Restaurant Equipment Financing and Leasing Options
Charter Capital provides the best financing solutions and advice for small and medium-sized businesses looking for new or used restaurant equipment.
Restaurant Equipment Financing
Growing or starting your own restaurant requires financial resources, which might not always be available to small-to-medium-sized businesses. Equipment for restaurants or any type of food venture are rather pricey, which is why entrepreneurs often opt to halt their plans until a chunk of money comes in. Charter Capital can help turn your growth plans into reality.
With over 40 years of experience helping startups and existing businesses with their equipment financing and leasing needs, Charter Capital understands entrepreneurs’ pain points. We have over 20 lending partners in our network and guarantee that we can connect you with the best providers with the most reasonable rates.
Here are some of the average restaurant equipment costs that we have help you cover:
- Walk-in coolers and freezers ($5,000 to $10,000)
- Commercial range hoods ($9,000 to $17,000 with installation)
- Hood systems and fire suppression ($900 to $1,500 per square foot)
- Oven proofers ($3,000 to $5,000)
- Draft beer dispensers ($1,000 to $5,000)
- Commercial ice machines ($1,500 to $8,000)
- Commercial sinks and dishwashers ($3,000 to $120,000)
- Wine cellar equipment ($15,000 to $180,000)
- Concession equipment ($1,000 to $5,000)
- Furniture, lighting, and signage ($3,000 to $7,000)
- Restaurant POS systems ($70 to $150 per month for software, one-time cost of $700 to $1,500 for hardware)
Financing or leasing restaurant equipment does not have to be complicated, but knowing the average restaurant equipment costs can help you plan better. With an experienced financial broker to assist you, you can acquire the restaurant machines and furniture you need to take your business to the next level.
Don’t hesitate to get in touch with the Charter Capital team to learn more about the best restaurant equipment financing options available to you.
Some of our restaurant equipment financing customers...
- are interested in the lowest rate.
- are interested in a specific tax treatment.
- want to avoid breaching existing lending covenants.
- are interested in the longest term.
- are interested in getting reimbursed for equipment they have already paid for.
- want seasonal or other cyclical structures.
- want to finance software.
- want us to give the seller a deposit before the equipment is shipped.
All of our customers want a fair deal at a fair price and no surprises.
Getting Restaurant Equipment Financing Even With Bad Credit
Credit scores lower than 650 might be seen as a risk, but it’s not the end of the line for a restaurant owner who wants to get up and running. Bad credit shouldn’t completely deprive you from the opportunity to scale.
Here are some tips to keep in mind when you are looking for a restaurant equipment financing partner even with poor credit.
1. Organize your financial documents.
If you have bad credit, that doesn’t mean your business is performing poorly. By having your financial statements, profit and loss reports, and cash flow reports in order, you can show potential lenders that you have the ability to meet your monthly payment responsibilities.
Another way to convince lenders to take a chance on your restaurant is to create a comprehensive business plan. This business plan should clearly outline your initiatives and goals for when you have the equipment you need. Presenting a roadmap to your future helps lending agencies understand your business better, so they know where and how they can provide financing support.
2. Consider all options available.
Talking to a lending agency might not be the only option available to finance or lease your restaurant equipment needs. Is there another way to acquire the machines or technology you require that doesn’t involve an outright loan? Perhaps you might want to consider leasing the equipment instead?
Take the time to research and consider exactly what you need for your restaurant — if it’s something you require urgently or if it can wait while you build your credit score back up. Prepare the extra documentation to prove your repayment capacity. Getting expert advice on equipment loans might also bring in great insights for your next steps.
3. Partner with an experienced financial broker.
Many businesses that have bad credit feel that they have limited to zero options for restaurant equipment financing. The common misconception is that businesses with poor credit are forced to go into loan agreements that have exorbitant interest fees. But that shouldn’t be the case if you work with an experienced financial broker who is truly after your best interests.
Lease Restaurant Equipment With Charter Capital
Leasing is a great way to finance your venture without breaking the bank. When you lease restaurant equipment, you’re essentially borrowing money from a lender to pay for the cost of the equipment over an agreed-upon period of time. At the end of the lease, you have the option to either purchase the equipment for its current market value or return it to the lender.
A more affordable option than buying outright, leasing can also help you get the equipment you need sooner rather than later. If you’re considering financing or leasing restaurant equipment, get in touch with Charter Capital. We can help connect you with the best lenders in the industry and make the process a breeze.
Charter Capital is one of the most trusted financial brokers who can connect you with the right restaurant equipment financing providers. Whether you are just starting or want to increase your revenue by expanding, we are here for you. The skilled finance professionals on our team can widen your horizons by getting you in touch with affordable financing options you probably didn’t know were available to you.