An equipment finance agreement is an alternative to the traditional lease, and it is very similar to a loan.
- Fixed monthly payments
- Terms ranging from 12 to 72 months
The EFA terms and conditions is similar to a lease, but it is not a lease.
At the conclusion of the equipment finance agreement, you have no future financial obligations to the lender.
Unlike a lease, an EFA will not have a buyout at the end of the term; whereas, with a lease, there will usually be a buyout to own the equipment.