Restaurant Equipment Leasing

Preserving working capital is a must for any business, especially restaurants and foodservice operations where high operating costs put pressure on margins and profitability. Submit your application now. Save your cash and lease your restaurant equipment.

Leasing with Chefs' Toys is as easy as 1-2-3:

1. Get an idea of how much equipment you want to buy.
2. Complete and submit our online lease financing application.
3. Review and approve your paperwork.

Benefits of Leasing your Restaurant Equipment

• Preserve working capital for things like food inventory and payroll.
• You own it at the end (no penalty for early payoff, fair market value leases are also available).
• Lease payments count as tax deductions.
• Flexible financing options to shorten or lengthen your term. Municipal leases, custom terms available.
• Support an equipment replacement program to replace critical equipment regularly with new equipment to stay ahead of the repair curve.

Frequently Asked Questions (FAQs)

Your approval amount will be based upon your credit. The minimum amount to finance is $500.00. All equipment items with a minimum of $500.00 qualify for lease. You may finance smallwares up to 30% of the invoice total. For example, if an invoice is $1,000, $300 of that amount can include items such as knives, blades, or bar stools. Start-up restaurants typically have a maximum approval amount of $35,000.00 but can be greater depending on the strength and depth of your personal credit.

The minimum criteria for an application to be considered is a 550 FICO with a minimum of 4 trade lines. Trade lines consist of things like credit cards, car payment, home loan, etc. We will always first look at business credit, it is only when there is no business credit yet established do we need to review personal credit.

Co-signers are a great way to get approved if your credit is not strong enough to be approved alone. We accept additional owners / members / officers, legal spouses, family members, or blood relatives.

You can choose between 2-5 year payment terms. If you are a startup restaurant (less than 3 years' time in business) you will have a maximum of 36 months.

You can pay your lease off early and there is no penalty. You are still obligated to pay the full amount that you committed to. If you do want to finish your lease early there can be a discount but the amount you save will depend on how early you are paying it off, what the remaining balance is, and what your payment history has been up until the point of paying it off.

You are required to make one month's payment due at signing along with sales tax.

This is a non-cancelable lease agreement. Once the lease is active (we have run your first month's payment and sales tax), you cannot cancel or return your product.

If you do not get approved your next option is to add a cosigner. It is possible that you may not get approved if the information you provide on the application does not pull your credit. It is important to make sure the information you provide on the application is accurate. Please make sure to enter your full legal first and last name along with your social security number.

We do not have an APR because we operate off of a rate factor. The amount of "interest" you pay will depend on your personal credit.

We can finance new and used equipment.

We provide loss and destruction coverage for your equipment. There is a minimal charge applied to you but it can be removed. To remove this, you can list the product you are financing on your business insurance policy and list TimePayment as a loss payee. If you then provide us with a copy of your insurance binder we will no longer charge you this fee.

Your equipment will be released / ordered once we have cleared your advanced payment (this is one month's payment plus tax).

Our credit decision is instant for anything under $10,000. If you have entered all of your information correctly and accurately on the initial application, you will know quickly if you are approved. If you have a consumer statement on your credit report you will need to call in to verbally allow a credit analyst to pull your personal credit. If the amount being applied for is greater than $10,000, it will take between 1-4 hours to have a credit decision. In most cases we respond same day or next business day. The time it takes to get a credit decision depends on the time of day the application is submitted and how many other applications are in line to be reviewed.

Approvals are good for 30 days. If you get approved and want to wait before making your purchase you have 30 days to do so. If you exceed 30 days, we will need to again pull your credit to make sure nothing drastically has changed. If you are close to the 30 day mark and still want to keep your approval open, please let us know so we can make an extension.

You can call in, make payments online, set up automatic withdrawal, or mail them directly to the leasing company's billing department.

At the end of the lease you own your product without any additional buyout fees or added payments.

Your payments will begin 30 days after you have returned your signed contract and we have successfully run your advanced payment (1 month's payment plus tax).

Your information is completely safe and secure. We do not share any personal information with any other entities or lenders. The information you send us is strictly used for the equipment you are interested in and will never be redistributed.

We need the legal business name (if you have not yet filed your business we need to know what it will be), your full legal first and last name, address, phone number, and social security number. We also need to know where the equipment is going to be located.

You can sign the lease contract electronically from your laptop or pc, or it can be printed and signed by hand. If signed by hand, you can scan and email the contract to or fax to: 781-994-4962.

When all payments are made you own the equipment.

This will absolutely help build your credit, both personal and business. As long as you are able to make your payment without any delinquencies or missed pays, your credit will build for good payment history.