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Top Lease Buyout Loans of June 2024

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

NerdWallet
By
Last updated on May 17, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

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Top Lease Buyout Loans

Lender
NerdWallet Rating
Est. APR
Loan amount
Min. credit score
Learn more
Gravity Lending – Lease buyout loan

Gravity Lending – Lease buyout loan

Learn more
on Gravity Lending's website
on Gravity Lending's website
View details
Best for Lease buyout loans through loan aggregators

4.99-14.99%

$3,000-$250,000

500

Learn more
on Gravity Lending's website
on Gravity Lending's website
RefiJet

RefiJet - Lease buyout loan

5.0
/5
Best for Lease buyout loans through loan aggregators

5.29-21.99%

$5,000-$150,000

500

MyAutoloan

MyAutoloan - Lease buyout loan

4.5
/5
Best for Lease buyout loans through loan aggregators

5.90-29.90%

$5,000-$100,000

575

Our pick for

Lease buyout loans through loan aggregators

Aggregators connect prospective borrowers with a network of auto lenders, usually resulting in more than one loan offer. We evaluate them using different criteria than direct lenders.

Gravity Lending – Lease buyout loan
Learn more
on Gravity Lending's website
on Gravity Lending's website
Gravity Lending – Lease buyout loan

Gravity Lending – Lease buyout loan

4.5
Est. APR

4.99-14.99%

Loan amount

$3,000-$250,000

Min. credit score

500

RefiJet

RefiJet - Lease buyout loan

Est. APR

5.29-21.99%

Loan amount

$5,000-$150,000

Min. credit score

500

MyAutoloan

MyAutoloan - Lease buyout loan

Est. APR

5.90-29.90%

Loan amount

$5,000-$100,000

Min. credit score

575

Tresl

Tresl - Lease buyout loan

Est. APR

4.67-23.80%

Loan amount

$8,000-No max.

Min. credit score

550

Auto Approve - Lease buyout loan

Auto Approve - Lease buyout loan

Est. APR

5.24-24.99%

Loan amount

$6,000-$150,000

Min. credit score

620

RateGenius

RateGenius - Lease buyout loan

Est. APR

4.67-23.80%

Loan amount

$8,000-No max.

Min. credit score

550

Autopay
GET MORE QUOTES
on MyAutoloan's website
Read review
Autopay

Autopay - Lease buyout loan

Est. APR

4.67-23.80%

Loan amount

$8,000-No max.

Min. credit score

550

Our pick for

Lease buyout loans with direct lenders

Direct lenders are banks, credit unions and other companies that work directly with a borrower to make and service loans. We evaluate them using different criteria than aggregators.

Ally - Lease buyout loan

Ally - Lease buyout loan

Est. APR

8.29-23.09%

Loan amount

$7,500-$99,999

Min. credit score

520

LightStream

LightStream - Lease buyout loan

Est. APR

7.99-15.94%

Loan amount

$5,000-$100,000

Min. credit score

660

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 May 17, 2024

Methodology

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a provider must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered and our processes, read our full methodology for rating direct lenders and our full methodology for rating aggregators.

To recap our selections...

NerdWallet's Top Lease Buyout Loans of June 2024

  • Gravity Lending – Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • RefiJet - Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • MyAutoloan - Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • Tresl - Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • Auto Approve - Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • Ally - Lease buyout loan: Best for Lease buyout loans with direct lenders
  • LightStream - Lease buyout loan: Best for Lease buyout loans with direct lenders
  • RateGenius - Lease buyout loan: Best for Lease buyout loans through loan aggregators
  • Autopay - Lease buyout loan: Best for Lease buyout loans through loan aggregators
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