Car Lease Buyout Loans in 2024

Compare top lenders to buyout your car lease

Headshot of Tara Mastroeni
Written by
Tara Mastroeni
Headshot of Pearly Huang
Edited by
Pearly Huang
Updated June 13, 2024
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How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Lease buyout loan rates

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderStarting APRLoan amountsLoan terms
Auto Approve logo5.24%$10,000-$150,00012 to 84 monthsSee Personalized Results
MyAutoLoan logo5.93%$8,000+24 to 72 monthsSee Personalized Results
DCU logo5.99%Up to 130% of the car’s value36 to 84 monthsSee Personalized Results
PNC logo6.59%$5,000-$100,00012 to 84 monthsSee Personalized Results
Bank of America logo6.99%$7,500+48 to 72 monthsSee Personalized Results
LightStream logo7.49% (with autopay)$5,000-$100,00024 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Autopay logoNot specified$2,500-$100,00024 to 96 monthsSee Personalized Results

Auto Approve

5.24%

12 - 84 months

$10,000 - $150,000

620

Pros
  • No application fees
  • Joint applications allowed
  • Loan counselors available to help with paperwork
Cons
  • Restricts the vehicles you can finance
  • Many details not available online
  • Not available in all states

What to know

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Auto Approve offers financing for cars, trucks and SUVs, as well as specialty vehicles like RVs, boats and ATVs. This company is a lending marketplace, meaning you’ll be matched with a lender that’s the best fit for your credit profile and borrowing needs.

However, what sets Auto Approve apart is the level of personalized service you’ll receive. When you apply, you’ll be paired with a loan consultant who can negotiate with lenders on your behalf and help you tackle your loan paperwork.

How to qualify

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Auto Approve loans are not available in the following states: Alaska, California, Colorado, Florida, Georgia, Hawaii, Kentucky, Massachusetts, Missouri, New Jersey, New York, Oklahoma, Pennsylvania or Rhode Island.

Lease buyout loans are not available for the following vehicles: Ally, Ford, Genesis, Hyundai, Infiniti, Kia, Lincoln, Mazda, Nissan, Tesla or GM (in certain states).

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myAutoLoan

5.93%

24 to 72 months

$8,000+

600

Pros
  • Easy online application
  • Can compare multiple loan offers
  • May receive funding within 24 hours
Cons
  • Imposes income requirement
  • Vehicle restrictions vary by lender
  • Online applications only — no phone number or email address provided publicly

What to know

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Like Autopay and Auto Approve, myAutoLoan is a marketplace, so interested borrowers may receive up to four lease buyout loan offers. Notably, myAutoLoan offers both end-of-term and early lease buyout loans. It also promises to provide funding in as little as 24 hours.

How to qualify

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To qualify for a loan through myAutoLoan’s lending platform, you’ll need to meet the following requirements:

  • Credit score of 600 or higher
  • Gross annual income of at least $21,600
  • Must not reside in Alaska or Hawaii
  • Vehicle must be 10 years old or newer and have fewer than 125,000 miles
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    Digital Credit Union (DCU)

    5.99%

    36 - 84 months

    Up to 130% of the car’s value

    Not disclosed

    Pros
    • Interest rate discounts available
    • Can borrow more than what the car is worth
    • No payments for the first 60 days
    Cons
    • Must become credit union member to qualify
    • Physical branches only located in Massachusetts and New Hampshire
    • Doesn’t offer prequalification

    What to know

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    Digital Federal Credit Union (DCU) offers loans in all 50 states. However, its branches are primarily based in New England, where the company is headquartered. 

    You’ll have to become a credit union member to get a loan from DCU. Still, for those who qualify, DCU offers attractive perks, including rate discounts and no payments for 60 days. This lender will also finance up to 130% of your car’s value.

    How to qualify

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    Digital Federal Credit union is not very transparent about its loan eligibility requirements. It doesn’t disclose its minimum credit score to qualify for financing, and it doesn’t specify vehicle restrictions.

    However, to receive a loan from DCU, you’ll first have to become a credit union member by meeting one of the following criteria:

  • Relative of current DCU member
  • Currently work for or have retired from one of more than 700 participating employers
  • Currently live, work, worship or attend school in a DCU community
  • Member of a participating nonprofit organization, all of which are open to everyone
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    PNC Bank

    6.59%

    12 - 84 months

    $5,000 - $100,000

    Not specified

    Pros
    • Autopay discount available
    • Co-applicants accepted
    • Can apply online
    Cons
    • Borrower is responsible for title transfer
    • Unclear eligibility requirements
    • Imposes vehicle restrictions

    What to know

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    PNC Bank offers a wide selection of auto loans, including lease buyout loans. This lender allows joint auto loans and offers a 0.25% APR discount if you sign up for autopay with an existing PNC Bank checking account. 

    Unlike most auto lenders, PNC Bank requires you to handle your own title transfer. This lender doesn’t disclose its minimum credit score or other eligibility requirements, which can make it hard to tell if you will qualify.

    How to qualify

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    While PNC Bank doesn’t disclose the criteria it considers when evaluating potential borrowers, it does specify a few requirements your vehicle must meet to be eligible for a lease buyout loan:

  • Must be model year 2015 or newer
  • Must have under either 80,000 or 100,000 miles (depending on the borrower’s credit profile)
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    Bank of America

    6.99%

    48 - 72 months

    $7,500+

    Not specified

    Pros
    • Loans available nationwide
    • Interest rate discounts for Preferred Rewards customers
    • Loan decision in 60 seconds
    Cons
    • Higher minimum APR
    • Higher minimum loan amount
    • Doesn’t offer prequalification

    What to know

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    As the second-largest bank in the country, one of Bank of America’s biggest strengths is its variety of loans. It offers new and used car loans, auto refinance, business financing, private party financing and even some special vehicle financing. It also operates in all 50 states.

