What are the Differences between Leasing and Credit?

[Suba]

In the business world, we often hear the terms leasing and credit or installment purchases where we often apply to buy cars, motorbikes, etc. on credit. While leasing is often used by companies to finance large assets such as buildings, heavy equipment, factory machines, vehicles, etc.
Unfortunately, many people are still confused by the terms leasing and credit, even many people think these two terms have the same meaning. So can you explain the difference between leasing and credit?

 

[King Belieal]

Leasing is like having to rent maybe land or machinery. It always involves some payment to use that thing for a long time. Credit is when you get something to pay later.

 

[Augusta]

with credit, you are borrowing money to purchase a thing and you become the owner. With leasing, you are renting the thing from the leasing company for a specific period and mileage, and they retain ownership.