Whether you are just starting, upgrading an existing set-up, or just looking to acquire the Vulcan EV24S-4FP-208 electric range for your restaurant, affording commercial kitchen equipment you need can be challenging. Top Financial Resources is here to help by making the Vulcan EV24S-4FP-208 and other commercial equipment available for leasing. Take control of the high costs of opening or running a restaurant with our comprehensive leasing service, helping you spread the cost of essential commercial kitchen supplies over up to three years. Leasing your electric range leaves you with essential capital to invest in your company, from expert staff to adverts, helping your restaurant excel in the industry.
Vulcan EV24S-4FP-208 electric range overview
If your commercial kitchen is wired for 208v power and you are looking for a reliable electric range with a standard oven and French plates, the Vulcan EV24S-4FP-208 restaurant electric range should be on your shortlist. The 24″ wide form factor of this electric range makes it compact and simple to integrate into kitchens with limited floor space. Vulcan’s EV series of electric restaurant ranges provides an extremely durable, high-performance electric cooking service that can keep up with everyday use without fail. The aluminized steel frame is totally MIG welded to ensure it can keep up with your kitchen’s output.
The four 9-1/ 2 diameter French plates each offer up to 2kW of power to rapidly and evenly provide heat to cookware. The control knobs for the French plate remain cool to the touch for precise control. The witches functionality infinite heat control switches offering users extensive control over the cooking temperature.
With a basic oven at the base of this restaurant range, there are plenty of options to bake on the single provided rack, which can be adjusted to three positions. The oven cavity measures 20″ wide, 26- 1/ 2, and 14″ high. The door opens effortlessly with a compression spring door hinge system. Generally, the thermostat on the oven can be adjusted between 200°F and 500°F. 6″ adjustable legs are included to keep the electric range level easily.
What is an electric range equipment lease agreement?
An electric lease agreement is a contractual agreement where the lessor, who is the owner of the Vulcan EV24S-4FP-208, allows the lessee to use it for a particular period in exchange for periodic payments. After the lessee and lessor agree to the terms of the lease, the lessee gets the right to use the electric range, and in return, makes periodic payments during the period of the lease. Nonetheless, the lessor retains ownership of the appliance and has the right to cancel the equipment lease contract if the lessee contravenes the terms of the contract or engages in illegal activity using the electric range.
Types of electric range leases
Restaurant equipment leases are categorized into the following two sections:
A capital lease is often long-term and non-cancellable and is used to lease a commercial electric range that the company intends to use in the long term or buy at the end of the lease term. In this lease, the lessee is accountable for maintaining the equipment and paying any taxes or insurance associated with the appliance. The equipment’s liabilities and assets are recorded in the lessee’s balance sheet during the lease period. Restaurants prefer this kind of lease when renting costly capital equipment that they might not have the funds to buy immediately.
An operating lease is the opposite of a capital lease; it is usually short-term and canceled before the lease period’s expiry. It is common for restaurants to use the appliance for a short period or replace the commercial electric range at the end of the lease. The lessor retains ownership of the appliance and bears the risk of obsolescence. A lessee can cancel the equipment lease contract before the lease expiry even though there is usually a penalty.
Generally, there are other types of leases that combine the functionalities of operating and capital leases with meeting the needs of both parties. For instance, the lessor might opt for a hybrid equipment lease for tax and financial advantages. Leveraged leases enable the restaurant owner to finance the lease cost by issuing debt and equity against electric range lease payments.
Components of an electric range lease agreement
A commercial electric range agreement consists of specific terms that form the basis of the contract. Some of these terms might include:
The lease duration is based on the restaurant’s needs and the cost of the commercial electric range. For a small restaurant whose equipment needs might change quickly, a short lease duration is a favorable option. If you need multiple Vulcan EV24S-4FP-208, a longer lease duration is more convenient and cheaper in the long term.
The equipment lease agreement incorporates terms like the timelines on payments- for instance, when the periodic lease payments are due and the last due date for late payments.
