Many people dream of opening a restaurant business of their own. Unfortunately, very few of them understand the cost that is involved in setting up one. One component of your budget that requires a lot of cash input is restaurant equipment. You need to make sure the food you prepare is up to industry standards whether you are just starting up or you are a seasoned businessperson; therefore, you will not have any excuse when it comes to having the right restaurant equipment. Do not give up on your dream yet, because you can use the rent to own restaurant equipment option to get what you need.
When you contact a company for a rent to own transaction, you usually have to provide your personal information such as your name, phone number, address and social security number. You also need to provide your employment information. After you have identified the equipment and the cost is estimated, you have to make a down payment, which in this case is determined by the rental company.
The initial cost and monthly payments of the equipment is calculated according to the duration you plan to use the equipment in your restaurant. After the rental period, you may purchase the equipment anytime with the payments already made being applied as equity against the purchase price. Depending on how far the equipment has to be transported, you may be required to pay a delivery fee.
Making cash purchase for restaurant equipment is not a cheap affair especially if you are just starting out. The rent to own restaurant equipment option provides you with several benefits including:
You will be able to use the equipment in your restaurant without waiting for the new capital budget.
You do not have to commit your working capital to acquire the items. The cash can be used to run the core business processes to ensure your business progresses.
The monthly payments are known in advance therefore you can plan your budget early enough.
You can return the equipment when the lease expires or take advantage of the buyout clause at the end of the lease.
At times, you may not have the cash to commit in a rent to own program therefore, you will have to approach an equipment financing company to lend you money to get the equipment.
As a start-up business, your working capital may be limited; therefore, you need to explore other options. The best way to do this is to approach a lender who can finance the acquisition of the equipment. There are hundreds of equipment financing companies on the internet that are ready to finance your leasing project. You need to get the one that you will work with best.
LeaseQ provides you with a wide variety of real equipment finance quotes from restaurant equipment lenders. This will help you get browse through several lenders and select the one offering the best restaurant equipment leasing options that will keep your monthly costs low. To see if you qualify for rent to own restaurant equipment leasing, click here for a free quote. click here for a free quote.