This study aims to determine the effectiveness of two alternative financing is leasing and long-term debt. This type of research is descriptive research with case study approach. Data analysis techniques in this study use financial ratio analysis, procurement of fixed assets, leasing financing, long-term debt financing, and the financing source selection. This case study is PO. Anto Wijaya Tour Ponorogo as the company engaged in the transportation field. The results of these studies show that analysis of decision making alternative sources of funding are the most profitable for the company to use a comparison method by comparing the cash outflow cash outflow sources of financing cash outflow leasing with long-term debt financing. The funding source has the smallest present value cash outflow that will be used by the PO. Anto Wijaya Tour in the procurement of fixed assets. Based on the calculation and analysis procedures in terms of financing leasing is more effective than an alternative long-term debt.