- get the equipment they want without having to commit to the full purchase price
- secure up to $100,000 of equipment finance — in most cases without providing a director’s guarantee / personal guarantee
- upgrade the equipment at any time without having to worry about how to dispose of the original item
- return the equipment to us after only 12 months.
Are there any other fees or charges?
Aside from the weekly rental payments (including one week’s rent paid in advance), the fees and charges that apply are:
- a refundable security bond — paid up front and equivalent to six weeks’ rent (less than $200,000 of funding) or 12 weeks’ rent ($200,000 or more of funding)
- the cost of transporting any equipment the customer returns to us during or after the 12-month rental period (which the customer pays directly; this cost varies according to the equipment’s cubic weight and the distance it has to be transported)
- the cost for us to clean and service any equipment the customer returns to us during or after the 12-month rental period, so it can be certified and remarketed. We pass this cost on to the customer; the cost varies according to the type of equipment and its condition. See our cleaning-and-servicing fees (PDF).
What options does a Rent–Try–Buy agreement give me?
At any time during the 12-month agreement you can:
- upgrade the equipment
- buy (or ‘pay out’) the equipment.
At the end of the 12-month agreement you can:
- upgrade the equipment
- buy (or ‘pay out’) the equipment
- return the equipment to us
- continue renting the equipment, either month-to-month under your existing agreement, or for another 12 months under a Loyalty agreement
- work towards owning the equipment over another two or three years (Easy Own agreement).
These options are available to you regardless of whether the equipment you finance is new, ‘Certified Used,’ or clearance equipment.
What happens if I don’t choose an end-of-term option before my rental agreement expires?
Shortly before the 12-month rental agreement expires, we’ll attempt to contact you to tell you what your end-of-term options are.
If you don’t select one of the options before the rental agreement expires, it’ll automatically convert to a month-to-month agreement — you can continue renting the equipment for as long as you need to.
Your weekly rental amount will remain the same and you’ll still be entitled to all the same end-of-term options: upgrade the equipment, buy it, return it, rent it under a fresh 12-month agreement (Loyalty), or convert to a two- or three-year ownership plan (Easy Own).
To end a month-to-month rental, you’ll need to contact us and choose one of these options.
When the Rent–Try–Buy agreement expires, will I automatically own the equipment?
No — while your rental payments will steadily reduce the equipment’s purchase price, there will still be money owing after 12 months.
To find out how much you need to pay us to buy your rental equipment, please call us for a payout quote on 1800 337 153.
You can buy, or pay out, the equipment at any time during the 12-month term (not only at the end of it).
What’s the difference between Rent–Try–Buy and Rent-to-Own?
While they do have similarities, there’s a key difference between rent try buy commercial kitchen equipment and rent to own commercial kitchen equipment.
Rent–Try–Buy (which is exclusive to SilverChef) and Rent-to-Own (offered by other companies) are agreements in which at least a portion of the rental payments go towards building equity in the equipment being rented.
The main difference is that, at the end of a Rent-to-Own agreement (which typically ranges from one to five years), the renter automatically owns the equipment.
In contrast, at the end of a Rent–Try–Buy agreement (which is 12 months long), the renter does not automatically own the equipment. Rather, they have the option to buy it (which they can do at any time during the agreement).
If they buy the equipment, they get back 75% of their first year’s net rental payments and 25% of any net rental payments made thereafter — to put towards the purchase price.
When do I start paying rent?
Your rental payments will start as soon as the equipment is delivered to your business premises.
If you’re doing a full fit-out or refurbishment and could experience delays — for example, due to council or construction issues — we recommend you hold off ordering the equipment until shortly before your venue is ready to start trading.
Equipment that is in stock can usually be delivered to your venue in 1–14 business days, depending on your location. If it’s out of stock, you’ll need to allow for a longer lead time and order it sooner. Your equipment dealer will be able to help you decide when to order your equipment.
If for whatever reason your rental payments start before you commence trading, please contact us as soon as possible.
Are the weekly rental amounts fixed?
Yes — the amount of rent you pay each week will remain the same for 12 months.
This will make your budgeting and cash flow management easier.
How can I pay the rent?
You can pay the weekly rent via a direct debit from your bank account or credit card.
What happens if I miss a rental payment or make a late one?
If, for whatever reason, you miss a rental payment, your account will fall into arrears.
If that happens, we’ll attempt to reprocess the direct debit or, if that fails, give you a call to find out how we can help you get your payments back up to date.
You may be charged a late-payment fee (for more information, please see the terms and conditions of your agreement).
Who owns the rental equipment?
SilverChef owns the equipment and rents it to you.
As the owner of the equipment, we’ll record an interest in the equipment on the Personal Property Security Register (PPSR).
You can use the equipment as you see fit, provided it’s used only for business (not personal/domestic) purposes; and you don’t sell, give, assign, lend or release the equipment to a third party to use without our approval.
Also, if you move the equipment from the location you originally gave us, you must tell us immediately.
You can buy the rental equipment (own it) at any time.
How can I find out what I owe on the equipment?
To find out how much you’d need to pay us to buy your rental equipment, please call us on 1800 337 153.
We’ll provide you with a payout quote and will be happy to answer any questions you have, including how we’ve calculated your quote.
What will my payout amount be at the end of the 12-month term?
The following table shows you what the payout amounts would be at the 12-month mark for equipment of varying costs (taking into account the fact we’d give you back 75% of the net rental payments you’d already made — to put towards the payout amount).
For your convenience, we’ve added the payout amount to the rental payments to show you what the total and net costs of ownership would be:
Payout @ 12 months
Rental payments (after tax deductions)*
Total cost to own equipment
Net cost to own equipment
