Equipment financing faq’s
Your Fast Track to Foodservice Equipment Financing
These are some of our most common questions, but every situation is unique. Let’s talk and find the right solution for you.
How do I apply for financing?
Applying is quick and easy. Give us a call at 224-344-2910 or click here to start. It’s a soft credit pull, there’s no obligation, and we’re always here to walk you through the process or answer any questions.
Is there a minimum or maximum I can finance?
We can technically finance orders as low as $500, but it starts making sense financially the most around $1,500. There is no cap on order sizes, we can do small replacement orders and large $4M+ buildouts! The amount you’re able to finance depends on your credit situation, time in business, and other factors.
Is there a way to see what my monthly payment might look like before I apply?
Absolutely! Our payment calculator allows you to enter the monthly payment you’re comfortable with and generates an estimate of what you may be able to finance at that price point, or gives you the option to enter the full amount you want to finance to get an idea of the monthly payment. Remember, these are just estimates, actual amounts will depend on what you qualify for!
What kinds of equipment can I finance?
We can help you finance everything from a single piece of equipment to a full kitchen buildout. That includes new or used equipment, as long as it still has useful life left. We can even roll in certain soft costs, depending on the funding source. Not sure if your quote qualifies? Send it over and we’ll take a look.
Can I finance multiple pieces of equipment at once?
Yes! Whether you’re replacing one item or equipping an entire space, we can bundle your needs into one monthly payment. Equipment financing makes budgeting for large projects a breeze!
How quickly can I get approved?
Fast. For requests under $50,000, you’ll usually hear back within a few business hours. For larger amounts, we typically provide a decision within 24 hours. We know your time matters and we move as quickly as possible to provide you with options.
What are your typical terms and payment options?
We offer terms from 12 to 72 months,* with options for deferred payments and early payoff. You can also explore working capital options for other business needs. We’ll tailor a solution that works for you.
*Term length may depend on equipment type; your Account Executive will provide more information.
Do I need a down payment?
Generally, you’ll just need to cover a documentation fee and the first month’s payment upfront. Some programs may differ, so we’ll walk you through what’s required for your specific setup.
What credit score is needed to qualify?
Most of our equipment financing programs start around a 550 credit score, but even if you’re below that, we may still have options, especially with a co-signer. If you’re not quite there yet, we’ll be happy to re-evaluate down the road. There’s no cost or commitment requirement to apply!
Can I pay my agreement off early?
In many cases, yes. Some programs offer early payoff options that let you save on total cost. Your Account Executive will explain the details and help you decide what makes the most sense for your goals.
Can I finance repairs or upgrades?
We don’t finance repairs, but we can help you move on from aging or unreliable equipment by financing a replacement that better suits your needs, with predictable monthly payments.
What happens if my equipment breaks down during the financing term?
If there’s a breakdown, you’ll work with your equipment dealer or the manufacturer directly based on the warranty. Your financing agreement stays in place, so payments will continue as outlined in your contract.
What happens if my business moves or changes?
If you move or if the business changes ownership, just let us know. We can help update your records and, in some cases, even transfer the agreement to the new owner. We’re here to make transitions smooth.
What are your rates?
Rates depend on factors like credit, time in business, and equipment type. Unlike traditional loans, there’s no lien on your home or other personal assets, just the equipment itself. You can always apply for a free quote with no obligation to move forward. Those who qualify for the best approvals typically land around prime, and costs go up from there depending on each applicant’s factors.
Are there tax benefits to financing?
Yes! You may be able to deduct the full cost under Section 179, depreciate it over time, or write off the interest. Always consult your tax advisor to understand what applies to your situation.
Learn more about foodservice equipment financing here!