The success of your restaurant lies more on its equipment. When starting out, one of the major decisions you will have to make is whether to lease or purchase the equipment you need. In a restaurant, you need a lot of equipment ranging from high-end cooking appliances to storage equipment, and all that cost a lot of money. This is the reason many restaurant owners look to lease to own restaurant equipment so that they can use their working capital for other core business operations.
The lease to own process is often called the rent-to-own or the lease option. The equipment seller gives you the option to purchase the equipment at a set price. The buyout may happen anytime during the duration of the lease. The agreement usually consists of a purchase price, lease term, rent credit and a down payment. The rent credit is usually an amount that will be added to the monthly payments that will go towards the final cost of the equipment.
Acquiring new restaurant equipment is essential for you to remain competitive. However, your budget may not always allow you to make buy the equipment you need on cash. By acquiring restaurant equipment on a lease to own agreement, you will only pay a deposit plus low monthly premiums. Having the equipment at your disposal helps you increase your income.
Do you know that your monthly payments towards the lease to own agreement are 100 percent tax deductible? Restaurant equipment leasing is very beneficial tax wise. The government has programs that help businesses such as yours to maintain a steady growth during these difficult economic times.
The equipment needed in your restaurant is very expensive. If you decide to purchase them, you may end up lacking money to run your core business processes. Restaurant equipment leasing allows you to pay for long term assets that take time to provide a return on the amount spent.
One of the advantages of a lease to buy contract is that you can try out the equipment before you decide to buy it. You get the opportunity to use the items as soon as you pay the upfront fee.
Many businesses need extra capital when running their operations and your restaurant is no exception. Obtaining money from external sources is one way to fill this need in your restaurant. With the harsh economic times, banks and other large financial institutions have reduced the credit facilities to borrowers. This is the reason many people are turning to equipment financing companies to help them get what they need
Realistically assess the total cost of the equipment you need for your restaurant before looking for funding. List all the equipment you will need such as refrigerators, ovens, coolers, steamers, prep tables, ranges and stoves. You can then approach your dealer to recommend dealers in that niche or you can go to LeaseQ for a free instant quote.
LeaseQ provides you with free quotes from a large number of equipment financing companies. This enables you to find the equipment lease that is right for you. You can go back as many times as you wish until you are ready to apply for restaurant equipment leasing. The application process takes less than two minutes. To see if you qualify for lease to own restaurant equipment leasing, click here for a free quote. click here for a free quote.