Leasing is good for small companies or individuals without assets to back up a bank loan. With leasing, the leasing company retains ownership of the equipment to the very end of the lease and usually offers a simple & cheap buyout. This allows the leasing company to repossess the equipment for non-payment, without going to court first. Bank loans are to you, and the bank usually only has a security interest in the equipment, through a "UCC-1 filing".
Local banks sometimes offer leases or other financing of office & shop equipment at reasonable terms. The test equipment vendor usually can arrange lease financing, as they often times provide "recourse" to the lender.
My first lease was in 1976 for a Wang computer system that cost more than my home. It was through Bank of America.
Always read the terms and do not go with a bad deal. Make sure you can pay off the lease/financing with insurance proceeds should your equipment be destroyed by a fire, or by theft, without paying the interest for the full finance term.