Whether you are considering buying or leasing Star PST14T grill for your business, restaurant equipment financing provides the flexibility that business owners need to obtain the optimal financing solution for them. Restaurant equipment financing can mean the difference between success or failure when it comes to running a new or small business. However, you might wonder what the benefits of restaurant equipment loans are and where to get loans. What are the criteria that equipment financing companies look for deciding to approve restaurant equipment finance or lease?
Star PST14T Overview
PST14T is a pro-max 2.0® sandwich grill designed by Star. It features a 14.5″ x 14.2’’D smooth aluminum cooking surface, low profile, removable grease drawer, and performance torsion spring hinge with an ergonomically curved handle. This panini grill also comes with an analog 175°F-550°F thermostat control with digital timer, non-skid feet, and stainless steel exterior. Star PST14T is cULus, UL EPH Classified, and is made in the United States.
Standard Features Of Star PST14T:
- 3″ (76 mm) “flat landing” opening accommodates the largest sandwiches with consistent contact and heating
- Cast iron or aluminum cooking surfaces
- Heavy-duty spring hinge system tested to millions of cycles for a lifetime of durable, problem-free operation
- Multiple control options – analog temperature with or without a digital timer, or electronic.
- Smooth, grooved, or combination smooth grooved/bottom-top cooking surfaces
- Water-resistant conduit and heavy-gauge oil protects electrical connections
Options And Accessories Of Star PST14T
- Aluminum or iron cooking surfaces
- Electronic temperature control and timer or electronic timer only
- Grooved, smooth, or combination smooth grooved/bottom-top cooking surface
- Split top for two-sided use or single plate (14″ only)
What Is Commercial Panini Grills Financing?
Restaurant equipment financing loans are a specific kind of business funding intended to help in covering the costs of purchasing and leasing equipment or tools used for commercial purposes. Thus with commercial panini grills financing, you will get the funds you need to buy Star PST14T. Unlike other kinds of business loans, restaurant equipment loans usually do not require the applicant to secure the loan with valuable assets because the machine generally acts as its own security.
Note that lenders will take a careful look over your restaurant’s financial profile before they can approve a loan. Companies with stronger credit ratings, higher monthly revenues, and less existing debt will have access to better restaurant equipment loan rates. Basic points to consider when applying for panini grills financing are:
- The devaluation rate of the appliance
- Whether leasing or buying is better
Top 5 Benefits Of Panini Grills Financing
- Restaurants with low credit scores might still qualify
- You can use the funds to buy or lease the equipment
- The panini grill acts as its own collateral
- Quick application and approval process
- Start-up restaurants might still qualify
How Panini Grills Financing Works?
Every restaurant owner that is preparing to apply for a commercial equipment loan will have different needs and a different LendingScore™. A company’s LendingScore™ is a cumulative score that reflects the probability of getting approved for funding. The different elements that are measured include credit rating, business’s age, revenue, existing debt, and many more.
Luckily, finding the right small restaurant funding options to meet your industry-specific needs does not have to be difficult. At Top Financial Resources, we have got extensive experience helping business owners from a wide range of service industries get the equipment financing they need. We will tailor small business funding options such as equipment loans or lease to meet your restaurant’s needs and work faster to get you the funds you need to succeed.
This means when restaurants apply for equipment financing through Top Financial Resources, they have the benefit of working with loan specialists who seek to understand their financial goals better. We will help you design an equipment loan or lease program that assists you in reaching those goals. Restaurant equipment financing terms can range from seven months to ten years. Equipment loan repayments are typically made monthly; however, some loan providers do not have bi-weekly or weekly repayment schedules. Moreover, restaurant equipment loans usually do not require any collateral to qualify.
Apply for funding for panini grills by filling out our quick and straightforward online application. The short application takes only minutes to finish, and you will get funding feedback in as little as 24 hours.
