An equipment lease is a method of financing the purchase of company vehicles, plant and office equipment. The leased equipment is still owned by the bank or finance company until the expiry of the lease term.

Consider a plant & equipment lease when you either cannot, or prefer not to, cover the capital cost of purchasing equipment outright.

There are advantages in leasing including some tax benefits and the security of making regular planned payments without the intrusion of unexpected repairs and maintenance costs. You are also able to use the most up to date equipment available.

If the lease terms are complicated, get advice from a solicitor.