Leasing restaurant equipment is a great way to get the supplies you need for a low price. There are many supplies that are just more cost efficient if they are leased instead of bought new, such as, commercial dishwashers, coffee makers, and ice makers. Some basic steps to restaurant leasing include:
1) Shop around for quotes on restaurant equipment leasing. You will be surprised at how many companies deal with restaurant equipment leasing.
2) Compare leasing and buying new and used equipment. Tally the total for the lease over the price of a new piece of equipment. Also if buying used equipment, you need to take in account that used equipment doesn’t usually come with a warranty and you may end up paying more for maintenance in the long run.
3) Find out how long the lease is for and what happens if you need to end it early. A majority of restaurants fail within three years, so signing a five year lease on a dishwashing machine may not be the best idea.
4) You should be prepared for a credit check. Like with leasing a car, if your credit is not very good you may be denied the lease, or have an extremely high interest rate.