BEST OF

9 Top Lease Buyout Loans of July 2022

Here's what to expect as you shop for a car lease buyout loan.

Mar 24, 2022

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A car lease buyout loan finances the purchase of your leased vehicle, allowing you to keep a car you like or turn around and sell it on your own. Not all auto lenders make lease buyout loans.

A lease buyout is a good idea if the price is less than you would pay for the same vehicle on a dealer’s lot, or if you can avoid significant penalties for mileage and wear.

You can buy your leased vehicle at the end of the term for its residual value — the car’s projected value at the end of the lease — plus any fees, or before then at its lease buyout price, which is based on its residual value and the remaining lease payments. Either way, you would pay sales tax on the residual value.

Below you’ll find lenders who will finance a lease buyout and the requirements they typically impose, as well as current lease buyout loan rates.

Top Lease Buyout Loans

Our picks for

comparing offers from multiple lenders

These marketplaces give you access to a network of lenders with a single application.

RefiJet
Learn more

on RefiJet's website

RefiJet - Lease buyout loan

RefiJet

Est. APR

1.99-17.99%

Loan amount

$5,000-$100,000

Min. credit score

500
Learn more

on RefiJet's website


Min. credit score

500

Key facts

Best for applicants wanting hands-on assistance through the lease buyout process, including the title transfer. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Charges an origination fee of $395.

  • Not available in a few states.

  • Fully online application not available for applicants who prefer it.

Qualifications

  • Minimum annual gross income: No minimum.

  • Maximum debt-to-income ratio: 70%.

  • No open or discharged bankruptcies in last 12 months.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

Read Full Review
RateGenius
Learn more

on RateGenius' website

RateGenius - Lease buyout loan

RateGenius

Est. APR

1.99-16.00%

Loan amount

$12,000-$100,000

Min. credit score

500
Learn more

on RateGenius' website


Min. credit score

500

Key facts

Best for applicants who want guidance through the lease buyout process, including the title transfer, and Saturday access to customer service. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Customer service available on Saturdays.

  • Some network lenders offer rate discount with automatic payment.

  • RateGenius handles title transfer.

Cons

  • May charge origination fee up to $395.

  • Minimum loan amount is higher than other lenders.

  • Mileage restrictions are lower than other lenders.

Qualifications

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: 65%.

  • No open bankruptcies. Most lenders will review dismissed or discharged bankruptcies.

  • Maximum mileage: 100,000.

  • Maximum loan to value ratio: 150%.

Read Full Review
Tresl
Learn more

on Tresl's website

Tresl - Lease buyout loan

Tresl

Est. APR

1.49-17.99%

Loan amount

$5,000-$100,000

Min. credit score

580
Learn more

on Tresl's website


Min. credit score

580

Key facts

Best for applicants who want guidance through the lease buyout and title transfer process. Applicants with bad or fair credit may qualify.

Pros

  • Applicants can prequalify with a soft credit check.

  • Application process 100% online including document upload.

  • Tresl matches applicants to best loan offers from lender network.

  • Minimum loan amount is lower than other lenders.

Cons

  • Borrower unable to choose loan payment date in most cases.

  • Some partner lenders charge application fee.

  • 24-month loan term not offered.

Qualifications

  • Minimum annual gross income: $18,000.

  • Maximum debt-to-income ratio: 55%.

  • No open bankruptcies.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 150%.

Read Full Review
MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - Lease buyout loan

MyAutoloan

Est. APR

2.09-21.99%

Loan amount

$8,000-$100,000

Min. credit score

575
Learn more

on MyAutoloan's website


Min. credit score

575

Key facts

Best for applicants wanting to quickly receive lease buyout loan offers from multiple lenders. Bad- and fair-credit borrowers may qualify.

Pros

  • Applicants can receive up to four lender matches with a soft credit check.

  • Most lenders can provide approval within 30 seconds of application submission.

  • Provides lowest daily rates on site, including lease buyout loans.

  • Funds to pay off lease usually available within 24 hours.

  • Allows co-signers.

Cons

  • May result in multiple contacts from different lenders.

  • Social Security number required to submit initial application.

  • myAutoloan.com offers limited customer service support.

  • Not available in a few states.

Qualifications

  • Minimum annual gross income: $21,600.

  • Maximum debt-to-income ratio: Not provided.

  • Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: Not provided.

Read Full Review

Autopay - Lease buyout loan

Autopay

Est. APR

1.99-17.99%

Loan amount

$2,500-$100,000

Min. credit score

560

Min. credit score

560

Key facts

Best for refinance applicants with fair credit who want to quickly compare offers.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Borrower can choose loan payment date.

  • Allows co-signers.

  • Customer service available on Saturday.

Cons

  • Loan approval takes 24-48 hours, longer than other lenders.

  • Loan funding can take 1-2 weeks, longer than other lenders.

