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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.
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
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
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
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
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.
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.
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
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