Best Lease Buyout Loans of 2022

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Lease buyout loans help you buy the car you’re leasing when your lease expires. It can be a great way to keep a car you love if it makes financial sense. If you’re looking for a loan to buyout your lease, here are your top options.

Best Lease Buyout Loan Rates and Options

  • RECOMMENDED
  • EST. APR
  • LOAN AMOUNT

Top Lease Buyout Loans

Best for Comparing Lease Buyout Loans
Tresl Lease Buyout Loans
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On Tresl 's Secure Website
Tresl
  • LOAN AMT.
    $5,000 - $100,000
  • EST. APR
    1.49 – 17.99%
  • Learn More
  • Auto Loan Details

Tresl is a marketplace for auto loan refinancing and lease buyout loans. They work with 20+ lenders to help match you with the right lender. It’s a great service to use to get pre-approved and compare offers from several lenders with one application. They also work with borrowers with bad and fair credit, giving you more options.

>> More: Tresl Auto Loans Review

Best for Comparing Lease Buyout Loans
RefiJet Lease Buyout Loans
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On RefiJet's Secure Website
RefiJet
  • LOAN AMT.
    $5,000 - $100,000
  • EST. APR
    1.99% - 17.99%
  • Learn More
  • Auto Loan Details

RefiJet is a loan marketplace, but they don’t operate online. If you want to apply for a lease buyout loan with one of their 20+ lenders, you’ll talk to a loan officer over the phone. They match you with lenders that do a soft credit pull to pre-qualify you for a loan. You’re presented with your options and can choose (or not choose) from the options. You aren’t obligated to take any of the offers. The lenders have lenient guidelines, including credit scores as low as 500 and debt-to-income ratios up to 70%.

>> More: RefiJet Review

Best for Comparing Lease Buyout Loans
RateGenius Lease Buyout Loans
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On RateGenius's Secure Website
RateGenius
  • LOAN AMT.
    $12,000 - $100,000
  • EST. APR
    1.99% - 16%
  • Learn More
  • Auto Loan Details

If you’re looking for a company with many options for lease buyout loans, look no further than RateGenius. They work with 180+ lenders give you many options even if you have bad credit. Their online process is user-friendly and fast. You can also see the average APR by estimated credit score on their website so you can determine how much your payment would be to see if a lease buyout option is worth it for you.

>> More: RateGenius Review

Best for Comparing Lease Buyout Loans
Autopay Lease Buyout
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On Autopay's Secure Website
Autopay
  • LOAN AMT.
    $7,500 - $100,000
  • EST. APR
    2.15% - 17.99%
  • Learn More
  • Auto Loan Details

Autopay works with 180+ lenders to give you many options to find the right lease buyout loan. Most borrowers receive up to 4 offers from lenders, and it doesn’t affect your credit score. Autopay allows cosigners which not all lenders do, so it’s a great place to start if you know your credit isn’t good enough to qualify on your own. Autopay works in all 50 states and allows up to 50% debt ratios.

>> More: Autopay Review

Best for Direct Lease Buyout Loans
DFCU Lease Buyout Loans
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On DFCU's Secure Website
DFCU Auto Loans
  • LOAN AMT.
    $2,500 - $500,000
  • EST. APR
    1.49% - 10.74%
  • Learn More
  • Auto Loan Details

DCU is a credit union that you must be a part of to close on a loan. However, anyone can apply and join the credit union if they qualify. DCU only performs a soft credit check after providing some basic information about yourself. You’ll receive estimated APRs right away, and if you decide to move forward, DCU will then do a hard inquiry on your credit. DCU is about as flexible as it comes with qualifying guidelines, plus you get the benefit of joining a credit union if you choose their loan.

Best for Traditional Lease Buyout Loans
BoA Lease Buyout Loans
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On Bank of America's Secure Website
Bank of America
  • LOAN AMT.
    $7,500+
  • EST. APR
    Starts at 2.09%
  • Learn More
  • Auto Loan Details

Some borrowers feel better using ‘big name banks’ like Bank of America. You can apply online or in person at one of their 4,000 financial centers across the country. Because it’s a bank and not a loan aggregator, you can expect tougher qualifying requirements and a hard inquiry on your credit when you apply. If you apply with Bank of America but want other quotes, you’ll have to repeat the process with other lenders, unlike when you use a loan aggregator and complete one application.

Best for Comparing Lease Buyout Loans
MyAutoLoan.com Lease Buyout Loans
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On MyAutoLoan's Secure Website
MyAutoLoan.com
  • LOAN AMT.
    $8,000 - $100,000
  • EST. APR
    2.09% - 21.99%
  • Learn More
  • Auto Loan Details

MyAutoLoan.com is a loan aggregator that takes your application and matches you with up to 4 lenders so you can compare your options. The initial pre-qualification doesn’t affect your credit, but it will count as a credit inquiry when you work directly with that lender once you choose an offer. Once you share your information on MyAutoLoan.com, they will share your information with lenders, which means you may get phone calls or emails from them trying to get your business.

