Everything There Is To Know About Restaurant Equipment Financing - Maximize Your Finance Experience.
Everything you need to know about Restaurant Equipment Financing
Financing restaurant equipment is a common way to start your own restaurant. This guide will walk you through the entire process of financing restaurant equipment from start to finish. It is a great idea to finance any of your restaurants equipment when you are first starting your business. The upfront cost to buying your complete restaurant varies but is a very costly thing to do. When you finance your equipment it allows you to be nimble with your business and focus on more important things such as hiring, managing, and growing. Getting the restaurant equipment you need shouldn't be a headache. When you look for the tools you need to get started you can easily begin financing restaurant equipment through Kitchenall.
Where to get Restaurant Equipment Financing
Restaurant Equipment financing is widely available online, however the guaranteed lowest price is only available through Kitchenall. Kitchenall restaurant equipment financing is simple and easy to get your business started. It is even easier when you are looking to expand your business and open a second location.
You can get restaurant equipment financing from a number of solutions. There are different financing options and plans when it comes to financing restaurant equipment. There are plans that you should watch out for and some that are a great deal for the restaurant themselves.
Why You Should Finance Restaurant Equipment
The government created a tax program called Section 179. Section 179 that allows you to write off the full financed equipment cost in the year you buy it. This means that people who choose to finance their equipment will have an extra incentive to do so. Most people do not know that this special tax benefit exists. Kitchenall equipment financiers can tell you more about it and how you can use section 179 to your advantage. This program can save people thousands of dollars and allow you to reinvest that capital into other things.
A Good Restaurant Equipment Financing Program
A good restaurant equipment financing program will be flexible enough to work around your timeframe. The Kitchenall financing program has two recommended options for restaurant owners.
Short Term - A short term loan will span the course of 4-6 months. In addition to being a short term loan it has other benefits as well. Such as no credit check, as low as a 1.5% interest rate, and being approved in minutes[a].
Long Term - For orders over $5,000 a more traditional loan is available. This loan has an easy application that requires minimal information. These more traditional loans have a 24-36 month payment period and the interest rate is based on your credit.
The loan programs that kitchenall offer are both fair and are some examples of the best in the industry. You can shop for any products on our website and get the above mentioned finance on almost any items.
A Bad Restaurant Equipment Financing Program
There are also many negative restaurant equipment financing programs on the market. That will hinder your business if you decided to take them out when compared to better options. An example of a poor financing plan would be something like this
Bad Financing Program - A bad financing program would take days, to hear back, and charge you credit card interest rate. The application process will take upwards of an hour and require you to write an essay as to why you would need a certain kind of piece of equipment.
One of the worst parts of a bad financing program is that it will take time away from your company and inhibit you from growing at that point in time.
When Should You Finance Restaurant Equipment?
You might be thinking to yourself, “When should I finance restaurant equipment?” The right answer to when you should finance restaurant equipment would be when you need to. A business's needs will always change and vary from one another. At the current interest rate it is almost certainly worth it to finance your restaurant equipment. You are paying very little to borrow dollars and pay things down at a later date. This will in theory allow you to pay back the equipment and see a great cash on cash return. For example, if you put $200 down on $20,000 and pay it back as soon as the machine creates that return then you can inevitably start your restaurant with as little money as possible and see a return on the capital quickly as opposed to buying the equipment outright.
How To Get Approved For Restaurant Equipment Financing
Getting approved for restaurant equipment financing is simple. Most people will be approved right away as the loans have a minimal risk profile due to the borrower using the equipment for their business. Kitchenall works with https://www.behalf.com/ to provide our financing.
The Best Deal On Restaurant Equipment Financing
The best and most viable deal in restaurant equipment financing belongs to Kitchenall. Kitchenall has established itself as the best place to get restaurant equipment financing due to its superior selection and excellent financing options. Having both short and long term options for consumer to make the most of.
The more popular financing option for restaurants to use is the longer term solution. To refresh the longer, more standard way of financing restaurant equipment works as follows. You will have to apply, and bank approval will take 2-3 days. The loan will be anywhere from 24-36 months with the option to repay it back before that time. The interest rate you pay on a loan like this is entirely based on your credit score.
The loans on restaurant equipment financing are as high of an interest rate as a credit card, and will therefore be well worth it if you planned on using a traditional credit card as a means to pay for your equipment. The only bright side to possibly using a credit card to pay for something like this would be to use your credit card rewards and pay the equipment down as soon as possible.
Financing Vs Buying Restaurant Equipment Financing
The obvious difference in buying or financing your restaurant equipment is the simple fact that the owner would have to put up all of the money themselves if they chose to buy the equipment outright.
If you wanted to finance your equipment you can put as little as nothing down and walk away with the equipment you wanted. The two value propositions people see in financing their restaurants equipment is freeing up capital to do something else with their money as well as the ability to get started right away. Financing your restaurant equipment is not a one size fits all type of solution.
There is no right or wrong answer of when and how to finance your restaurant equipment. Kitchenall has a terrific selection and the best financing program in the industry. If you are in the market for restaurant equipment and are looking for some type of financing or have further questions about purchasing restaurant equipment with some sort of financing option you are welcome to give us a call 1-917-525-2066