Top Lease Buyout Loans of November 2023
Here's what to expect as you shop for a car lease buyout loan.
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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
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
3.5 /5 | 4.54-16.29% | $5,000-$100,000 | 580 | Learn moreon RefiJet's website on RefiJet's website | |
4.5 /5 | 5.49-21.99% | $5,000-$100,000 | 575 | Learn moreon MyAutoloan's website on MyAutoloan's website | |
5.0 /5 | 8.74-17.19% | $5,000-$100,000 | 660 | Learn moreon LightStream's website on LightStream's website |
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.
RefiJet - Lease buyout loan
4.54-16.29%
$5,000-$100,000
580
- 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.
- Charges an origination fee of up to $495.
- Fully online application not available for applicants who prefer it.
- 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%.
MyAutoloan - Lease buyout loan
5.49-21.99%
$5,000-$100,000
575
- 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.
- Not available in Hawaii or Alaska.
- Customer service not available on weekends.
- Doesn’t provide Spanish version of website.
- 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.
Gravity Lending – Lease buyout loan
5.74-14.99%
$10,000-$200,000
580
- 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.
- 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.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Minimum 2-year discharge.
- Maximum loan-to-value ratio: 150%.
RateGenius - Lease buyout loan
4.67-23.80%
$8,000-No max.
550
- Network lenders offer a rate discount with automatic payment.
- Most lending partners pre-qualify using a soft credit check.
- Customer service available on Saturday.
- A Social Security number is not required to see pre-qualified offers.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
- Maximum mileage: No maximum for lease buyout loans.
- Maximum loan-to-value ratio: 150%.
Tresl - Lease buyout loan
4.67-23.80%
$8,000-No max.
550
- Applicants work with a dedicated advisor throughout the refinancing process.
- Most lenders pre-qualify using a soft credit check.
- Applicants typically receive multiple pre-qualification offers.
- A Social Security number is not required to see pre-qualified offers.
- Network lenders offer a rate discount with automatic payment.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
- Maximum mileage: No maximum for lease buyout loans.
- Maximum loan-to-value ratio: 150%.
Autopay - Lease buyout loan
4.67-23.80%
$8,000-No max.
550
- Offers pre-qualification with a soft credit check with most lenders.
- Fully online application available.
- Allows co-borrowers and co-signers.
- Some lenders offer a rate discount with automatic payment.
- Available in all states. Customer service available on weekends.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: Varies by lender.
- Maximum debt-to-income ratio: 50%.
- Bankruptcy restrictions: Most lenders have restrictions, but they vary by lender.
- Maximum mileage: No maximum for lease buyout loans.
- Maximum loan to value ratio: 150%.
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.
LightStream - Lease buyout loan
8.74-17.19%
$5,000-$100,000
660
- 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.
- Doesn’t offer pre-qualification with a soft credit check.
- Doesn’t provide a Spanish version of website.
- 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.
Ally - Lease Buyout Loan
10.19-24.74%
$7,500-$99,999
520
- Application process 100% online including document upload.
- Applicants can pre-qualify with a soft credit check.
- Application automatically pulls in vehicle information for existing Ally lease.
- Social Security number not required to see pre-qualified offers.
- Borrowers can choose loan payment due date.
- No rate discounts.
- Has vehicle restrictions.
- Lowest loan term is 36 months.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: Did not disclose.
- Bankruptcy restrictions: Has bankruptcy restrictions but did not disclose details.
- Maximum mileage: 121,001.
- Maximum loan to value ratio: 155%.
Digital Federal Credit Union - Lease buyout loan
6.49-15.24%
$2,500-$500,000
600
- Offers rate estimates through online refi application 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 and co-borrowers.
- Credit union membership is required, but it can be set up after applying for a loan.
- Social Security number required with initial application.
- Minimum annual gross income: $6,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: There is a 12-24 month waiting period after the bankruptcy depending on credit score.
- Maximum mileage: 250,000 miles.
- Maximum loan to value ratio: 130%.
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 October 20, 2023
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.
NerdWallet's Top Lease Buyout Loans of November 2023
- RefiJet - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- MyAutoloan - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- LightStream - Lease buyout loan: Best for Lease buyout loans with direct lenders
- Gravity Lending – Lease buyout loan: Best for Lease buyout loans through loan aggregators
- RateGenius - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Ally - Lease Buyout Loan: Best for Lease buyout loans with direct lenders
- Tresl - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Autopay - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Digital Federal Credit Union - Lease buyout loan: Best for Lease buyout loans with direct lenders
