Equipment Financing in Myrtle Beach, SC: Walk-In Coolers, Salon Stations and Hotel Breakfast Rooms

A hotel breakfast room runs on movable equipment: countertop waffle stations, buffet warmers, a juice dispenser and a coffee brewer. The tables and chairs are furniture, and the walls, flooring and plumbing behind them are building work; both stay outside this site.

Horry County had 164 hotels (except casino hotels) and motels with paid employees in 2023 (CBP, NAICS 721110).

In this invented example, a hotel prices $27,850 of breakfast-room serving equipment. Spread over 60 months at 9.45%, that package carries $584.22 a month; the hotel would pay $35,053.20 across the term, $7,203.20 of it interest (our arithmetic). The in-room appliance package on the term loans page is a separate, larger example.

Salon equipment financing covers the stations a stylist works from: color bars, hydraulic styling chairs, station mirrors, hood dryers and rolling carts. In a salon suite building each renter may outfit a single room, which keeps a request small, while the suite operator may finance chairs for every room at once.

Horry County counted 100 beauty salons with paid employees in 2023 (CBP, NAICS 812112), and 75 of them had fewer than five employees. A partner reviewing a salon request may ask to see:

• A dealer quote listing each item and its price
• Whether any piece is used, and how old it is
• Delivery charges shown apart from the equipment
• The salon’s recent bank statements

Used heavy equipment financing pays for machines bought secondhand, such as a mini excavator, a skid steer or a compact track loader. Of the 1,182 construction establishments with paid employees that Horry County counted in 2023 (CBP), 67.1% employed fewer than five people.

Say a site contractor, in an invented case, locates a used mini excavator priced at $47,300; a $5,000 down payment leaves $42,300 financed. Forty-eight monthly payments at 10.4% work out to $1,080.98 apiece. The 48 payments total $51,887.04; with the down payment, the machine costs $56,887.04 in all (our arithmetic). Price, down payment, rate and term are exactly what the calculator on this page asks for.

For a used machine, a partner may ask for the hour-meter reading, the serial number and a bill of sale, and may set a shorter term than for a new one. The machine’s age can limit the term on offer.

An equipment finance agreement (EFA) is a contract in which a funding source pays for the equipment and the business makes fixed payments, owning the equipment from the start. An equipment loan lends the money that buys the equipment, and the equipment can serve as collateral.

The two can look alike from the outside: fixed payments, a set term, ownership with the business. The differences sit in the contract, in how the cost is stated, what fees apply and what the funding source can do after a missed payment. A Myrtle Beach, SC restaurant replacing point-of-sale terminals, kitchen display screens and receipt printers can ask about either; since that hardware may be replaced within a few years, a 24- to 36-month term may match its working life.

A $1 buyout lease runs for a fixed term of payments, after which the business buys the equipment for one dollar. In cost terms it works much like a loan: the payments cover the whole price plus the funding source’s charge.

In this invented example, a Horry County, SC hotel leases $18,700 of housekeeping carts and commercial vacuums. A 36-month lease priced like an 11.9% annual rate carries payments of $620.21; the 36 payments total $22,327.56, and with the $1 buyout the hotel pays $22,328.56 for equipment priced at $18,700 (our arithmetic).

A fair market value lease leaves the end open: when the term ends, the business can return the equipment, renew the lease, or buy the equipment at what it is worth then. Its payments can be smaller than a $1 buyout lease on the same item, because they do not pay off the whole price.

For a Horry County, SC bar, under-counter glass washers can suit this structure, since a bar may trade them for newer models rather than keep them. Invented figures: a lease at $412.00 a month for 36 months totals $14,832.00; any purchase at the end would be priced at that point, so it is not part of the total. Connecting a glass washer to water, drains and power is property work outside this site.

Equipment cases in the articles include a shuttle van and fitness machines for a motel, fryers, a charbroiler and a reach-in set beside a credit line and an advance, and nail salon tools and pedicure thrones.