Equipment Finance Agreement or EFA is simply a loan. One of the primary differences between a lease and a loan is who has title to the equipment. In a lease, the lender holds title to the equipment and transfers it to the lessee when the lease is satisfied. In an EFA, rather than having title to the equipment, the lender or Creditor places a lien against the equipment. When the loan is satisfied, the lien is released thus giving the customer free and clear title to the equipment. EFA’s are often used to finance motor vehicles or other types of equipment.