  • May charge an origination fee. Amount not provided.

Qualifications

  • Minimum annual gross income: Varies by lender.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy restrictions: Varies by lender.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

Read Full Review

Our picks for

applying directly to a lender

LightStream
Learn more

on LightStream's website

LightStream - Lease buyout loan

LightStream

Est. APR

5.49-10.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Learn more

on LightStream's website


Min. credit score

660

Key facts

Best for borrowers with good or excellent credit looking for fast, flexible financing to purchase their leased vehicle.

Pros

  • Offers rate discount with automatic payment.

  • Has a loan experience satisfaction guarantee.

  • No origination or late fees.

  • Available in all 50 states.

  • No vehicle restrictions.

Cons

  • Rate for excellent-credit borrowers higher than similar lenders.

  • Hard credit inquiry required.

  • High minimum credit score required.

Qualifications

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy restrictions: Yes. Details not disclosed.

  • Maximum mileage: None.

  • Maximum loan to value ratio: None.

Read Full Review

Digital Federal Credit Union - Lease buyout loan

DigitalFederalCreditUnion

Est. APR

1.99-11.24%

Loan amount

$2,500-$500,000

Min. credit score

Did not disclose

Min. credit score

Did not disclose

Key facts

Best for applicants who may need more flexibility to finance the purchase of their leased car.

Pros

  • Offers rate estimates through website using a soft credit check.

  • Maximum vehicle mileage higher than other lenders.

  • Offers shorter term loans.

  • Application process can be 100% online.

  • Has a 24-hour access consumer loan call center.

  • Offers two opportunities for discounts on already low rates.

  • Allows co-signers.

Cons

  • Credit union membership required to get a loan.

  • Social Security number required with initial application.

Qualifications

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: 60%.

  • Bankruptcy restrictions: No bankruptcies in the previous 12 months.

  • Maximum mileage: 250,000.

  • Maximum loan to value ratio: 135%.

Read Full Review

PenFed Credit Union - Lease buyout loan

PenFed Credit Union

Est. APR

1.79-17.99%

Loan amount

$500-$100,000

Min. credit score

Did not disclose

Min. credit score

Did not disclose

Key facts

Best for applicants wanting to quickly see preapproved offers for auto lease buyout loans.

Pros

  • Provides up to six offers with various rates and terms using a soft credit check.

  • Application process can be 100% online.

  • Customer service available seven days a week.

Cons

  • Credit union membership required to get a loan.

  • Social Security number required with initial application.

Qualifications

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy restrictions: Did not disclose.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: 125%.

Read Full Review

Bank of America - Lease buyout loan

BankofAmerica

Est. APR

N/A

Loan amount

$7,500-Max. not disclosed

Min. credit score

Did not disclose

Min. credit score

Did not disclose

Key facts

Best for applicants wanting to quickly determine if they qualify for a lease buyout loan and at what rate.

Pros

  • Apply online, by phone or in a financial center.

  • Usually provides loan decision within 60 seconds of application submission.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Social Security number required to submit initial application.

  • Minimum loan amount is higher than other lenders.

Qualifications

  • Minimum annual gross income: Did not disclose.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy restrictions: Did not disclose.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: Did not disclose.

Read Full Review

When applying for a lease buyout loan

A lease buyout loan is a secured loan. That means the lender takes title to the car as collateral while you make payments. Applying for a lease buyout loan is similar to applying for other types of auto loans, with a few differences. Here’s how to prepare.

Know your current credit score and history. You will need this information to know whether you will qualify for a lease buyout loan.

  • Check your credit score. You may qualify with scores in the low 500s, but the best rates will go to those with good to excellent credit.

  • Make sure you have a history of on-time payments with your current lease. Most contracts state that you can’t pay off your lease if it isn’t current.

Gather documents and information. The information requested on applications may differ by lease buyout lender, but you’ll likely need:

  • Your driver’s license and car insurance card.

  • Personal information such as your address, monthly housing payment and amount of time you’ve lived there. If you’ve moved recently, you’ll need information on your previous address. Some lenders will also ask for your Social Security number.

  • Employment information, including gross monthly income.

Have a copy of your current lease contract. It’s a good idea to check for any contractual requirements you must meet before you can buy the vehicle. You will also want to have:

  • The amount you still owe on the leased vehicle, the lease expiration date and name of the lease company. You can call the lease company to ask for the current buyout price. You can estimate the amount with a lease buyout calculator.

  • The residual value as stated in the original lease.

  • Leased vehicle information including year, make, model, mileage and Vehicle Identification Number (VIN).

  • Name of person on the lease. When buying out a lease, the vehicle typically must be titled under the same name it was leased. Some states allow you to change this with a power of attorney or a release from the finance company.

Last updated on March 24, 2022

To recap our selections...

NerdWallet's Top Lease Buyout Loans of July 2022