Equipment trust certificates are debt instruments used to finance large purchases like aircraft or shipping containers, with the assets purchased serving as collateral. Originally used to finance railway cars, equipment trust certificates today are typically used to finance aircraft and shipping container purchases for airlines and shipping companies. The certificates work by establishing a trust to hold title to the equipment, which sells certificates to investors to obtain capital for purchasing the assets; the company then makes payments to the trust, which distributes interest to creditors, until the debt is repaid and title is transferred to the company.