thickness: the crown is 0.4″ to 1.25,” and the heel is 0.3″ to 1″)
- Slim design saves up to 30 percent of counter space.
- Temperature Range up to 550 degrees
What is commercial toaster financing?
Loans that are used to lease or purchase commercial equipment are equipment loans. Small restaurants often need to buy, replace, or repair their equipment. Based on your restaurant needs, a commercial toaster might be crucial to extract maximum productivity and efficiency. The need for this item will either be long-term or short-term. Accordingly, you can either purchase or lease Prince Castle. There are many kinds of restaurant equipment loans, some that even fund only one type of equipment. You can analyze these various types present in the market before you get the best fit for your restaurant.
Restaurant equipment financing for small businesses is self-secure loans that are explicitly meant for buying items that, in turn, serve as collateral for the loan. Every lender has different terms with a loan; a small business owner can finance around 80-percent of the total purchase price of the commercial toaster using restaurant equipment financing. When you decide to purchase your commercial and finance equipment through a loan, you own the toaster from day one. A 20-percent down payment is typically needed for most small business equipment loans.
What is Prince Castle CTD-M leasing?
Leasing gives your restaurant more flexibility than a loan. Either you can return the toaster at the end of the lease, or you can buy it for a short amount after the principal of the loan has been paid in full. Equipment leasing generally does not require a down payment. It is useful for restaurants with little to no available capital. Even though the down payment is required, it is comparatively small compared to that of a conventional loan down payment. You can get funded around 100-percent of the cost of Prince Castle along with 20 to 25 percent of the soft costs (such as delivery charges or taxes) with a commercial toaster lease.
Benefits of financing the Prince Castle CTD-M toaster
- Maintain cash flow: Restaurant equipment financing is a source of funding that allows you to hold onto working capital or cash so that it can be utilized for other areas of your restaurant, like marketing, improvements, expansion, or R&D.
- Keep up with new technology: Equipment loans, leasing, or another financing often allows you to obtain more and better equipment. Some leasing finance programs also allow for technology upgrades or replacements within the term of the lease agreement.
- 100 percent financing: With equipment financing, you have the capability to finance the complete solution, including equipment, installation, training and maintenance, and other services associated with the commercial toaster into a single transaction. Restaurants can also upgrade appliances or add services all through the term.
How do you apply for Prince Castle CTD-M financing?
An application process for a restaurant equipment loan can be a simple process based on the equipment lender you are working with. You will need to prove your restaurant’s financial health, together with bank statements and tax returns. Restaurant equipment financing and leasing companies ask for information about the item you are purchasing, whether it is new or old, among other details. That is why most lenders demand an equipment quote or equivalent documentation of the appliance cost together with the application.
Documents needed to apply for restaurant equipment financing:
- Credit score
- Voided business check
- Business tax returns
- Identification proof
- Bank statements
- Equipment quote
At Top Financial Resources, our online application is simple, and you can do it right from your office or home. Moreover, the approval time is fast (in fact, it is the same day approval) in most cases. Here is our simple restaurant equipment process:
Step 1: You fill our simple online finance or lease application from the comfort and privacy of your office or home.
Step 2: We get the work and get you feedback within a matter of hours.
Ste 3: After you are approved, we immediately e-mail you the finance agreement. You sign and return.
Step 4: You get your new equipment.
What criteria do we use for commercial toaster financing approval?
It is a fair question; however, in all honesty, we would rather not list a bunch of criteria, simply because it leads some of our best customers (small and medium-sized restaurants as well as those with challenged credit scores) to take a pause and self-assesses. Just let us be the judge- if you have a solid credit report (even if it is small in time and or in amounts), we can very likely approve you within our lease or finance application-only process. Having said that, here are a few items we look at:
- Time in business
- Equipment types ( for instance, does it have value beyond your industry?)
- Business credit history (it does not have to be extensive, but is it good?)
It is good to note that we routinely approve restaurants who, for one reason or another, feel they could not get credit (maybe because the bank or some other equipment financing or leasing company turned them down). These are usually small to medium-sized restaurants that do not have a large bank account or an overly impressive financial spread analysis. Yes, we do finance mom and pop. The bottom line is, if your restaurant is healthy and profitable, we can very likely offer you the funds you need to buy or Price Castle CTD-M. Whether you choose a loan or a lease, Top Financial Resources is the right lender. Apply today and get approved today.
The fundamentals of Prince Castle CTD-M financing and leasing
When your restaurant requires a commercial toaster to get started or reach the next level, then restaurant equipment financing could be the right choice. This is mainly true when you do not have cash on hand to buy the piece of equipment up front. You can use the proceeds of restaurant equipment financing loans to buy almost anything for your restaurant and even pay back the loan. How much money you can borrow through a commercial toaster financing depends on the equipment you are buying and if it is used or new, since the appliance ultimately acts as collateral to secure your debt.
If you have ever had an auto loan, you are already familiar with a restaurant equipment loan’s basic structure. The price of Prince Castle will determine the amount and terms of your restaurant equipment financing, and you will not need to put up any additional collateral. This is because a restaurant equipment loan is a self-secure loan, which indicates that the commercial toaster itself acts as collateral for the loan. The self-collateralized nature of the equipment financing can make these loans slightly simpler for some restaurant owners to qualify for.
Why? Since Prince Castle provides security for the lender. If you can’t pay back your equipment loan, the lender seizes the toaster and liquidates it for cash to regain their losses. Here is something good you should know. Most restaurant equipment financing is made at fixed interest rates- usually between eight and 30 percent, with set term lengths, so you can anticipate the same payment every month.