Do you need a Star Mfg 530TF countertop fryer (new or used)? Top Financial Resources will provide you with no-hassle financing. Restaurant equipment financing allows you to get a business loan or lease to buy restaurant equipment for your company so that you do not have to buy the equipment outright. The restaurant equipment can be new or used, but in most cases, the appliance purchased with the financing acts as collateral for the financing.
Restaurant equipment is usually synonymous with a commercial kitchen and refers to any machine that can be used to perform restaurant operations. In this post, we will focus on financing Star Mfg 530TF. Even if you have the money to pay for the countertop fryer you need, it might be wise to opt for commercial countertop fryer financing to dedicate your cash flow to more valuable channels. Keep reading to learn about how to qualify for this kind of financing and the cost and terms of countertop fryers financing.
Description of the Star Mfg 530TF countertop fryer
Star Mfg 530TF is an electric countertop fryer. It features two stainless steel fry pots, 15 lb. capacity for every frypot, snaps action thermostats with hi-limit safety, single basket per frypot, and stainless steel exterior. It rests on 4″ legs and has separate on/off switch and heavy-duty knobs. Star Mfg 530TF is a cULus; UL EPH classified and is made in the USA.
Standard features of the Star Mfg 530TF countertop fryer
- Compact design for maximum cooking while utilizing minimal counter space
- Durable, heavy-duty metal knobs
- Has safety thermostat to avoid potentially dangerous temperatures
- Immersion-type heating components provide even heat distribution and swing up for easy maintenance
- Kettles are easily removable for straining
- Removable baskets enabling easy cleaning and rotation
- Snap-action thermostats offer responsive temperature control from 200°F (93°C) to 375°F (191°C)
Options and accessories of the Star Mfg 530TF countertop fryer
- 301FBL/301FBR – Similar to those that come with 301HLF models
- 514FB – Similar to those that come with 514LL models
- 515FBL/515FBR – Similar to those that come with 515F model and as a pair can restore one 530TBL or one 530TBR on 530TF versions
- 530FBL/530FBR – Similar to those that come with 530FF and 530TF models and can restore a pair of 515TBL and 515TBR baskets on 515F models
- Additional fry baskets ( right side in R, justify side ends in L)
How to qualify for countertop fryers financing?
Let us zoom out and get a more generalized idea of what it takes to qualify for restaurant countertop fryers financing. Just like any other kind of business loan, countertop fryer financing is only available to restaurant owners who meet certain standards. Luckily, the bar is not very high to qualify for restaurant equipment loans. There are typically three routes to qualify for countertop fryers financing. Let us take a look at them:
- Credit score: If you have a credit score of more than 600 and have been in business for at least one year, you will possibly be able to qualify for Star Mfg 530TF financing.
- Cash flow: If your credit rating is not great, but your restaurant revenues are high (comparative to the cost of the appliance), you can be eligible for restaurant equipment financing based on your cash flow.
- Down payment: Even though you have poor credit and only mediocre restaurant revenues, you are eligible for countertop fryers financing by offering a down payment.
The best part about restaurant equipment financing is their flexibility. An equipment financing company will be able to offer you financing, not unless you have child support collections or open bankruptcy. Remember, your interest rate will reflect how strong you are as a borrower. For example, if you have a poor credit rating, you might qualify depending on other extenuating factors. However, you will have to pay a higher interest rate since you are considered riskier to lend to.
Star Mfg 530TF financing for bad credit
Borrowers with bad credit have a better chance of being accepted for countertop fryer loans than other financing kinds. Since their finance appliance collateralized restaurant equipment financing loans, this makes them less risky to lenders. In case you default on the debt, the lender can seize and liquidate the Star Mfg 530TF to recoup their losses. As such, bad credit is not a deal-breaker in the financing approval process. At Top Financial Resources, if a borrower has bad credit but can prove healthy revenue or the capability to provide a down payment on the fryer, 90 percent of cases will receive funding. But remember, even if you might be approved with bad credit, you will probably face higher interest rates than borrowers with good to outstanding credit ratings. If you can wait on funding, you might consider improving your credit score before applying to receive the most favorable terms.
Leasing Vs. Financing Star Mfg 530TF Fryer
You will have to choose if to get a lease or a loan for your commercial countertop fryer. A lease is the same as equipment rental. You typically pay for a particular amount of money per month for the right to use the machinery. When the equipment lease term ends, you either return the equipment to the vendor or buy the equipment. The purchase price will depend on the kind of lease you have; however, not unless you buy the appliance at that time, you will not become the owner. With some types of leases, the appliance does not even show up on your balance sheet. In contrast, a loan effectively makes you the owner of the fryer, and the fryer will show up on your balance sheet. You make monthly payments, and at the end of the loan term, you are the outright owner of the appliance. Leases are common with appliances that become obsolete faster when the restaurant owner is sure they will require an upgrade at the end of the lease term. It is a common perception that leasing is less expensive than purchasing, but this is not always the case. Make sure you check the prices and do the proper calculations before to see which option is best.
Costs and terms of countertop fryers financing
If you are eligible for countertop fryer financing, you will be wondering what it means in practice for your restaurant. Luckily, restaurant equipment loans’ costs and terms are pretty favorable since the equipment acts as collateral. Here are the typical terms of Star Mfg 530TF financing:
With countertop fryers financing, you will be able to fund up to 100-percent of the price of the appliance you are hoping to purchase for your restaurant. Note the keywords are up to -100 percent financing is typically reserved for the best borrowers. If you have low credit, low cash reserves, low revenue, or used equipment, you will probably have to bring some down payment to the table. Your particular percentage will be based on the quality of equipment you are hoping to purchase and your own credit score. However, if the conditions are right, you could finance the entire cost of the equipment your restaurant needs.
Repayment term lengths
The repayment term length on your countertop fryer financing will also depend on the nature of the appliance (in this case, whether used or new) – you will generally repay your restaurant equipment financing over the predicted life of the asset in question. The term of the loan typically will not exceed the useful life of the appliance.
Since your commercial countertop fryer secures the loan, the lender takes on less risk. If you are not able to pay back the loan, the lender will simply seize the equipment. Because the lender’s risk is less, you will be able to access comparatively low-interest rates for Star Mfg 530TF financing.
Restaurant equipment financing does not have as rigid of an underwriting process compared to unsecured loans. Thus, you will be able to get funding with this kind of business loan in as little as 24 hours of application. Nonetheless, there is an extra party in the mix here- the vendor that you are buying the fryer from. You will want to ensure you have a quote or invoice from the vendor and that they can move faster to get the flyer into your hands after you have the funds from the lender.
Where to get restaurant equipment financing?
If you need money to purchase Star Mfg 530TF, then Top Financial Resources can offer you the financing you need. We provide both loans and leases and can work with your restaurant to figure out a seasonal, monthly, or deferred payment schedule. Actually, if you need the funding fast, we can get you funded with a commercial countertop fryer as quickly as one day. The best part is we have a few minimum requirements and restrictions. If you are operating with a limiting factor- such as lower annual revenue or a high desired loan amount- then Top Financial Resources is the best option for you.