Whereas you can use traditional forms of financing- such as standard new equipment, this guide focuses on financing options that were built mainly for the purchase of Lang DO363M Marine Oven and other commercial ovens for your restaurant. Simply put, restaurant equipment financing is a loan that you use to buy business-related equipment. Regardless of your restaurant’s size, access to the right oven is critical to run operations and grow. Most restaurants struggle with their cash flows at one point or another, and investing in new equipment is hard.
That is where restaurant equipment financing comes in. Generally, a loan that is mainly used to buy equipment, this kind of financing is ideal for restaurants that require extra machinery to keep up with rising demand and function at their best. In the USA, especially, restaurants are increasingly opting for equipment financing and leasing. Today, there are numerous lender options for equipment leasing and financing. So if your restaurant business requires commercial oven equipment, financing has you covered. Other countries like Canada are also witnessing a rise in equipment acquisition. So, if your restaurant’s next step is to grow, then equipment financing is an excellent option for you to consider. Here is what you need to know to apply for financing for Lang DO363M Marine Oven.
Lang DO363M Marine Oven Overview
- 150-450ËšF thermostat temperature control
- One-hour timer with a loud buzzer
- 6″ Stainless steel bolt down legs
- Aluminized steel oven interiors that are fully insulated on six sides
- Hatchable modular design facilitates movement through 26″ X 66″ watertight hatch
- Heavy-duty 430 Series stainless steel exterior
- Heavy-duty spring-loaded pull-down door with grab-bar handle serves as a loading platform
- Holds one full size 12″ x 26” sheet pan for every deck
- One heavy-duty wire rack provided, per deck
- Recessed, right side-mounted control panels
- Reinforced oven decks eliminate warping
- Stackable up to three high, for more magnitude in the same footprint
- Bottom and top-mounted Incoloy sheathed heating elements with individual 3-heat switches
Lang DO363M Marine Oven Dimensions:
- Depth: 34 Inches
- Height: 72 Inches
- Width: 36 Inches
Lang Manufacturing Warranty: One Year Parts and Labor
How Does Restaurant Equipment Financing Work?
Restaurant equipment financing can help you fund up to the 100-percent amount required for used or new commercial ovens necessary for business operations. The application process is usually fast and offers you quick access to cash. Moreover, only a limited number of documents are needed, making sure there is not too much paperwork you have to fill out. The Lang oven will essentially act as collateral, and you will have to make regular payments towards the amount you have borrowed. After the amount is paid in full, your restaurant will own the oven.
Compared to other financing options, restaurant equipment financing is much easier to qualify since the amount you need depends on the kind of asset you need to buy. Whereas your financial information, like your credit score, does matter, the decision is not based entirely on it. Moreover, since the commercial oven will serve as collateral to secure the loan, you will not need to put up any other kind of collateral like your restaurant or home assets, which is generally the case with other financing types.
Rates And Terms Of Commercial Oven Financing And Leasing
The financing terms you will get will be determined by the lender you opt for, making it very essential for you to consider different options. Interest rates generally vary from five to thirty percent, and the financial prerequisites vary from case to case. Generally, restaurant owners with higher credit ratings and more significant down payments will be charged a lower interest rate as compared to restaurant owners who have less money down and lower credit scores. Repayment works the same way as those of standard loan, and terms could include three, seven, or even ten years. Bear in mind that most lenders will set terms according to the expected lifetime of the equipment.
Who Qualifies For Commercial Oven Financing
Just about any business can qualify for restaurant equipment financing. You do not have to have excellent credit nor any security. The application process is fast and easy, and approval is generally given within one to two business days. Within a matter of 48 hours, you can have access to the funds you require to purchase the necessary equipment to keep your business in operation. The need to keep up with replacing, adding, and repairing your equipment can get really costly. At Top Financial Resources, our business funding solutions allow you to purchase the equipment you need with payback options you can afford. Apply today to find out how simple it is.
Steps To Apply For Lang DO363M Marine Oven Financing
Now that we have discussed the basics of commercial oven financing and what it entails, here is what you should do to apply for one for your restaurant
Step 1: Know Your Current Financial Position
You need to know your restaurant’s financial status inside out before you apply for Lang oven financing. Evaluate how important it is for your firm to obtain the oven and create a forecast of the monthly payments to determine how they fit in your budget. Knowing how a financial obligation can potentially impact your revenues and profits can determine whether it is feasible for you to go down this route. Knowing your financial status will also help you have a more productive conversation with potential lenders and negotiate a better deal.
Step 2: Research lenders
One of the essential steps to obtaining anything is researching your options. The same extends to commercial oven financing. Different lenders offer different deals that might vary according to the repayment terms and interest rates. Thus, after you have shortlisted potential lenders, you should assess them before you submit your applications.
Step 3: Make sure you qualify for financing
When you are evaluating your options, you need to check their qualifications. These conditions will generally differ from lender to lender, and you need to determine if you even met them before spending time on an application.
The majority of the lenders have the following criteria:
- The number of years in operation: Most lenders will only provide financing if your restaurant has been operational for a specific number of years.
- Credit scores: Restaurant equipment financing generally requires a credit score of more than 550. Many equipment financing companies prefer at least 660.Â
- Revenue: You need to prove your restaurant’s financial health by meeting the minimum requirement for revenue, showing your ability to sustain your business.
Some equipment loan lenders might also have extra requirements related to your business finances, while others might be less strict, making it essential for you to do your research.
Step 4: Figure Out Your Ability To Make A Down Payment
Applying for restaurant equipment financing will not necessarily require a downpayment for your business to qualify. But a down payment will instill confidence in your ability to meet financing obligations. These down payments usually fall in the range of five to ten percent. Your request for financing might be declined if you are struggling to accumulate the cash needed to pay the downpayment. In such a case, you should explore another lender or apply after you are in a better financial position.
Step 5: Start Applying
After you have followed the steps outlined above, you can begin the application process. How comprehensive the process will differ according to the lender you choose. You should compare different options and make sure you are not applying to many lenders at the same time since several hard credit score pulls can harm your restaurant and personal credit score. Besides, it would be better not to take a loan if you are already paying off a past loan, something known as stacking.
Why Choose Top Financial Resources
We know sometimes getting the right appliance for your restaurant might require additional working capital. Our equipment financing helps restaurants get the equipment they need:
- Equipment financing options: You can get equipment vital for running your business by leasing or financing new or pre-owned equipment.
- Improve efficiency: Improve your restaurant efficiency with new equipment without a significant outlay of money.
- No limitations: You can lease about any kind of new or pre-owned equipment. You decide what equipment your restaurant really needs.
- Fast and painless process: Hold onto hard-earned cash for use in other parts of your business with our flexible payment options.
- We are trusted by businesses like yours: Our industry experience spans from service industries and other industries’ like farms and construction.
- Personalized experience: Customized restaurant equipment financing to get your business the equipment it needs with convenient, simple, and payment options.
- We know businesses: We have supported thousands of restaurants just like yours to finance equipment needs.
- Loan specialists who care: Experienced loan specialists will serve you; they will help you make the right decision.
