Restaurants need a lot of equipment to run efficiently and make a profit; however, that machinery can cost hundreds of thousands of dollars. You probably do not have much money to put down for Southbend P36C-FF commercial range. Even if you do, you most probably need the money for other expenses that come with running a restaurant.
That is where commercial range financing comes in. These kinds of loans allow you to buy the restaurant range you need while maintaining your cash flow to keep your business running smoothly. Whether you need to purchase used or new equipment. Commercial range financing can help you break down the costs into more manageable pieces. Learn the ins and outs of Southbend P36C-FF financing so you can make the right choice for your business.
Southbend P36C-FF Overview
P36C-FF is a heavy-duty Platinum range from Southbend. This unit features French hot tops, battery spark ignition, manual controls, (one) cabinet base, stainless steel front, sides, rear, extension, and 6″ adjustable legs. Southbend P36C-FF is CSA, NSF certified.
Features Of Southbend P36C-FF
- 36-inch sectional French hot top range
- 70,000 (NG/LP) Total BTU
- Battery spark ignition
- Included 5″ flue riser
- Rear and front gas connections
- Removable steel plate
- Stainless steel construction
- Two 35,000-BTU (NG/LP) burners
- Up to 900-degree Fahrenheit center surface temperature
- Water-resistant, welded control panel and construction
Who Can Use Commercial Range Financing?
Most businesses in food service could use commercial range financing to buy Southbend P36C-FF, including cafes, cafeterias, carry out operations, restaurants, hotels, and inns, catering and vending companies. Most restaurants could use commercial range financing to buy any restaurant range. Commercial range loans can enable you to finance the Southbend P36C-FF you need to run your restaurant successfully. Often, restaurants buy and use new equipment at all once, so they tend to wear out around the same time.
Generally speaking, this can mean significant upfront costs every few years to keep operations running seamlessly. That is the number one reason why many farmers look for Top Financial Resources restaurant equipment financing and leasing programs. Using commercial range credit to finance new machinery can boost your production rates and profits while keeping the costs manageable.
What Interest Rates Can You Get On A Restaurant Equipment Financing For Southbend P36C-FF?
Restaurant equipment loan interest rates for Southbend P36C-FF are some of the cheapest rates on the market. They range from about 6% to 30% based on the lender and your restaurant’s business profile. Since the equipment you are purchasing becomes the collateral for the loan, there is less risk for the restaurant equipment financing company, so they can offer lower rates. Nonetheless, if you are looking for commercial range loans with bad credit, you can expect to see rates as high as 31%. This is because there is more risk for the financing partner. If you want to access better commercial range financing rates, it might be worthwhile to improve your credit score before applying.
Do I Qualify For Commercial Range Financing?
Financing for the commercial range is typically easy to get if you have been in the restaurant business for a while and can prove you have some kind of cash flow or a wide customer base. Below is a list of basic requirements for most restaurant equipment financing companies:
- A down payment of at least 10 percent of the commercial range cost
- You should not be declared bankruptcy in the last five years
- At least $100,000 annual revenue
- In business at least one year
- 600+ FICO credit rating
The majority will also require the following documents
- 3 Months of Business Bank Statements
- Application form
- The commercial range information (Make, Year, and probably a quote)
Southbend P36C-FF Financing For Bad Credit
Most commercial kitchens rely on their cooking range to cook food and baking, so it is probably one of the most important pieces of restaurant equipment you will buy. Some restaurant business owners worry that a bad credit score can stand in the way of financing the commercial range they need, so they look for no credit check restaurant equipment financing solutions. These loans are tough to find; however, many lenders offer restaurant equipment financing for bad credit as an alternative. Even though lenders generally require a minimum credit score of 600 for commercial gas range financing, some accept applicants with scores of 500+.
It is essential to remember that restaurant equipment financing companies will provide you much higher equipment financing rates if you have bad credit. Also, you might have to lay down a larger down payment ( sometimes up to 50-percent of the total cost) or agree to shorter repayment terms to balance the risks for the lender.
Used Commercial Range Financing
If the payments for a brand new Southbend P36C-FF or other commercial range are too costly, you might consider used commercial range financing instead. Commercial ranges are built to be durable and often have a lifespan of 20+ years. Thus, purchasing a used commercial range is still an excellent investment. Used restaurant equipment financing can save you up to 50 percent, mainly if the appliance you are buying is more than 10 years old. Used restaurant equipment financing rates will vary based on your lender, the price of the equipment as well as its age, your credit rating, and how long you have been in business.
