BEST OF

10 Top Lease Buyout Loans of February 2023

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

By Shannon Bradley  

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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.

>>MORE: What is a lease buyout?

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 pick for

comparing offers from multiple lenders

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
RefiJet
Learn more

on RefiJet's website

RefiJet - Lease buyout loan

RefiJet

Est. APR

3.24-15.99%

Loan amount

$5,000-$100,000

Min. credit score

550
Learn more

on RefiJet's website

Min. credit score

550

Key facts

Best for applicants wanting hands-on assistance through the lease buyout process, including the title transfer.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Available in all states.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Charges an origination fee of up to $395.

  • 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
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

1.99-21.00%

Loan amount

$5,000-$100,000

Min. credit score

575
Learn more

on MyAutoloan's website

Min. credit score

575

Key facts

Best for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.

Pros

  • Some lending partners offer pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • No origination fees.

  • Fully online application available for applicants who prefer it.

  • Co-borrowers or co-signers are allowed in nearly all cases.

Cons

  • Not available in Hawaii or Alaska.

  • Customer service not available on weekends.

  • Doesn’t provide Spanish version of website.

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
Gravity Lending – Lease buyout loan
Learn more

on Gravity Lending's website

Gravity Lending – Lease buyout loan

Gravity Lending – Lease buyout loan

Est. APR

5.04-14.99%

Loan amount

$10,000-$200,000

Min. credit score

580
Learn more

on Gravity Lending's website

Min. credit score

580

Key facts

Best for applicants looking for assistance during the lease buyout loan application process.

Pros

  • Offers pre-qualification with a soft credit check.

  • Most network lenders offer rate discount with automatic payment.

  • No origination fee.

  • Available in all 50 states.

Cons

  • Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.

  • Minimum loan amount is higher than that of some other lenders.

  • Mileage restrictions are lower than those of other lenders.

Qualifications

  • Minimum annual gross income: $24,000.

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

  • Bankruptcy restrictions: Minimum 2-year discharge.

  • Maximum loan-to-value ratio: 150%.

Read Full Review
LendingArts
Read review

Lending Arts - Lease Buyout loan

LendingArts

Est. APR

5.44-21.00%

Loan amount

$5,000-$150,000

Min. credit score

548
Read review

Min. credit score

548

Key facts

Best for applicants who want to pre-qualify and see the best lease buyout loan offer from a network of lenders.

Pros

  • Application process is 100% online, including document upload.

  • Pre-qualification with a soft credit check is available with most network lenders.

  • Borrowers are able to choose the loan payment due date.

  • Allows co-signers and co-borrowers.

  • Customer service available on Saturday.

  • Limits borrower contact from network lenders.

Cons

  • Charges an origination fee of $499.

  • A few network lenders may use a hard credit inquiry for pre-qualification.

  • Provides only one pre-qualified offer.

Qualifications

  • Minimum annual gross income: There is no minimum income requirement.

  • Maximum debt-to-income ratio: 50% for most lending partners, but one will go to 90% for borrowers with good credit.

  • Bankruptcy restrictions: Nearly all of Lending Arts’ partners have bankruptcy-related restrictions. Most have a waiting period of 12 months after bankruptcy. One lender only requires the bankruptcy to be discharged.

  • Maximum loan-to-value ratio: 155%.

Read Full Review

Our pick for

applying directly to a lender

LightStream
Learn more

on LightStream's website

LightStream - Lease buyout loan

LightStream

Est. APR

6.99-14.74%

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 wanting to buyout a leased vehicle without restrictions on the type, age or mileage of the vehicle.

Pros

  • Available in all states.

  • Customer service available on Saturday.

  • No origination fee.

  • Fully online application available.

  • Co-borrowers or co-signers allowed.

  • No vehicle restrictions.

  • No down payment requirements.

Cons

  • Doesn’t offer pre-qualification with a soft credit check.

  • Doesn’t provide a Spanish version of website.

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

Want to compare more options? Here are our other top picks:

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 January 13, 2023

To recap our selections...

NerdWallet's Top Lease Buyout Loans of February 2023