Inspect the kitchen before the engine
A used truck has 2 machines in it and they fail differently. Engine and drivetrain problems are quotable at any shop. Kitchen system problems are the ones that produce a truck that runs fine and cannot be permitted.
- /Fire suppression: check the last certification tag and whether the system matches the current cooking line
- /Hood and exhaust: confirm CFM matches the equipment installed, not the equipment it was built for
- /Generator: hours, service records, and whether it carries the full cold line plus the cooking line at once
- /Water system: tank capacity against local code, pump condition, and water heater function
- /Electrical: panel load, shore power inlet condition, and any visible non permitted modification
- /Refrigeration: pull down time on a warm day, not just whether it turns on
Get the paperwork before the deposit
Ask for the title, the most recent health inspection report, the suppression certification, and any build documentation. A seller who has none of it is selling a unit that will need a full plan review anyway.
Confirm the unit can be permitted in your jurisdiction as configured. Out of state trucks routinely miss local water tank or hood requirements.
What a used unit actually costs to finance
Used equipment finances on shorter terms than new because the collateral has less remaining life, commonly 36 to 60 months, and older units more often carry a 10 to 20 percent down payment.
Private party purchases are financeable with more lenders than operators expect. The requirement is an inspection and a bill of sale so the funder can verify what is being bought and who is being paid.
Budget the refurbishment separately
Plan for 5,000 to 20,000 of correction work on a used unit: suppression recertification, a refrigeration repair, a wrap replacement, and small wares.
That work is financeable alongside the purchase when it is quoted upfront, and it is a cash expense when it is discovered after closing. Get the inspection first for that reason alone.
Calculator
Equipment payment and total cost
Enter the quote, the rate you were offered, and the term. The payment is the standard amortizing payment, and the total cost is what leaves the business above the amount financed.
Programs commonly cover 80 to 100 percent. Leave at 0 if none is required.
Use the rate on the written offer, not an estimate.
Your numbers are ready
Tell us about the operation and the results open up.
The math above runs on your inputs. Send the request and the figures unlock on this page, a specialist reviews what you entered, and you get written options to compare. No credit application, no hard pull.
We email you a copy of these figures. They are estimates for planning, not an offer, a quote, or a preapproval of any kind.
The arithmetic
payment = P x i / (1 - (1 + i)^-n), where P is the amount financed, i is the annual rate divided by 12, and n is the number of monthly payments. Total cost = (payment x n) - P.
Sources
- 1Amortizing payment formula: P x i / (1 - (1 + i)^-n)Standard time value of money identity. The same closed form used by the PMT function, with i as the monthly rate and n as the number of monthly payments.
- 2Bank prime loan rate, the base most business term financing is priced againstFederal Reserve, H.15 Selected Interest Rates. Published daily by the Federal Reserve. Enter the current prime rate when pricing a variable rate offer.
- 3Annual percentage rate definition, 12 CFR 1026.22Consumer Financial Protection Bureau, Regulation Z. APR is the nominal annual rate that discounts a payment stream back to the amount advanced. We solve it numerically from the payment schedule and multiply the periodic rate by the number of periods per year.
Estimates, not offers: Amounts, terms, and funding times are estimates based on programs commonly available in food service. Actual terms vary by program, lender underwriting, time in business, revenue, and credit profile. Nothing here is an offer of credit or a guarantee of approval.