Commercial refrigerator financing: Compare rates & terms

Steps to finance a commercial refrigerator

Step 1: Choose a refrigerator

Compare commercial refrigerators to find one that suits your business needs. Consider factors such as capacity, reliability and energy efficiency when comparing your options.

Step 2: Compare lenders and loans

Once you know how much your fridge will cost, compare commercial refrigerator financing options. You may be able to access store financing from the retailer’s third-party lending partner, get funded from a specialist equipment finance provider, or get a business loan from a bank, credit union or alternative lender.

0% financing is available through manufacturers and retailers, but your business will need strong credit history to qualify.

Step 3: Apply online

When you’ve found the right lender, you can often apply for financing online. You’ll need to fill out a form with your personal information and business details, including the industry you operate in, how long you’ve been in business and details of your turnover.

Step 4: Provide documentation

Next, provide any documentation the lender requires to process your application, such as proof of ID, financial statements, a business plan and your trade name registration.

Step 5: Get funded

If your application is approved, you’ll receive the funds you need to pay for your commercial fridge. You’ll then typically pay back what you borrow plus interest in monthly installments.

How much do commercial fridges cost?

As you’d expect, commercial refrigerator prices vary substantially depending on the size of fridge you need. While small single-door refrigerators are available for less than $1,000 from budget brands, large walk-in refrigerators can be priced anywhere from $10,000 – $20,000 or more.

To give you an idea of how much you can expect to pay, the table below shows prices for a selection of one-door, two-door and three-door commercial refrigerators, including both display and reach-in models.

*Price data from ChefEquipment.com as at May 12, 2025.

Can you finance a commercial fridge with bad credit?

Yes, it is possible to get bad credit commercial fridge financing. While traditional lenders like banks and credit unions typically won’t be able to help you, some alternative lenders and equipment finance providers offer bad credit financing solutions.

Instead of focusing on your credit history, these lenders will consider your business revenue and overall financial health to determine whether you’ll be able to afford repayments.

But bad credit financing has its drawbacks. High interest rates and fees apply, so your loan will cost more to repay. You may also need to take out a secured loan using the commercial refrigeration equipment as collateral.

Can you finance a commercial fridge with no credit check?

It’ll be difficult to get commercial fridge financing without going through a credit check. Business loan lenders in Canada, including non-traditional lenders, require a credit check so they can properly assess your financial situation. If you encounter a company advertising no credit check, especially for an interest rate or refrigerator price that seems too good to be true, be careful because it could be a scam.

How much does it cost to run a commercial refrigerator?

There are several factors that affect how much it will cost your business to run a commercial refrigerator in Canada. These include:

• The capacity of the refrigerator
• How energy efficient it is
• How the fridge is used, such as the temperature it is set at and how often it is opened and closed
• Where your business is located and the local electricity rates

It’s worth noting that commercial refrigerators that are ENERGY STAR certified are 20% more energy efficient than conventional models. According to the ENERGY STAR website, this could save your business:

• Over $40 annually, and $350 on utility bills over the lifetime of a commercial solid door refrigerator.
• Almost $50 annually, and $430 on utility bills over the lifetime of a commercial glass door refrigerator.

Vertical solid-door and transparent-door ENERGY STAR certified commercial refrigerators in Canada range in energy consumption from 0.41kWh to 8.66kWh per day.

To give you an idea of the cost of running a commercial refrigerator, let’s say you choose a True Refrigeration GDM-41-HC-LD glass double sliding door display refrigerator, which consumes 2.92kWh per day. Assuming electricity rates at the national average of 19.2 cents per kWh, this model will cost $204.63 per year to run.

Should you lease or finance a commercial fridge?

Not sure whether you should lease or finance your commercial refrigerator? Both approaches have their pros and cons, so the right option for you will depend on your business.

Leasing removes the need for you to fork out a large amount of money upfront, helping you manage business cash flow, and you can upgrade to the latest and most energy-efficient equipment once the lease ends. Repair and maintenance costs may also be included in the lease, helping your bottom line.

On the other hand, financing a commercial fridge also allows you to pay off your purchase over time. And once you’ve paid it off in full, your business owns that asset. You have the flexibility to sell it if you want, but by the time you’ve paid it off, there may be more reliable and energy-efficient options on the market.

Ultimately, make sure you compare a range of commercial refrigerator financing and leasing options to find the best fit for your business.

Frequently asked questions

• How long does a commercial refrigerator last?

  Provided you stay on top of maintenance, most commercial refrigerators can last 10 to 15 years. In some cases, you may get 20 years of use out of a commercial fridge.

• Can I finance a used commercial fridge?

  Yes, used commercial refrigerator financing is available through fridge and food equipment retailers and alternative lenders. A used fridge can be significantly cheaper to buy upfront compared to a new appliance, but you'll need to consider repair and maintenance costs as well as the energy efficiency of a used refrigerator before deciding if it's right for you.

• Can I get 0% commercial refrigerator financing?

  Yes, some commercial fridge manufacturers and retailers provide access to 0% financing offers through their lending partners. However, you'll typically need excellent credit to qualify for 0% interest.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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