- Financing for the business of renting houses or lands for a specified period of time and also hiring out of an asset for the duration of its economic life. Leasing of a car or heavy machinery for a specific period at specific price is an example.
- A Finance Lease (or Capital Lease) is a lease that is primarily a method of raising finance to pay for assets, rather than a genuine rental.
- It is a commercial arrangement where:
- The lessee (customer or borrower) will select an asset (equipment, vehicle, software);
- The lessor (finance company) will purchase that asset;
- The lessee will have use of that asset during the lease;
- The lessee will pay a series of rentals or instalments for the use of that asset;
- The lessor will recover a large part or all of the cost of the asset plus earn interest from the rentals paid by the lessee
You can also see the below video to have a better understanding.
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