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A finance lease is often used to finance the initial purchase of assets for use in a business. However, it is also possible for existing assets to be sold to a finance lessor and then leased back without them ever leaving the lessee's business premises perhaps to refinance existing borrowing or to obtain general business finance. For accounting purposes a leaseback may be classified as either a finance lease or an operating lease. A finance lease is a lease that transfers substantially all the risks and rewards of ownership of an asset to the lessee. All other leases are operating leases. The lease type is defined independently by the lessor and lessee. So a lease may be a finance lease for the lessor but an operating lease for the lessee and vice versa.

Special provisions can apply to finance leasebacks and leasebacks which are not finance leases, though not all provisions apply to both.