What is an asset lease?
An asset lease gives your business the exclusive right to use an asset for a period of time.
The lender purchases the asset on your behalf and allows you to use it in return for monthly lease payments. At the end of the lease, you may be able to buy the asset at an agreed price, return it, renew your lease agreement, or make a new agreement with different assets.
Leases can be used to finance all kinds of business vehicles and equipment, including cars, trucks, forklifts, communication systems, and office equipment. Finance is usually secured against the leased equipment.