Wells F-15 electric countertop fryer financing for bad credit is challenging; nonetheless, it enables restaurants to access the equipment that cannot be bought outright. Borrowers can work with a co-signer or make a larger down payment on an electric countertop fryer loan or lease to improve their chances of being approved for funding. If you need financing for Wells F-15 with bad credit, Top Financial Resources has a straightforward approach to restaurant equipment leasing and financing and accessible underwriting guidelines. We enable equipment financing with bad credit borrowers with a credit rating of at least 550. Learn more about our finance here and apply online.
Wells F-15 Description
F-15 is an electric fryer designed by Wells. It features a single fry pot, thermostatic controls, 15 lb. capacity, two half-size baskets, and stainless steel fry pot, front, top, and sides. This unit rests on 4’’ adjustable legs and is UL, NSF, CSA.
Standard Features Of Wells F-15:
- Comes with a safety thermostat to avoid potentially dangerous temperatures
- Compact design for maximum cooking while utilizing minimal counter space
- Immersion-type heating compounds provide even heat distribution and swing up for simple maintenance
- Kettles are easily removable for straining
- Removable baskets enabling easy cleaning and rotation
- Snap-action thermostats offer responsive temperature control from (93°C) 200°F to (191°C) 375°F
Options And Accessories Of Wells F-15
- Extra fry baskets (right side in R, justify side ends in L)
How Electric Countertop Fryer Financing For Bad Credit Works?
Restaurant equipment financing is a simple method to make sure that you can acquire the tools your restaurant needs while avoiding large outlays of capital. In most cases, financing electric countertop fryers can be a simple process; but with bad credit, there are various difficulties that might occur. Would-be restaurant owners with less-than-perfect credit should know that numerous equipment financing companies have minimum financing guidelines that might prohibit them from lending to small restaurant owners with subprime credit. There are many ways to get the financing you need, you need, even with bad credit. However, you should be ready to put more money down upfront and will need to pay more attention to whether the equipment is new or used as well.
Why Electric Countertop Fryer Financing Requires a Credit Check?
If you are hoping to find no credit check financing, you will be frustrated to know that having challenged credit or no credit at all precludes you from many restaurant equipment leasing and financing options. So why do equipment loan lenders care so much about your personal credit? Well, when you think about what your credit really shows, it makes a lot of sense.
Generally, your personal credit is a three-digit number that typically shows how reliable and responsible you are with your money. It traces your behavior with and history of your financial accounts- how many credit accounts you have open, the debt you have currently on the accounts, and so on. Most importantly, your credit rating is a sign of how often you pay your credit accounts on time and in full- which is mainly interesting to restaurant equipment financing companies.
Provided you have a long history of paying what you owe when it is due (and have a great credit rating to show it), equipment financing companies can have confidence that you will pay back what they have lent you. However, a sign of the opposite will leave lenders skeptical if you will really pay back what you own on time and in full. As such most lenders will check your credit before they work with you. Thus no credit check Electric Countertop Fryer financing does not really exist.
Hard Credit Pulls vs. Soft Credit Pulls
Some borrowers might be looking for no credit financing options or bad credit options since they do not want their credit pulled. Generally, when it comes down to how your credit rating is calculated, one piece of the credit score is what is known as ‘New Credit.’ This is a part of the calculation that considers the new credit accounts and debts included in a credit report.
And whereas building up a long history of responsible credit accounts is a good thing for the credit rating, usually opening new accounts can be detrimental to your credit score. FICO’s research depicts that people who frequently open new accounts are more likely to be delinquent on those accounts- and the FICO algorithm accounts for that correlation. Now here is where the ‘no credit check’ aspect plays:
Any time you add a new credit account, there is a very good chance that the lending institution will make a hard inquiry on your credit report to check the full report and decide if they feel comfortable extending credit to you. A hard inquiry causes dings to your credit rating, mainly if the credit bureaus are seeing numerous hard inquiries over a short period. For borrowers who are conscious of their credit report’s standing, the lack of a hard credit check is appealing. If you are approaching Wells F-15 financing with this mindset, here is what you should know. There is such a thing as a soft credit pull. With a soft credit, your credit score is not affected. Every time you check your credit history, for example, you are performing a soft credit pull.
At Top Financial Resources, we do a soft credit pull when assessing your qualification for a lease or equipment loan. If the hard credit inquiries are something you are concerned about (and you are on the hunt for no credit financing, give us a call at 1-(800)-260-5126 and let us help you finance your equipment. But then again, hard credit inquiries should not be as feared as they are. Some hard credit inquiries do not impact credit scores at all. Some do, but your credit score is really dependent on the kind of borrowing history you have had. Simply put, if you are looking for no credit check financing on restaurant equipment financing, not because you have had bad credit but because you are trying to avoid hard credit pull, you should not be too worried about a hard credit pull in the end.
Where To Look For Restaurant Equipment Financing With Bad Credit?
Now that we have established the basics of electric countertop fryer financing with bad credit, where do you get financing? Top Financial Resources is one of the most well-regarded restaurant equipment financing companies on the market. We offer a long list of different restaurant equipment financing structures that can address pretty much any preferences or need a small restaurant could have.
Top Financial Resources Electric Countertop Fryer Lease And Finance Costs
Typical costs on an equipment lease and finance from Top Financial Resources are:
- Interest rate: 6 to 30 percent
- Prepayment penalty: Varies based on the financing program
Our interest rates vary from one borrower to another as they are subject to one’s qualifications. But for well-qualified borrowers, interest rates are close to bank rates, and borrowers with challenged credit can expect higher interest rates.
Top Financial Resources Restaurant Equipment Lease Terms
The terms for an electric countertop fryer lease from To Financial Resources are:
- Term length: 12 to 84 months
- Funding amount: Up to $250,000
- Repayment frequency: Weekly, monthly, and seasonal programs available
Providing flexible and simple equipment lease terms, Top Financial Resources will fund equipment leases all the way up to 250,000 through an application of only one lease, indicating no extra documentation is needed. Top Financial Resources term lengths range between one to seven years, and a variety of creative repayment options are available, including seasonal and deferred payments.
Top Financial Resources Electric Countertop Fryer Financing Qualifications
Minimum qualifications for restaurant equipment financing from Top Financial Resources are:
- Time in business: Restaurant startups okay
- Personal credit: 550 plus
- Collateral: The electric countertop fryer will act as collateral
- Equipment: Used and new okay
Unlike many other restaurant equipment financing and leasing companies, we will work with startups, and we do not just focus on credit score; instead, we base our finance and lease decisions on the larger financial picture.
Additional Financing Provided By Top Financial Resources
The kind of financing available from Top Financial Resources are:
- Equipment loans
- Equipment leasing
- Working capital
- Small Business loans
- Invoice factoring
- Term loans
- Business Lines Of Credit
Top Financial Resources offers a variety of restaurant equipment financing options, including term loans, equipment loans, and equipment leasing for bad credit. For business term loans, borrowers must have at least two months in business. And the best part is approvals are available for fair, good, and challenged credit rating.
How To Apply With Top Financial Resources?
Restaurant owners wishing to apply for a flexible Wells F-15 fryer financing with Top Financial Resources can begin by filling out an online application with instant feedback available and funding as soon as the same day. Remember, we will work with you even though you have no business history