Equipment leases for your business allow you to lease current technology (computers, printers, servers, telephone systems), equipment, and machinery, and pay for it over time rather than making a large initial investment to purchase the equipment. Options for service and repair of the leased equipment, and periodic upgrades of the equipment are often included in equipment leases at an additional cost. Your lease payments are generally secured by the equipment, and the leasing company (lessor) will have the right to remove the equipment from your business if you fail to make the lease payments on time. And at the end of the equipment lease you may have the opportunity to purchase the equipment at an agreed price, or at a fair market value.

In Virginia, equipment leases are contractual agreements where a business can lease technology and machinery, paying over time instead of making a large upfront purchase. These leases often include options for service, repair, and periodic upgrades, usually at an extra cost. Lease payments are typically secured by the equipment itself, meaning that if the business fails to make payments on time, the leasing company has the right to repossess the equipment. At the end of the lease term, the business may have the option to purchase the leased equipment at a predetermined price or at its fair market value. Virginia's Uniform Commercial Code (UCC) governs the leasing of goods, and businesses should ensure that they understand the terms of the lease, including their rights and obligations, as well as the lessor's rights, such as repossession rights in the event of default.