Top Lease Buyout Loans of November 2024
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.
- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Top Lease Buyout Loans
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
 Gravity Lending – Lease buyout loan Learn more on Gravity Lending's website | 4.0 /5 | 4.99-14.99% | $3,000-$250,000 | 500 | Learn more on Gravity Lending's website |
4.5 /5 | 5.29-21.99% | $5,000-$150,000 | 500 | Learn more on RefiJet's website | |
4.5 /5 | 4.59-18.79% | $5,000-$8,000 | 600 | Learn more on MyAutoloan'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.
Gravity Lending – Lease buyout loan
4.99-14.99%
$3,000-$250,000
500
RefiJet - Lease buyout loan
5.29-21.99%
$5,000-$150,000
500
MyAutoloan - Lease buyout loan
4.59-18.79%
$5,000-$8,000
600
Tresl - Lease buyout loan
4.67-21.00%
No min.-No max.
580
Auto Approve - Lease buyout loan
5.29-24.99%
$6,000-$150,000
620
RateGenius - Lease buyout loan
4.67-21.00%
$8,000-$150,000
580
Autopay - Lease buyout loan
4.67-20.99%
$8,000-$150,000
580
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.
Ally - Lease buyout loan
7.79-22.59%
$7,500-$99,999
520
LightStream - Lease buyout loan
7.99-15.94%
$5,000-$100,000
660
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 June 27, 2024
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 2024
- Gravity Lending – Lease buyout loan: Best for Lease buyout loans through loan aggregators
- RefiJet - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- MyAutoloan - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Tresl - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Auto Approve - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Ally - Lease buyout loan: Best for Lease buyout loans with direct lenders
- LightStream - Lease buyout loan: Best for Lease buyout loans with direct lenders
- RateGenius - Lease buyout loan: Best for Lease buyout loans through loan aggregators
- Autopay - Lease buyout loan: Best for Lease buyout loans through loan aggregators
