If you are considering buying Southbend GB/25CC, restaurant equipment financing is something you need to think about. Restaurant equipment financing is money a restaurant owner borrows to launch, grow, or rebrand new assets. They are business loans designed to help restaurants acquire commercial equipment without coming out of their own pocket. Restaurants are tough, capital-intensive businesses; however, getting financing for your equipment does not have to be. Financing restaurant equipment takes a unique understanding of the business’s ebb and flow and the seasonality of sales. Whereas many traditional lenders will not lend to restaurants with bad credit scores or set up extremely restrictive terms, Top Financial Resources has experience in the business and can offer finance when others cannot. This extensive article offers a detailed overview of financing Southbend GB/25CCH for your restaurant with a challenged credit rating.
Description of Southbend GB/25CCH
- Â 180,000 BTU (90,000 per cavity)
- Six-inch legs
- Bakery depth for added space
- Cool, heavy-duty door handle
- Coved, fastener-free porcelain interior
- CSA and NSF
- Dependent doors with high-efficiency glass windows
- Double-deck design
- Dual digital display
- Electronic ignition
- Fan cycle timer
- Five plated oven racks per deck with eleven position rack guides
- Forced cool down fan mode
- Gas convection oven for restaurant kitchens
- Heat-keeping dual door seal system
- High-efficiency, non-clog Inshot burners
- Hold thermostat with a range of 140 to 200 degrees Fahrenheit
- Interior oven lights
- Oven “heat” light cycles with burners
- Slide-out, plug-in, plug-out control panel
- Soft Air, two-speed 1/2-HP fan motor
- Stainless steel front, rear jacket, top and sides
- Temperature controller with a range of 150 to 550 degrees Fahrenheit
What Restaurants Are Eligible For Convection Oven Financing And Leasing?
Any kind of restaurant is eligible for equipment financing or a loan. Whether you own a bar, diner, a tavern, bodega, or a fast-casual establishment, Top Financial Resources does not discriminate as far as the restaurant you own or the kind of food you cook. As a lender, our only concern are the numbers, making sure that the restaurant itself and the owner (s) are financially sound.
How Restaurant Equipment Financing Works?
Whereas traditional loans require things like credit history and respectable score rating, and a lot of documentation, equipment financing loans are not as concerned about those things because the equipment itself serves as collateral and secures the loan. Moreover, there are very favorable tax incentives available for buying new equipment.
There is a big diversity of loans that can be obtained, which depend on several criteria. One is the kind of equipment required, and the other is the cost of that piece of equipment. Funding terms can vary from one to five years or longer for higher price tags, and rates are just as volatile, ranging greatly. As with any debt, you have to be an educated consumer to make sure you are getting the best of both worlds. Another element that significantly impacts both the term and the rate is a personal credit score. The higher the credit ranking, the easier it is to get the best rates for restaurant equipment financing, which also makes it simpler to get the loan in less time.
Looking Into Buying Used Southbend GB/25CCH
Restaurant equipment is a major capital expense, and it is worth investigating plans to save money without sacrificing quality. Obtaining used restaurant equipment for sale is one of the best ways to make smart and reasonably priced restaurant ovens purchases. There is a few things to bear in mind when shopping for a used convection oven:
- Carefully inspect every element of any used oven. Cosmetic damage can be easily ignored or fixed, but you will want to check to ensure the equipment is in good working condition.
- Request to see the appliance’s maintenance records. By assessing maintenance or repair records, you can find out crucial information about the oven and how it has been treated over its lifespan.
- Get any available warranty information in writing. Unlike buying a new oven, used equipment often lacks long warranties; however, you might still be able to get a warranty of 60-90 days.
Benefits of Southbend GB/25CCH Financing
Restaurant equipment financing is beneficial for business owners since it allows them to obtain the most effective and beneficial equipment without the ridiculous up-front payments for the whole equipment cost. There are many benefits of equipment financing for restaurant owners.
- It can increase your working capital: One clear advantage of financing your oven is the increase in working capital that is accessible when a business decides to use restaurant equipment financing instead of large up-front equipment purchases. Almost every restaurant owner experiences cash flow shortages at some point, or another and equipment financing offers businesses an option to free up working capital for other expenses.
- It helps you keep up to date with the equipment you need: Another benefit of financing your convection oven is that it allows businesses always to make excessive use of new technology by providing them the opportunity to obtain the most effective and efficient units without worrying about the up-front cost. One limitation that prevents many business owners from acquiring the equipment necessary for the job is the price- new, state-of-the-art, is not cheap. Not all restaurant owners can afford the newest equipment. Equipment financing offers business owners the choice to obtain the tools they need without the blow to working capital.
- It can free up other business lines of credit: Another advantage of using restaurant equipment financing is that it frees up other credit lines. Rather than using a business term loan to apply for funds that will be used for new equipment purchases, restaurant owners can use equipment financing for the equipment expenses and will still have other credit lines open.
- There are tax benefits for financing convection ovens: Another advantage of financing a South GB convection oven is the tax benefit. Smart restaurant owners understand how to utilize tax breaks to their advantage, and it is essential to build strong relationships with tax professionals to capitalize on all of the possible benefits. With restaurant equipment financing, the borrowing business generally will make payments to the lender over the course of the agreed-upon terms. With every payment, there is interest paid. For most restaurant equipment financing terms, the interest paid on the financing payments can be written off as tax-deductible.
- It has a simple application process: There is one distinction in applying for restaurant equipment financing- the equipment purchase size. Applying for restaurant equipment financing for equipment costs up to $200,000 is very fast and simple, and the whole process- from application to closing- can be completed within twenty-four hours.
Are There Any Drawbacks With Convection Oven Financing?
Restaurant equipment financing allows you to have the best equipment when you need it. However, when borrowing funds of any type, there is a degree of risk required to be factored in. First, if you fail to keep up with the payment amounts, you should be forced to hand the oven back to the lender, which could be disastrous if you depend on it from an operational point of view. Nonetheless, both the interest rate and payment amounts can be fixed and agreed upon from the outset, enabling you to budget more effectively and lowering the possibility of falling behind on repayments. Secondly, if you opt to lease the equipment, you are effectively paying for goods that you will never own outright ( even though there are finance options available that indicate the asset is yours at the end of the agreement). Nonetheless, after one agreement has ended, there is nothing stopping you from beginning a new agreement on a brand new, upgraded convection oven- so your business can continuously perform with a competitive edge, affordably.
What Finance Agreement Should You Opt For Convection Oven?
Finding the best kind of equipment funding all depends on your restaurant and its objectives. Top Financial Resources offers a broad range of finance solutions tailored to meet every individual business’s needs that we support. With a committed account management team and in-house underwriting, we can help you decide the ideal finance solution for your business. To find out more or discuss your restaurant finance and equipment financing, give us a call on 1-(800)-260-5126.
Why You Should Rely On Top Financial Resources For Convection Oven Financing?
At Top Financial Resources, we are about helping you and your restaurant achieve its goals. Which is why, unlike other restaurant equipment financing companies in the USA, we can provide you with an affordable and competitive lease or finance rate on your restaurant equipment, you will be able to repay. We are also 100-percent online, which indicates no lining up or waiting on hold over the telephone. And, in most situations, you will have your lease or finance accepted on the same day of your application. Get started to obtain financing in four steps:
- Apply: It is easy and quick. Simply fill out an application.
- Approval: We approve of you. It is fast with flexible options.
- Buy or lease the convection oven.Â
- Conserve cash: Lease your equipment and conserve your money.
