Financing is the act of providing funds for business activities, making purchases or investing. Financial institutions and banks are in the business of financing as they provide capital to businesses, consumers and investors to help them achieve their goals.
There is a large variety of financing techniques that businesses and consumers can use to receive financing; these techniques range from IPOs to bank loans. The use of financing is vital in any economic system as it allows consumers to purchase products out of their immediate reach, like houses, and businesses to finance large investment projects.
Georgia Equipment Financing Agreement
Category:
State:
Multi-State
Control #:
US-02967BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Equipment Financing Agreement?
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FAQ
EFA stands for equipment finance agreement. Unlike a lease agreement where the lessor retains ownership of the equipment and the lessee may have the option to purchase at the end of the term, under an EFA the borrower retains ownership of the equipment financed throughout the term of the agreement.
An EFA is described by industry experts to be a bridge between a lease and a loan. It has some of the characteristics of a lease, but it has the language of a loan.
An equipment finance agreement (EFA) and a loan can seem like the same thing. However, a closer look reveals that the two biggest differences between an EFA and a simple interest loan are 1.) EFAs have no stated interest rates, and 2.) there is no breakdown between principal and interest in EFA contracts.
An equipment finance agreement (EFA) is like a loan, security agreement, and promissory note all packaged together into a single document. EFAs also contain some unique features that make them one of the most popular and versatile equipment financing options.
An equipment finance agreement (EFA) is like a loan, security agreement, and promissory note all packaged together into a single document.
The two most common types are on-balance sheet capital leases and off-balance sheet operating leases.