Payment Due To The Lessor
A company considers its projected cash flows to choose if it can meet the periodic interest and principal payments. The payments are spread over various months until the lease period’s expiry or when the lessee takes ownership of the appliance if there is an existing contract with the lessor.
The market value of equipment
The lessee has to understand the market value of the appliance before getting into the contract. Knowing the market value of Vulcan EV24S-4FP-208 helps the lessee assess the insurance costs to protect against the electric range being damaged or lost.
Based on the kind of lease, the lessee might be required to pay individual costs, like taxes on the appliance. Knowing the tax responsibility under different kinds of leases will help the lessee avoid the pitfalls of unexpected expenses.
The commercial electric range lease agreement must include guidelines for contract cancellation. A restaurant might cancel the contract midway, either because they find an alternative or because the machinery is defective or outdated. Some leasing companies might charge punitive penalties if the real penalty rates were not disclosed at the initial stage. Moreover, restaurants might want to find alternatives faster to beat the competition.
Lessee renewal options
Lessee renewal options offer guidelines on the renewal process at the expiry of the lease period. The lessee might want reduced periodic payments or an opportunity to obtain the equipment at the lease period’s expiry.
Is leasing the Vulcan EV24S-4FP-208 better than buying?
Leasing commercial electric range can be better than buying if you want:
- To be able to upgrade or switch out the electric range frequently
- To avoid getting stuck with outdated equipment at the end of the loan
- To free up cash flow with predictable payments
- Lower monthly payments
However, ultimately, there are advantages and drawbacks to buying and leasing a commercial electric range, which will vary depending on the individual restaurant.
What to know before leasing restaurant equipment?
As with any lease, you will not own the commercial electric range you are utilizing, and you will most probably have to make a monthly or a weekly fee. You must also sign an agreement when leasing commercial restaurant equipment. Assess the contract carefully or have your lawyer look it over before you sign. If your restaurant were to close before your lease was over, you might still be expected to pay the remaining payments on the lease contract.
How to get started with the Vulcan EV24S-4FP-208 leasing?
Getting the commercial electric range you need with a lease at To Financial Resources is just a few simple steps away. After choosing your electric range and making your way to the application, you will be asked a few questions about your business. In the lease application, you will fill out your leasing application indicating the commercial electric range you need and the length of the lease that suits you.
At the end of your lease, you will have options so that you can choose the right path for your restaurant when the time comes. Return the old Vulcan EV24S-4FP-208 and apply to enter into a new lease for similar or better equipment. Top Financial Resources can grant another Lease for the same piece of equipment. You get the opportunity to buy the equipment in a separate transaction.
Top Financial Resources restaurant equipment leases are only available to United States restaurants only. Top Financial Resources is a licensed and regulated independent leasing and financing company. With us, you will get the best rates, flexible finance options, and fast approvals that work for you and your restaurant. We pride ourselves on being the go-to-financing company for every type of restaurant equipment lease, no matter the size of your restaurant.
Our reliable, professional service, mixed with competitive leasing rates and flexible options, makes electric range leasing with Top Financial Resources your best choice. We work with you to offer results and save time and money on all your leasing requirements.
Does Top Financial Resources provide leases for other Vulcan EV24S Series?
When it comes to choosing a commercial electric range, there is no single unit that is best for all kitchens. You have to select the best commercial electric range supplies to satisfy your restaurant’s particular requirements. Top Financial Resources can help you lease any commercial electric range. Vulcan EV24S-4FP-208 is not the only electric range that we provide leasing contracts for. Among other Vulcan EV24S series heavy-duty ranges, you can also lease:
- Vulcan EV24S-4FP-240 Restaurant Range
- Vulcan EV24S-4FP-480 Restaurant Range
- Vulcan EV24S-2HT-240 Expando Range
- Vulcan EV24S-2HT-480 Expando Range
Call us today at 1-(800)-260-5126 or contact us by email for more information about how we can help you.