When interest rates drop, lease payments on new equipment may also go down. Ask the leasing company if your lease can be modified when there's a drop in interest rates. If not, you may want to look into financing with a bank and buying out the lease. Any equipment you lease will need to be insured against risk of loss or casualty. You're generally given the options to include the equipment under your company's liability insurance or take out a policy with the lessor.
Tax laws vary between true leases and purchase contracts.
Consult your tax adviser if you're concerned about tax implications. If you need unusual or specialized equipment, you may be charged a higher rate or need to prove extraordinary creditworthiness. Independent leasing companies rarely charge an application fee. However, if you're leasing through the lending division of a large financial institution, an application fee may be required. Beware of any clause in the leasing agreement that requires you to provide a higher degree of maintenance than would be necessary if you owned the equipment.