Many business owners would never think of leasing a range like the Vulcan EV48S-8FP-240 commercial electric range for a commercial kitchen, but leasing restaurants’ equipment often makes sense. The electric range you use in your restaurant will undergo wear and tear over time. After factoring in the cost of repairs, it is sometimes more cost-efficient to lease your appliance instead of purchase it. Leasing your commercial electric range supplies can help you save money for other business expenses. Here is an ultimate guide to leasing Vulcan EV48S-8FP-240 for your commercial kitchen.
Vulcan EV48S-8FP-240 commercial electric range overview
Restaurant owners looking for a reliable-grade range wired for 240v operation with s standard oven and french plates should have the Vulcan EV48S-8FP-240 electric range on their shortlist. Working on this restaurant range is comfortable with its 60″ width. Vulcan’s EV range offers operators a high-performance restaurant-grade electric range that they can count on to deliver every day without a problem. With a totally MIG welded aluminized frame, little can go wrong with this electric range over its lifetime.
To apply heat to cookware efficiently, the cook features eight French plates, which measures 6 – ½ across. Each french plate can offer up to 2kW of heat and quickly reach the desired cooking temperature. Every burner’s cooking temperature can be controlled with infinite heat control to obtain the ideal temperature. Regulating the temperature of the French plates is made comfortable with control knobs that remain cool to the touch.
To give its users options when baking, the single rack can be moved to four different positions inside the 14″ high, 26- ½ wide oven cavity, and 26- ⅜ deep. Getting into the oven is easy with the durable compression spring door system that will work without failing for years to come. The thermostat on the oven can be regulated between 200°F and 500°F. It has 6″ adjustable legs to maintain its stability.
What is Vulcan EV48S-8FP-240 leasing?
Vulcan EV48S-8FP-240 leasing is a kind of financing that lets business owners rent EV48S-8FP-240 made by Vulca from a vendor or restaurant equipment financing company for a specified period. When the lease ends, the restaurant business owner must return the equipment, buy the equipment, or renew the lease agreement. Overall, Vulcan EV48S-8FP-240 leasing is generally more costly in the long-term than buying or traditionally financing the electric range, but it can mean lower monthly payments for the business. Is commercial electric range leasing right for your restaurant? We are here to help- in this post, we will break down everything you need to know to determine if Vulcan EV48S-8FP-240 leasing is a suitable financing solution for your restaurant.
How does commercial electric range leasing work?
With a traditional business loan, you receive capital from a lender and repay that debt, with interest, over time. Likewise, with commercial electric financing, you receive capital solely to buy restaurant range- you use that capital to buy the equipment and then repay the loan, with interest, over time. In this case, you own the piece of equipment you have purchased. However, the commercial electric range works differently. With restaurant equipment leasing, a lender, equipment financing company, or vendor allows you to rent the commercial electric range you need for a particular period- instead of buying it or seeking financing for it. You make monthly payments for a projected number of months, and after the lease is over, you can choose to renew your lease, buy the machinery, or end the lease and return the commercial electric range.
Rates and terms of commercial electric range
Even though you will not pay interest on the commercial electric range lease in the same way as you would on a traditional loan, leasing companies generally calculate interest automatically into your monthly payments- and thus, leasing is often regarded as more costly in comparison to restaurant equipment financing in the long run. You can generally anticipate seeing rates on commercial electric range leasing to range between 5 percent to 35-percent. Besides, on top of your monthly payments, you might also face additional costs for insurance payments, repairs and maintenance, and other fees associated with the equipment leasing process. You will also find that repayment periods or terms will vary but tend to range from one to six years.
Types of restaurant equipment leasing
With this understanding of how commercial electric range leasing works, let us look at the two main types of equipment leases:
- Capital Lease: A capital lease is an equipment lease where you can put the leased commercial electric range on your balance sheet- equivalent to how it would appear if you owned the machinery outright. Monthly payments are usually higher with capital leases, similar to a commercial electric range loan. With this kind of lease, you are more likely to purchase the equipment at the end of the lease term.
- Fair market value lease/ operating lease: With this kind of commercial electric range lease, you do not receive the benefits of ownership. Nonetheless, monthly payments tend to be lower. This kind of lease works well with a piece of equipment you do not intend to use for long. In this scenario, you will probably return the Vulcan EV48S-8FP-240 or renew the lease at the end of the term.
