In leasing, the lessor’s lending policy is based on a combined analysis of the lessee credit risk and the risk associated with the financed equipment. The absence of equipment risk may allow a lender to offer financing to a borrower whose financial situation is less solid, thus providing a solution for firms without access to traditional bank loans. Although the factors determining lessors’ decisions to lend have been identified, their influence on lending rates has not been studied to the same extent. Our research, based on an empirical study of 70 leasing agreements, assesses the influence of equipment risk and lessee credit risk on the lessor’s lending rate.