How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 restaurant equipment financing
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
National Funding - Equipment Financing with Fundera by NerdWallet | 4.5/5 Best for Fast equipment financing for restaurants | $150,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Equipment financing for restaurant owners with bad credit | $250,000 | 575 | with Fundera by NerdWallet |
SBA 7(a) loan with Fundera by NerdWallet | Best for SBA loans for restaurant equipment | $5,000,000 | 650 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 5.0/5 Best for Fast restaurant equipment term loans | $250,000 | 625 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Restaurant equipment term loans with no minimum revenue requirement | $500,000 | 660 | with Fundera by NerdWallet |
Headway Capital - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Low revenue business lines of credit for restaurant equipment | $100,000 | 625 | with Fundera by NerdWallet |
Bluevine - Line of credit with Fundera by NerdWallet | 5.0/5 Best for Fast business lines of credit for restaurant equipment | $250,000 | 625 | with Fundera by NerdWallet |
Here are 7 restaurant equipment financing
Best for Fast equipment financing for restaurants
Best for Equipment financing for restaurant owners with bad credit
Best for SBA loans for restaurant equipment
Best for Fast restaurant equipment term loans
Best for Restaurant equipment term loans with no minimum revenue requirement
Best for Low revenue business lines of credit for restaurant equipment
Best for Fast business lines of credit for restaurant equipment
I'M INTERESTED IN:
Our pick for
Fast equipment financing for restaurants
National Funding offers equipment financing up to $150,000 that may be available in as little as 24 hours if approved. You can apply if you’ve been in business for at least six months.
National Funding - Equipment Financing
with Fundera by NerdWallet
Max loan
$150,000
Min. Credit score
600
with Fundera by NerdWallet
Our pick for
Equipment financing for restaurant owners with bad credit
Triton Capital only requires a credit score of 575 for its equipment financing loans. The loans have flexible repayment terms and can fund in one to two business days.
Triton Capital - Equipment financing
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
575
Apr range
5.99-34.99%
with Fundera by NerdWallet
Our pick for
SBA loans for restaurant equipment
SBA 7(a) loans offer up to $5 million that can be used for restaurant equipment financing. SBA loans offer lower rates, but typically have longer processing times and may require collateral.
SBA 7(a) loan
with Fundera by NerdWallet
Max loan
$5,000,000
Min. Credit score
650
Apr range
11.50-15.00%
with Fundera by NerdWallet
Our pick for
Fast restaurant equipment term loans
For restaurants that have been operating for at least a year with minimum annual revenue of $100,000, OnDeck offers term loans up to $250,000. OnDeck provides a streamlined application process, and funds may be available within the same business day.
OnDeck - Online term loan
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
27.20-99.90%
with Fundera by NerdWallet
Our pick for
Restaurant equipment term loans with no minimum revenue requirement
Funding Circle offers online term loans up to $500,000 with terms up to seven years. Applicants need to have been in business for at least two years but there is no minimum revenue requirement.
Funding Circle - Online term loan
with Fundera by NerdWallet
Max loan
$500,000
Min. Credit score
660
Apr range
15.22-45.00%
with Fundera by NerdWallet
Our pick for
Low revenue business lines of credit for restaurant equipment
For businesses with lower revenue and lower-cost financing needs, Headway Capital offers lines of credit up to $100,000 with a minimum annual revenue requirement of only $50,000.
Headway Capital - Line of credit
with Fundera by NerdWallet
Max loan
$100,000
Min. Credit score
625
Apr range
35.00-80.00%
with Fundera by NerdWallet
Our pick for
Fast business lines of credit for restaurant equipment
Bluevine offers lines of credit up to $250,000 that can be funded quickly — in as little as 12 hours. You will have to sign a personal guarantee, and payments may be required on a weekly basis.