Note that restaurants with stronger funding factors (monthly revenue, business age, credit rating, etc.) will typically have access to better restaurant equipment financing options than restaurants with weaker funding factors. This is one reason why LendingScore™ is such a useful tool for restaurant owners seeking to acquire equipment loans because it also illustrates to applicants how they can boost the specific factors that are hindering them back from getting funded.
Credit Score Requirements For Restaurant Equipment Financing
Generally, most equipment financing and leasing companies require a minimum credit score requirement of 450 (FICO) for equipment financing. With that being said, there is not any one-size-fits-all answer to provide when it comes to the question of credit rating requirements. There’s no need to hesitate, restaurant owners who are not sure about applying for panini grills financing because of a weak credit rating. If your restaurant has a low credit rating, Top Financial Resources has funding solutions that can even help boost your credit rating.
The Steps For Getting Star PST14T Loan
As your restaurant grows, you will need to replenish your business inventory, provide monthly, daily, and annual maintenance on the key appliance, and ensure timely delivery of your services or product. Restaurant equipment loans are a critical resource to the small business owner.
Step 1: Ensure your credit score is in good shape.
If you had late credit card payments, bad credit history, or defaulted on some loans, all these might work against you when applying for Star PST14T financing. Most equipment financing companies will not extend any kind of loan to small business owners deemed too risky. Remember, preparation is key. Do your research ahead. Know your FICO score. This is the summary that lenders use to assess things like if to extend credit, and if so, what will be your interest rate. You can identify your credit risk and figure out your FICO score by utilizing free online tools.
When meeting with potential lenders, go prepared to show not only your business credit report but also your personal credit report. Remember, credit reporting mistakes happen. Take your time to read your credit reports thoroughly to ensure accuracy. If you find any discrepancies, report them immediately.
Step 2: Have a solid business plan.
Lenders such as traditional bank lenders and some nontraditional lenders will check your business plan as a blueprint of your future success. Identify your restaurant. Describe your service or product. Detail your current cash flow system and portray an aggressive but realistic set of goals for your future business growth. Identify your main market’s socio and economic demographics, target market, and then explain in detail how your product will fulfill a need within your industry. Lastly, summarize your whole business plan in a few paragraphs at the very beginning of your plan and label it as the executive summary. This will give equipment loan lenders a good synopsis of what your restaurant is all about.
Step 3: Ensure your cash flow statements are ready.
The ability to show your money coming in and going out of your business in current terms is a critical element that most lenders need before they can issue any type of equipment loan. Get your finances in order. Employ a certified public accountant to check your financial records. You will need to ensure you have both your business and personal statements bulletproof and in order- indicating the level of integrity in your reporting is ethical and accurate. It is one of the best signs of how your restaurant is doing in the real world, and it is one of the main things lenders consider when assessing small business loan requirements.
How To Apply For Star PST14T Financing At Top Financial Resources?
Step-by-step guide for applying restaurant equipment financing:
- Select your desired loan amount and choose ‘Get Loan Offer.’
- Fill in the required information (including revenue, time in the industry, business, etc.).
- Submit your restaurant’s checking account information for analysis.
- Wait for feedback. You can also check your status by clicking- access your loan/lease application.
- Review your offer and choose a preferred program
- Receive the funds to your restaurant checking account
- Assess your tailored LendingScore™ dashboard to boost your funding options
- Improve your funding rates – if your LendingScore™ is insufficient, follow the personalized plan (eight-twelve weeks to unlock funding)
Why Choose Top Financial Resources?
Boost your chances of acquiring restaurant equipment financing with Top Financial Resources. By using advanced algorithms, your restaurant’s financial profile will be accurately and quickly assessed to provide tailored guidance on how to boost your funding odds. No more wishy-washy tricks and tips- get a personalized touch together with a dedicated service team that will not quit until you get funded. And to add to the fact that we do not quit until you get funded proves how Top Financial Resources is useful for small business owners in need of equipment financing.