Whenever you are getting an equipment on lease, the first thing you have to do is to determine what brand and model you intend to use. Here are a few pointers for you to get started…
- The first thing to do is to plan out the necessary pieces of equipment that you will use.
- Next, schedule a visit to the environmental health department and ask for compulsory permits and other safety and sanitary equipment that are required by business owners.
- After having a clear draft of your restaurant venture, start with your equipment and finance researching. Look through different depots and list the prices of the pieces of machines etc that you need. Compare these prices and choose the depot wisely – one that offers equipment of great quality and is value for money. Ask the staff over there for a quote. Lastly, since time is money, consider the length of the equipment depot’s delivery time of the equipment.
- If ever you are in a dilemma over the design and output of your restaurant then contact a professional or an experienced restaurateur. They can give you tips on the basics as they are experts and know where to obtain the best restaurant equipment lease from. Who knows, they might be having an inventory of restaurant equipment for lease.
- Once you have completed the list of the various equipment you need, the corresponding price and the delivery time, you have to contact the leasing brokers who offer restaurant equipment lease. But before doing so, ask the equipment depot if they can guide you to a financing company. Most business owners work in tandem with financiers. If this is the case with your leasing broker also, inquire about the financing company that they are working with and browse over the leasing options that they offer. On the other hand, if you wish to apply for a lease in another leasing company, there are independent brokers that offer leasing restaurant equipment.
- After having selected a leasing broker, explore all the options and types of leasing they offer and opt for one which is beneficial in the long run. For example, a lease known as “True Lease” or “Operating Lease” has lower payments and taxes, but the leasing company will have the ownership of the restaurant equipment during the lease. When the lease ends, you have the choice to return the equipment, pay for it on the bases of its market value, or have your lease extended.
- On the other hand, another type of lease the “Finance or Capital Lease” provides you with full ownership of the restaurant equipment when the lease ends. However, you have to pay a fixed percentage of the full amount of the restaurant equipment. These are only two kinds of lease that some leasing companies offer. There are other leases that you can choose from. Also, look for added features and benefits that the leasing firm will offer to you – it be a free maintenance for a limited time or anything in line with that.
- When you have finally decided on the type of lease that works best for you, you need to read and understand the fine print. Moreover, personally discuss important information of the financial statement with your leasing officer. Focus on the information regarding down payment, length of the lease period, monthly payments, and final buy out payment.