Lease-to-Keep

Spread equipment cost over 4 or 5 years

Interest rate fixed for entire term

Own the equipment at end of lease

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Get approval for $10,000

or more within 2 business days^

No obligation to use approved finance

A finance solution that enables you to pay for restaurant equipment in small instalments that are easy on your cash flow.

RESTAURANT equipment can be costly and out of reach for many foodservices businesses. 

Even if you have the funds to buy the equipment up front, the expense could have a negative impact on your business’s cash flow.

Lease-to-Keep makes equipment more attainable and decreases your financial risk by allowing you to disperse the cost of the equipment over several years.

May suit you if you’re…

  • A business that’s traded for more than 12 months
  • After at least $10,000 of equipment funding
  • Looking to own the equipment but would prefer to pay for it in smaller instalments over a longer term.

Key features

  • 48 or 60-month finance-lease agreement
  • Low, monthly payments
  • Fixed interest rate
  • Own the equipment at the end of the agreement
  • Interest component of the equipment leasing payments and the equipment’s depreciation are tax deductible.

How Lease-to-Keep works

01

We buy the equipment for you

You choose the new restaurant equipment you need and, once your finance application is approved, we purchase it for you. (‘Certified Used’ equipment cannot be leased.)

02

You lease it from us

You lease the equipment from us for low, monthly payments over four or five years.

03

You own it

At the end of the lease, you own the equipment.

01

We buy the equipment for you

You choose the new restaurant equipment you need and, once your finance application is approved, we purchase it for you. (‘Certified Used’ equipment cannot be leased.)

02

You lease it from us

You lease the equipment from us for low, monthly payments over four or five years.

03

You own it

At the end of the lease, you own the equipment.

Benefits of Lease-to-Keep

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Improved cash flow

Instead of paying for the equipment all at once, you can disperse the cost and pay for it in low, monthly amounts with the money it helps you make.

This helps protect your business’s cash flow, allowing you to pay for other expenses and expand your business more easily.

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Fixed interest rate

The interest rate is fixed for the duration of the agreement, so you won’t have to worry about the impact of any policy-rate hikes by the Bank of Canada.

Since you pay the same amount every single month, your budgeting and cash-flow projections will also be easier.

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Premium equipment

You can choose better equipment than you can afford to buy outright, boosting your business’s efficiency and productivity. 

It means you can get the equipment you want instead of settling for second best.

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Tax benefits

The interest portion of your restaurant equipment leasing payments is a tax-deductible expense.

Moreover, you can claim a deduction for the equipment’s depreciation over its useful life.

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Early-buyout option

If you have the funds, you can buy out the equipment before the lease term ends. 

We’ll discount the interest on your remaining payments (though you’ll be charged a small early-termination fee).

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Transferrable lease

If you sell your business while leasing restaurant equipment from SilverChef, we can — with their consent and subject to them meeting our standard credit-assessment criteria — assign, or transfer, the lease to the new business owner.

What our customers say

I was starting a new business and SilverChef sounded like a reasonable way to finance the initial costs as it limits out-of-pocket expenses and allows for tax deductions going forward.

We are a small business that’s growing quickly. SilverChef gave us the ability to get professional equipment without breaking the bank!

Financing our new oven through SilverChef was a key decision to be able to maintain our cash-flow sanity.

As a new entrepreneur it's hard to find the help needed, especially in the hospitality industry. SilverChef is giving me the ability to start my business!

SilverChef's financing is easy and transparent, and they understand the hospitality industry.

We have a small business, so we don't have a lot of money to spend on equipment. [SilverChef] financing allows us to get what we need without having to worry about paying for everything all at once.

The process is smooth, simple and straightforward. SilverChef obviously thinks about bakery and restaurant owners who are too busy cooking or baking to deal with lots of paperwork.

SilverChef offers one of the best financing options for new businesses. The process was very easy and quick and the service outstanding.

I decided to finance my equipment through SilverChef as they can help business owners turn their plans into reality. They’ve got a great track record…and are a trusted company.

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Frequently asked questions

How can I pay my monthly lease payments?

You can pay the monthly lease payments via a direct debit from your bank account or credit card.

Do I have to provide a personal guarantee / director’s guarantee?

Yes — a personal guarantee is needed for all Lease-to-Keep agreements (regardless of how much the leased restaurant equipment costs). 

For more information, please contact us.

Are there any extra fees or charges?

Apart from the interest charged on the financed amount, there are only two fees to be aware of:

  • lease establishment fee of $495 (paid up front)
  • early-termination fee of $300 (only if you buy out the equipment before the lease term ends).
When do the lease payments begin?

Your restaurant equipment leasing payments will start after we’ve confirmed the equipment has been delivered to your business premises. 

If you anticipate any delays due to, for example, refurbishment or construction issues, it’s recommended you hold off on ordering the equipment until closer to the date your business is ready to begin operating.

(Delivery times for equipment in stock typically range from 1 to 8 business days, depending on your location. If the equipment’s out of stock, you’ll need to order it further in advance; your equipment dealer will be able to advise you.)

If your lease payments start before you open for business, please notify us promptly.

Who owns the leased equipment?

Even though the equipment is in your possession, we own it until you make your final lease payment, at which point you become the owner.

As the equipment’s owner, we’ll register an interest in it on the Personal Property Security Act lien register at PPSA.ca.

You can use the equipment as you wish, but only for business (not personal/domestic) purposes; and as long as you don’t sell, give, assign, lend or release the equipment to a third party to use without our prior consent.

Also, you must notify us right away if you move the equipment from the location you originally gave us.

Can I upgrade the equipment?

No — Lease-to-Keep doesn’t give you the option to upgrade the equipment during the finance term.

If you’d like the option to upgrade the equipment at any time, Rent–Try–Buy may be a better fit for you.

Still have unanswered questions? See all our FAQs

^ Two-day timeframe is subject to the applicant providing SilverChef with all the information we require  to process their application.

* This advice is general in nature and does not consider your personal circumstances. Professional advice should be sought that is tailored to your personal situation.

Want more flexibility?

If you don’t want to make a long-term commitment to a restaurant equipment lease or you’re uncertain which equipment you need, Rent–Try–Buy could be the ideal solution for you. 

It’s a 12-month rental agreement that enables you to test the equipment before deciding whether to purchase it.

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