Bluevine - Line of credit
with Fundera by NerdWallet
Max loan
$250,000
Min. Credit score
625
Apr range
20.00-50.00%
with Fundera by NerdWallet
Where to get restaurant equipment financing
- Banks and credit unions. Generally, you’ll find the most competitive interest rates and terms at traditional financial institutions. However, banks and credit unions typically require you to have multiple years in business and excellent credit.
- SBA lenders. If you can’t qualify for a bank loan then an SBA loan — offered through traditional banks and other lenders, but partially guaranteed by the U.S. Small Business Administration — may be a good alternative. However, good credit and multiple years in business are often required.
- Online lenders. If you don’t qualify for a bank or SBA loan or you need funding quickly, loans offered by online lenders and equipment financing companies may be the right fit. Although online loans typically have higher interest rates and shorter terms than a bank loan, they tend to have more flexible qualification requirements.
How to choose restaurant equipment financing
Equipment loans for restaurants
Equipment financing is best if:
- You have bad or fair credit. Equipment financing can be easier to qualify for than other business loan options since lenders use the equipment as collateral — if you fall behind on payments, they can just repossess the assets.
- You need an expensive piece of equipment fast. Equipment lenders may process your application in a matter of hours and get you funding in a few days. If your walk-in breaks down, for instance, an equipment loan could get you a replacement fast, while still giving you a long repayment term for the pricey purchase.
Consider these equipment financing options for restaurants.
- If you’re investing more than $150,000: Triton Capital offers equipment loans of up to $250,000. Its restaurant equipment financing loans can have APRs start at 5.99% with terms as long as five years. The lender says you can be approved for a loan in two to four hours and have financing in hand within one to two business days.
- If you are a startup: National Funding offers restaurant equipment financing to entrepreneurs with as little as six months in business and a FICO score of600or more. You can borrow up to $150,000 and receive an answer to your application in as little as 24 hours.
Term loans for restaurant equipment financing
Business term loans are best if:
- You have strong qualifications. Good credit, strong revenue and several years in business may help you qualify for a low interest rate, long term and manageable payments.
- You’re an existing business. Term loans are generally suited to restaurants that are expanding, opening a second location or moving into a new space. They generally don't work as startup business loans for new businesses.
Consider these options if a term loan seems right for your restaurant.
- If your restaurant is well established: SBA loans have lower APRs and more favorable terms than those offered by many alternative lenders. They also have more stringent qualifications — for example, you’ll typically have to have been in business for at least two years. That means SBA loans are most suitable for established restaurant owners who are ready to invest in new, high-end gear.
- If your business is relatively new: OnDeck provides capital to restaurants that have been in business for at least a year. Its term loans are accessible with a minimum credit score of625and annual revenue of $100,000. However, it’s important to note that OnDeck term loans max out at24months, so they’re best used for short-term equipment financing needs.
Business lines of credit for restaurant equipment financing
Business lines of credit are best if:
- You can handle a short repayment period. The money you borrow with a line of credit may have to be repaid in as little as six months, so they're better suited to relatively smaller purchases, like a new restaurant point-of-sale system, for example. Also, weekly payments instead of monthly may be required.
- You’re unsure of how much funding you need. With a line of credit, you have the flexibility to spend money as needed whether that’s when equipment is installed or as other expenses arise. You’ll pay interest only on the funds you draw, and after you pay down your balance, you can withdraw funds again.
Consider these line of credit options for restaurants.
- If your revenue is currently low: Headway Capital's line of credit is available to business owners with $50,000 in annual revenue. So if you’re looking to expand a smaller business, like a pop-up shop or food truck, into a brick-and-mortar location, this may be a good option.
- If you need financing right away: Bluevine's line of credit can fund in as little as 24 hours. It has a minimum credit score requirement of625— so if you’re struggling to qualify for financing, it might be a good option. Bluevine requires at least24months in business and monthly revenue of at least $40,000.
Restaurant equipment leasing
Find the right business loan
Methodology
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.