>> More: MyAutoLoan.com Review

Best for Comparing Auto Loans
LightStream Lease Buyout Loans
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On LightStream's Secure Website
LightStream Auto
  • LOAN AMT.
    $5,000 - $100,000
  • EST. APR
    3.49%+
  • Learn More
  • Auto Loan Details

LightStream caters to good credit borrowers. You’ll need at least a 660-credit score, but they prefer to work with borrowers with credit scores of 700 or higher. The low rates they advertise are for people with great credit and who choose autopay, but they do offer some of the lowest rates in the industry. LightStream allows co-signers and doesn’t have mileage maximums or minimum income requirements.

>> More: LightStream Auto Loans Review

What Documents Do You Need to Get a Lease Buyout Loan?

To get a lease buyout loan, you must prove you can afford the loan, just like if you were buying a car and needed an auto loan. Like car loans, lenders don’t require a lot of documentation, so you can typically close on a lease buyout loan quickly.

  • Proof of identity – You must provide your driver’s license to prove your identity and that you have the right to buy a car. It must be current (not expired).
  • Proof of car insurance – You must carry auto insurance by law, and your lender will want to see proof of it before they’ll finance your lease buyout.
  • Personal identifying information – You’ll complete an application that asks for your name, address, social security number, and date of birth. This is so they can pull your credit and verify that you are who you say you are.
  • Income information – You must disclose your gross monthly income (income before taxes) and your employer’s information. The lender may verify your income and employment.
  • Housing information – You must disclose if you rent or own your home. You’ll also provide any previous addresses and if you rented or owned if you haven’t been at your current address for at least two years.
  • A current copy of your lease – Your car lease contract tells lenders if you can buy out the lease, information about the vehicle, the vehicle’s residual value, and the name of the lease company to call for a current lease buyout amount.

Can I Finance a Lease Buyout?

You can finance a lease buyout in most cases. Read the fine print on your lease. Not all leasing companies allow it. You’ll see your options under the section that talks about lease expiration. Most leasing companies allow you to extend the lease, return the car, or buyout the lease.

If you’re eligible to buyout the lease, you can finance it with a company that offers lease buyout loans. Not all banks and lenders offer it, so make sure you’re clear when you contact a lender that you aren’t financing a new car, but you are buying out a lease on a car you currently drive.

Tips for Getting the Best Lease Buyout Loan

Like any loan, you should take certain steps to ensure you’re getting the best deal and your financial interests are protected.

#1. Shop Around and Compare Rates

Always get at least 2 – 4 quotes on a lease buyout loan. Like an auto loan, each lender has different requirements charges different fees and APRs.

If you shop around for a loan within four weeks or so, you’ll only get hit with one credit inquiry since the credit bureaus recognize you are shopping around. Plus, if you work with a loan aggregator or even some lenders, they only do a soft credit pull until you commit to the loan, at which point they do the hard inquiry, which dings your credit.

Look at the big picture when comparing loans. Don’t just compare APRs. Look at the fees and the loan’s total cost to decide the best option.

>> More: How to Get an Auto Loan

#2. Speak to Your Leasing Company

Always talk to your car leasing company about your options. As we said earlier, not all lease companies allow you a lease buyout. Before you go through the hassle of shopping for the right loan and getting pre-approved, make sure it’s allowed. Also, make sure you know the current value of the lease buyout, which is best found out directly from the leasing company.

#3. Make Sure It Makes Financial Sense

If you aren’t careful, you could get upside down on a lease buyout loan. This is why talking to the lease company and getting the car’s true residual value first helps. If the car’s residual value exceeds its Kelley Blue Book value, you will pay more for the car than it’s worth. Since cars are a depreciating asset, you would lose money on the deal and would likely be better off buying a different car and turning the lease in.

But, if the roles are reversed, and the residual value is less than the current market value, you come out ahead on the deal, and if the lease buyout loan terms are favorable, it could make sense.

Summary: Best Car Lease Buyout Loans

  • Tresl: Best for Comparing Lease Buyout Loans
  • RefiJet: Best for Comparing Multiple Offers
  • RateGenius: Best for Comparing Lease Buyout Loan Offers
  • Autopay: Best for Comparing Lease Buyout Loans
  • Digital Federal Credit Union: Best for Direct Lease Buyout Loans
  • Bank of America: Best for Traditional Lease Buyout Loans
  • MyAutoLoan.com: Best for Comparing Car Lease Buyout Loans
  • LightStream Auto Loans: Best for Comparing Auto Loans

Bottom Line: Best Lease Buyout Loans

Lease buyout loans can be a great way to keep a car you love if it makes financial sense. Don’t let your emotions get in the way of investing in a car that will run you down financially. Look at it logically, talk to the lease company, and research your options for a lease buyout loan with the best rate and terms.

Methodology

To select the best lease buyout loans we analyzed auto loan marketplaces and direct lenders that offer loans with competitive rates, a great user experience, and low fees. Read out strict editorial guidelines and rating methodology for auto loans to learn more about our review process and integrity.

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Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.