BEST OF

6 Best Lease Buyout Loans of October 2021

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

Shannon BradleyJul 23, 2021

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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.

Summary of Best Lease Buyout Loans of October 2021

Our picks for

Comparing offers from multiple lenders

These marketplaces give you access to a network of lenders with a single application. Have loan and vehicle information ready.

Tresl
Learn more

on Tresl's website

Tresl - Refinance loan

Tresl

Est. APR

1.99 - 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 looking for hands-on help with the refinancing process from beginning to end. Applicants with bad or fair credit may qualify.

Pros

  • Applicants can prequalify with a soft credit check.

  • Application process 100% online including document upload.

  • 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
RefiJet
Learn more

on RefiJet's website

RefiJet - Refinance loan

RefiJet

Est. APR

2.45 - 17.99%

Loan Amount

$7,500 - $150,000

Min. Credit Score

500
Learn more

on RefiJet's website


Min. Credit Score

500

Key facts

Best for fair or good-credit refinance applicants who want to shop rates.

Pros

  • Prequalify with a soft credit check.

  • Offers marketplace to compare loans from multiple lenders.

Cons

  • Offers loan terms over 60 months.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum vehicle age: 10 years.

  • Maximum mileage: 200,000.

  • Maximum loan to value ratio: 150%.

Read Full Review
RateGenius
Learn more

on RateGenius's website

RateGenius - Refinance loan

RateGenius

Est. APR

1.99 - 16.00%

Loan Amount

$12,000 - $100,000

Min. Credit Score

550
Learn more

on RateGenius's website


Min. Credit Score

550

Key facts

Best for fair or good-credit refinance applicants who don’t mind checking rates with a hard credit pull.

Pros

  • Offers marketplace to compare loans from multiple lenders.

  • Available in all 50 states.

Cons

  • Hard credit check required.

  • Vehicle restrictions.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum vehicle age: 7 years.

  • Maximum mileage: 100,000.

  • Maximum loan to value ratio: 120%.

Read Full Review
MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - Refinance loan

MyAutoloan

Est. APR

2.05 - 29.40%

Loan Amount

$5,000 - $99,000

Min. Credit Score

575
Learn more

on MyAutoloan's website


Min. Credit Score

575

Key facts

Best for borrowers who want to save time rate shopping.

Pros

  • Offers marketplace to compare loans from multiple lenders.

  • Allows co-signers.

Cons

  • Vehicle restrictions.

  • Expect multiple contacts from lenders.

Qualifications

  • Minimum monthly income: $1,800.

  • Maximum vehicle age: 10 years.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: 140%.

Read Full Review
Autopay
Learn more

on Autopay's website

Autopay - Refinance loan

Autopay

Est. APR

1.99 - 17.99%

Loan Amount

$2,500 - $100,000

Min. Credit Score

600
Learn more

on Autopay's website


Min. Credit Score

600

Key facts

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

Pros

  • Prequalify with a soft credit check.

  • Offers marketplace to compare loans from multiple lenders.

  • Allows co-applicants.

Cons

  • Offers loan terms over 60 months.

  • Vehicle restrictions.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum vehicle age: 11 years.

  • Maximum vehicle mileage: 125,000.

  • Maximum loan to value ratio: Did Not Answer.

Read Full Review

Our pick for

Applying directly with a lender

Have vehicle and loan information ready.

LightStream
Learn more

on LightStream's website

LightStream - Refinance loan

LightStream

Est. APR

2.99 - 9.99%

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 credit looking for fast refinancing with maximum flexibility.

Pros

  • Low starting rates.

  • Available in all 50 states.

  • No vehicle or mileage restrictions.

Cons

  • Hard credit check required.

  • High minimum credit score required.

Qualifications

  • Minimum monthly income: None.

  • Maximum vehicle age: None.

  • Maximum mileage: None.

  • Maximum loan to value ratio: None.

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 if you will even 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 finance company release.

Last updated on July 23, 2021

To recap our selections...

NerdWallet's Best Lease Buyout Loans of October 2021