10 Top Lease Buyout Loans of February 2023
Here's what to expect as you shop for a car lease buyout loan.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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 | Best for | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
| Best for comparing offers from multiple lenders | 1.99-16.00% | $12,000-$100,000 | 500 | ||
| Best for comparing offers from multiple lenders | 3.24-15.99% | $5,000-$100,000 | 550 | ||
| Best for comparing offers from multiple lenders | 1.49-17.99% | $5,000-$100,000 | 580 | ||
| Best for comparing offers from multiple lenders | 1.99-21.00% | $5,000-$100,000 | 575 | ||
| Best for applying directly to a lender | 6.99-14.74% | $5,000-$100,000 | 660 | ||
| Best for comparing offers from multiple lenders | 1.99-17.99% | $2,500-$100,000 | 560 | ||
| Best for comparing offers from multiple lenders | 5.04-14.99% | $10,000-$200,000 | 580 | ||
| Best for comparing offers from multiple lenders | 5.44-21.00% | $5,000-$150,000 | 548 | ||
| Best for applying directly to a lender | 5.24-13.24% | $2,500-$500,000 | 600 | ||
| Best for applying directly to a lender | N/A | $7,500-Max. not disclosed | Did not disclose |
Our pick for
comparing offers from multiple lenders
RateGenius - Lease buyout loan
1.99-16.00%
$12,000-$100,000
500
- 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.
- May charge origination fee up to $395.
- Minimum loan amount is higher than other lenders.
- Mileage restrictions are lower than other lenders.
- 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%.
RefiJet - Lease buyout loan
3.24-15.99%
$5,000-$100,000
550
- 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 $395.
- 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%.
Tresl - Lease buyout loan
1.49-17.99%
$5,000-$100,000
580
- 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.
- Borrower unable to choose loan payment date in most cases.
- Some partner lenders charge application fee.
- 24-month loan term not offered.
- 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%.
MyAutoloan - Lease buyout loan
1.99-21.00%
$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
5.04-14.99%
$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%.
Lending Arts - Lease Buyout loan
5.44-21.00%
$5,000-$150,000
548
- 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.
- 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.
- 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%.
Our pick for
applying directly to a lender
LightStream - Lease buyout loan
6.99-14.74%
$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.
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 12, 2023
NerdWallet's Top Lease Buyout Loans of February 2023
- RateGenius - Lease buyout loan: Best for comparing offers from multiple lenders
- RefiJet - Lease buyout loan: Best for comparing offers from multiple lenders
- Tresl - Lease buyout loan: Best for comparing offers from multiple lenders
- MyAutoloan - Lease buyout loan: Best for comparing offers from multiple lenders
- LightStream - Lease buyout loan: Best for applying directly to a lender
- Autopay - Lease buyout loan: Best for comparing offers from multiple lenders
- Gravity Lending – Lease buyout loan: Best for comparing offers from multiple lenders
- Lending Arts - Lease Buyout loan: Best for comparing offers from multiple lenders
- Digital Federal Credit Union - Lease buyout loan: Best for applying directly to a lender
- Bank of America - Lease buyout loan: Best for applying directly to a lender
