Restaurant Equipment Leasing Pricing and Costs
Improve your bottom line by watching your restaurant equipment leasing pricing and costsRestaurant equipment leasing is a great way to get the equipment you need without spending a lot of capital. This is especially true if you are just starting in the restaurant business or if you need specialized pieces of equipment for a short period of time.
However, it’s sometimes easy to let restaurant equipment finance get in the way of long-term profit goals, especially if you aren’t wary of hidden costs in the restaurant equipment lease. As you consider whether a restaurant equipment lease is right for you, you should consider a number of factors. These include:
1. The tax break you can reasonably expect to receive when you lease restaurant equipment.
2. The payment options available to you from the restaurant equipment leasing company you choose.
3. Whether to lease restaurant equipment with the intention of eventually owning it or of returning it at the end of the lease period.
Compare interest rates offered by companies that lease restaurant equipment
Shop around for the biggest restaurant equipment lease you can getAs you shop around for restaurant equipment, you'll notice that restaurants that have been in business for two years or more are favored with higher credit limits. A start-up may only be eligible to lease half the equipment an established business could get, if it's eligible at all. This is because a vast majority of restaurants fail within a year. If you're just starting out, you may need to be selective about the items you lease. It's no good taking out a four year lease on an oven range if you might go under in six months.
Make smart choices when considering restaurant equipment for leaseLeasing certain supplies and pieces of restaurant equipment will actually save you money over the long haul, because many leasing companies service and replace equipment as needed. For finicky equipment, shelling out a monthly fee may be far preferable to dealing with repairs. You should also see if the leasing company provides delivery and installation. Many do, and you should figure in the cost of these services when considering whether to lease or buy.
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