Other Types Of Commercial Range Financing
Still not convinced that commercial rage financing is right for you? There are other credit options for buying restaurant equipment. For instance, instead of borrowing money to buy SouthbendP36C-FF, leasing allows you to rent the equipment you need for a monthly fee. A significant advantage of leasing is that it is not a loan, so that you will not need to lay down a down payment. Nonetheless, unlike commercial range financing, you will not own the equipment at the end of your lease; some leasing companies give you the option to buy the equipment for an additional fee at the end of your arrangement. Leasing is a good option if you know you cannot afford a downpayment, or you know you will want to upgrade or replace your machinery more often.
What Are The General Commercial Range Loan Terms?
Terms for a restaurant equipment loan typically range from 3-7 years, based on the useful life of the equipment, your lender, credit rating, and equipment price.
What I Can Buy With A Commercial Range Loan?
You can use this kind of financing to buy any kind of commercial range you need (whether used or new). Common types of the commercial range that restaurant owners buy apart from Southbend P36C-FF include:
- Southbend P36C-CCC Commercial Range
- Southbend P36C-GGG Commercial Range
- Southbend P36C-BBB Commercial Range
- Southbend P36C-BBB-SU Commercial Range
- Southbend P36C-BHH Commercial Range
- Southbend P36C-TTT Commercial Range
- Southbend P36C-BBG Commercial Range
- Southbend P36C-BBH Commercial Range
- Southbend P36C-BGG Commercial Range
- Southbend P36C-BCC Commercial Range
- Southbend P36C-BBC Commercial Range
- Southbend P36C-BTT Commercial Range
- Southbend P36C-PPP Commercial Range
- Southbend P36C-GGC Commercial Range
- Southbend P36C-TTC Commercial Range
How Much Can I Borrow With Commercial Range Financing?
Based on your lender and your restaurant business profile, you can usually borrow up to $ 500,000 in restaurant equipment financing.
Can I Get A Tax Break For Purchasing New Commercial Range?
Yes. The Section 179 deduction lets restaurant business owners deduct the cost of new or used restaurant equipment from their taxes.
Essentially, Section 179 of the IRS tax code enables restaurants to deduct the full purchase price of qualifying machinery purchased or financed during the tax year. That indicates that you can deduct the full purchase price from your gross income if you purchase (or lease) a qualifying commercial range.
Who Is Top Financial Resources?
Top Financial Resources is an independent direct lender based in the United States. We provide fast restaurant equipment financing and leasing injections to help American businesses thrive. If you process your sales through card transactions, you can get approved for a cash advance with us as an alternative to commercial range financing.
- No collateral required: You will not need to use your personal or business asset as collateral. The equipment you are buying serves as collateral.
- Fast approval and funding: Roughly 60 percent to 70 percent of the time, borrowers receive an approval within minutes, while the rest of the time, they are either denied outright or designated as pending, which indicates Top Financial Resources will request additional information. It is fast, so even if you do not qualify for a loan, you are not justify waiting for the answer. It generally takes 72 hours from the time of credit application to fund a loan.
- Less paperwork: We do not require any information about the equipment you buy. We only care about how your restaurant is performing.
- No downpayment: We will not ask you to lay down any money for a downpayment.
- Due diligence on machinery: Just before the loan closes, Top Financial Resources goes through to ensure the equipment you are buying is as advertised. This usually takes about 24 hours. If everything checks out, Top Finacial Resources works with the vendor on payment terms and disburses the money.
- Competitive APRs: Top Financial Resources’ annual percentage rates, or APRs, range from six-percent to 24-percent, which is comparable to those of other equipment financing companies that offer restaurant equipment financing. Its average and median APRs are 8-percent and 15-percent, respectively.
Our restaurant equipment funding is not the cheapest; however, it always comes with complete honesty, integrity, and transparency. Apply now with Top Financial Resources and get an instant pre-qualification decision. If you are approved, we can advance your restaurant up to $500,000 within 24 hours. Get a Southbend P36C-FF financing by calling us at 1-(800)-260-5126.
