Cash purchase of restaurant equipment has proved not to be the best option for new restaurant owners. A cash purchase would mean spending thousands of dollars which might be hard for you to raise. Going for a bank loan to make the cash purchase might expose you to unfavorable repayment terms. Second-hand restaurant equipment leasing is one of the best things to happen to the hospitality industry. This option will not only save you a huge chunk of your precious start up cash but will also keep your monthly costs down. I will show you why this is and how you can take advantage of the leasing system.
When opening a new restaurant, you will realize that one of the biggest expenses is buying the restaurant equipment. The kitchen equipments such as commercial ovens, commercial coolers and commercial dishwashers will cost you thousands of dollars. But did you know that with second-hand restaurant equipment lease you can save your precious start up cash big time?
Gently worn used restaurant equipment will enable you to start up your restaurant without any financial glitch. Most of the expensive kitchen equipment such as the commercial ranges and ovens has a life-span of more than fifteen year. This means that even if they are used for a year or two, they still have more than ten years to go. Second-hand restaurant equipment leasing allows you to obtain restaurant equipment with a minimal capital. You could, therefore, use the conserved capital for other expense that come with opening a restaurant, such as service food orders, insurance and payroll.
As mentioned earlier, leasing allows you to get second-hand restaurant equipment after payment of a small down-payment. Thereafter, you will be able to make affordable lease payments over an agreed and favorable lease period. Second-hand restaurant equipment leasing is thus a win for you all the way. In addition to saving on your start up, this will help keep your monthly costs down. Some restaurant owners have also used leasing as a purchase strategy. I will reveal how you can transform this financing option into a purchase option in the next section.
Leasing has a number of financial options that will enable you to maximize on your cash. Financing options for second-hand restaurant equipment may include leasing or taking out a loan for your second-hand restaurant equipment leasing. These options allow you to save your money and maintain low monthly costs.
The next financial option can allow you to gain ownership of the restaurant equipment. At the end of the leasing period, you could decide to make a final payment of as low as $1 buyout instead of returning the equipment.
That being said, it is important that you find a second-hand equipment lease that is right for you. You could ask your local dealer to recommend a dealer in the niche or you could go to LeaseQ and get a free instant quote. At LeaseQ, the application process is free and fast. You could go back as often as you like and whenever you are ready to apply for second-hand restaurant equipment leasing as the application process takes less than two minutes. Another great thing about the lease here is that there is a soft loan pull that has no impact on your credit score.
To see if you qualify for second-hand restaurant equipment leasing, click here for a free quote.