In this thesis, the financial leasing contract of company X that decided to acquire a machine, was evaluated. The main concern is whether to obtain the use of the machine by leasing or borrov;ing to buy. By comparing these two alternatives, the economic attractiveness or profitability of the two alternatives is analysed. These evaluations done by using three different borrowing rates and for two tax paying positions. The value of lease obtained for each case and three different discount rate are compared, the econonically benefitable alternative is analysed under Turkish legal framework.