Anyone who has worked in the food service industry knows how much owners depend on their equipment to make everything run smoothly. Grill tops, smokers, warming ovens, refrigerators, fryers, dishwashers and more, they all have to be in top working order to be able to deliver fresh, tasty food on a schedule. One broken down appliance can mean disaster to a caterer or chef. While purchasing top-of-the-line equipment can be financially daunting, leasing is a terrific solution. Here are some quick tips on how to find the best finance lease companies in the GTA.
The basics of leasing are simple. The client sources the best equipment for the best price. The financing company purchases the equipment (often from multiple vendors), creates one lease agreement and leases the equipment to the client. The lease rates are based on the cost of the equipment, the length of the lease and how established the business is that the client represents. Most leases allow the option of being able to upgrade equipment while still under lease or buy the equipment at the end of the lease.
While some companies offer the opportunity to rent, a lease generally offers better financial terms, potentially saving a savvy entrepreneur hundreds of dollars. Renting can be a reasonable option however, if the client wants to test out a piece of equipment before buying as the length of the rental agreements are usually much shorter.
Leasing equipment can be an excellent option when:
Before entering into any new financial agreement, it’s always best to have a solid business plan. A terrific resource is the restaurant and catering start-up checklist on the Government of Canada Business Network website.
In Canada, there are only a few businesses dealing specifically with the food industry. There are many advantages to working with food industry financial specialists. They know the ins and outs of the restaurant business, know how to negotiate with vendors and can put together a package that meets individual needs.
In Toronto, Econolease Financial Services is the experienced leader in food service financing, dishing up great service to the restaurant industry as a main course, not just a side dish. They can arrange both leasing and rental agreements, as well as a pre-approved line of credit or a combination of all three. Econolease prides themselves on having an amazing team, diverse and energetic, with solutions for every credit profile.
Lease financing is also available for numerous other industries, including:
When looking for the best finance lease companies in the GTA, look for one that listens to your concerns and offers the right solutions to meet your needs, leaving more money in your pocket.