Even within operating and capital leases, however, there are other kinds of commercial electric range leases as well. For instance, a $1 buyout lease is a common kind of capital lease- in which the lease (the restaurant business owner) can buy the equipment at the end of the lease for the nominal price of $1. Likewise, a $10 option lease lets the restaurant owner buy the machinery at 10-percent of the appliance’s original value. In any case, with the different kinds of equipment leases, you will want to think about your eventual restaurant goals- if you aim to sustain low monthly payments, an operating lease is probably better for your restaurant. On the contrary, if your goal is to purchase equipment down the line, a capital lease will be better for your restaurant needs.
What are the benefits of Vulcan EV48S-8FP-240 leasing?
Vulcan EV48S-8FP-240 leasing has both benefits and shortcomings
Let us review some of the points you will want to consider to determine if leasing a commercial electric range is the right solution for your restaurant.
- Leasing allows you to change commercial electric range regularly: Even though it is entirely impractical for most restaurants to buy a new electric range every year or two, short-term leasing will often let you equip your restaurant with the latest restaurant range.
- Lower monthly payments: Restaurant equipment leasing has lower monthly expenses than if you were buying equipment with a business line of credit or a loan. Thus, leasing is usually the best option for restaurant business owners who do not have the cash to purchase their new commercial electric range outright.
- You can test out or try Vulcan EV48S-8FP-240 for short periods: If you intend to keep the machinery for at least five years, buying or securing a loan is possibly the better option. However, if you do not need the commercial electric range for the long haul or are unsure whether it is the right piece of commercial electric range for your needs, it is sensible to lease it.
- Fixed interest rate instead of a floating rate: If you choose between Vulcan EV48S-8FP-240 leasing vs. Vulcan EV48S-8FP-240 financing, bear in mind that leasing offers more flexibility when it comes to interest rates. Instead of a floating rate standard with bank loans, leasing a commercial electric range offers you a fixed rate for the lease term. Moreover, leasing provides 100-percent financing, indicating that it can extend to soft costs such as installation, sales tax, and training.
- Offers the opportunity for tax incentives: Vulcan EV48S-8FP-240 leasing comes with fairly serious built-in financial advantages-tax credits. Typically, under section 179 of the IRS tax code, leasing is usually entirely tax-deductible. The maximum annual business tax deduction is presently set as $1 million, and business owners can subtract up to 100-percent of many leasing expenses, as long as they meet specific terms and do not exceed the maximum cap.
- No collateral or down payment is needed: Even though there is some variation, commercial electric leasing does not typically require a down payment or security. In fact, you will find that many restaurant equipment leasing and financing companies provide a fast and straightforward application process.
How to apply for Vulcan EV48S-8FP-240 commercial electric range leasing?
At this point, if you think that commercial electric range leasing might be right for your restaurant, you are probably wondering how to apply. The procedure will vary depending on the company, vendor, or business lender you work with. At Top Financial Resources, the application process is relatively fast and straightforward. All you do is apply through our website, and you will get feedback within 24 hours. We work hard and take away the barriers away from our customers who wish to expand their services. Our commercial electric range lease is simple and hassle-free. Simply choose the equipment that you want, and we will drop it off for you. You pay a monthly fee, receive service on the electric range without securing the equipment.
Leasing alternatives to Vulcan EV48S-8FP-240 commercial electric range
By providing commercial electric range leasing, we intend to make it simpler to upgrade your own business’s services at a lower cost. Our leasing programs are available for various brands and many units. Other Vulcan EV48S series commercial electric range leasing you can consider include:
Vulcan EV48S-8FP-208 Restaurant Range
- Vulcan EV48S-8FP-480 Restaurant Range
- Vulcan EV48S-4FP24G208 Restaurant Range
- Vulcan EV48S-4FP24G240 Restaurant Range
- Vulcan EV48S-4FP24G480 Restaurant Range
- Vulcan EV48S-4HT-240 Restaurant Range
- Vulcan EV48S-4HT-208 Restaurant Range
- Vulcan EV48S-4HT-480 Restaurant Range