    However, Bank of America’s minimum annual percentage rate (APR) is higher than most on this list. Plus, the lender does not disclose its minimum credit score requirement and doesn’t offer prequalification. You’ll have to apply to know whether you qualify.

    How to qualify

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  • Borrowers must be 18 years or older
  • Borrowers must be a U.S. citizen or resident 
  • Vehicle must be 10 years old or newer and have fewer than 125,000 miles
  • Vehicle must be valued at $6,000 or more
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    LightStream

    7.49% (with autopay)

    24 - 84 months

    Loan Term Disclosure

    Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    $5,000 - $100,000

    Good-to-excellent credit

    Pros
    • Might get same-day funding
    • Autopay discount available
    • No restrictions on year, make, model or mileage
    Cons
    • High minimum APR
    • Good credit required
    • Borrowers can’t change their payment due date

    What to know

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    LightStream offers same-day funding and an easy application process. Also, LightStream’s loans are unsecured, which means your vehicle is not used as collateral. As a result, the lender doesn’t place any restrictions on the vehicle you intend to finance and doesn’t require an appraisal

    However, LightStream only works with borrowers who have good credit or better, which means it isn’t a fit for those with lower credit scores. Plus, its minimum APR is on the high side, even with the advertised 0.5% autopay discount.

    How to qualify

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    LightStream is not very transparent about its eligibility criteria. It only approves borrowers who have a good-to-excellent credit score, though it doesn’t specify a minimum score.

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    Autopay

    Not specified

    24 - 96 months

    $2,500 - $100,000

    620

    Pros
    • Easy online application
    • Prequalification available
    • Works with bad-credit borrowers
    Cons
    • Restricts the vehicles you can finance
    • No mobile app
    • Some details aren’t listed online

    What to know

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    Autopay is an auto loan marketplace, meaning that they don’t fund loans directly. Instead, they match customers with lenders from their partner network. In addition to supplying loans to help you buy your leased vehicle, Autopay also offers purchase loans for new and used cars, auto loan refinancing and GAP insurance.

    How to qualify

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    To be eligible for an Autopay lease buyout loan, borrowers must:

    • Have a credit score of 620 or higher.
    • Provide a copy of their driver’s license, proof of insurance, proof of income (pay stubs, tax returns) and proof of residence (utility bill, lease agreement).

    The following vehicle makes are excluded lease purchase loan eligibility: Fisker, Genesis, Karma, Lucid, Polestar, Pontiac, Ram, Rivian, Saab, Tesla and unknown brands.

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    What is a car lease buyout?

    When your car lease reaches the end of its term, you typically have three options: return the car to the dealer, use it as a trade-in or buy the car. If the last option is the most appealing, you may be considering a lease buyout loan to finance your purchase.

    A car lease buyout occurs when you decide to buy the car you’re currently leasing at a pre-determined purchase price. This can happen at the end of your lease or you can decide to buy it early if you’re facing the possibility of paying high turn-in fees for excess mileage or wear and tear.

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    How to apply for a lease buyout loan

    Applying for a lease buyout loan is similar to applying for an auto loan. While the exact process will vary by lender, here are some general steps you’ll follow to finance your lease buyout:

     Check your credit score 

    Whenever you’re thinking about applying for financing, it’s a good idea to check your credit score first. You can do so for free by using LendingTree Spring. Lenders use your credit score to determine whether to approve your loan request and the interest rate they’ll offer. The best rates go to borrowers with excellent credit scores, while those with lower scores may pay more for the privilege of borrowing.

    Luckily, if you want to improve your credit score before applying for a loan to buy your leased vehicle, there are some things you can do. Start by checking your credit report for any errors. Then, concentrate on making your monthly loan payments on time, every time. Also, work on paying down existing debt to improve your debt-to-income ratio.

     Examine your lease contract

    Reading your original lease agreement can give you a better idea of how much it will cost to purchase your car from the dealer. You may be expected to pay three sets of fees during a lease buyout, including:

    1. Residual value: Your car’s residual value is the purchase option price that the leasing company charges for your vehicle. It may be negotiable and reflects what the car is worth, factoring in previous sale prices and demand for the particular make and model.

    2. Taxes and Department of Motor Vehicle (DMV) fees: These can include sales tax and title transfer or registration fees.

    3. Administrative fees: Your leasing company may also charge a fee to cover the costs of facilitating the transaction.

     Gather your supporting documents

    The documents you’ll need to provide with your loan application will vary by lender, but you may need to provide some of the following supporting documents:

    • Proof of identity (driver’s license or passport)
    • Proof of insurance (car insurance card)
    • Proof of income (pay stubs, tax returns)
    • Proof of residence (lease agreement, mortgage statement, utility bill)
    • Vehicle information (current car lease agreement)
    • Current vehicle registration
    • Social Security number

     Consider your payment options 

    It’s always a good idea to shop around for an auto loan. Receiving quotes from multiple lenders will help you ensure that you are choosing the loan with the best interest rate available to you and loan terms that suit your needs.

    When in doubt, consider getting quotes from multiple lenders before making your decision. Be sure to provide each lender with the same information so that you have the ability to make an apples-to-apples comparison once you have all your quotes in hand. You may receive up to five auto loan offers from lenders by filling out a single form with LendingTree.

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     Apply for a lease buyout loan

    Once you’ve weighed your options and selected the best lender for you, the last step is to fill out the loan application and provide any supporting documentation. If the lender approves your loan, review the terms carefully and ask any questions that you may have before signing on the dotted line.

    Factors to consider when deciding whether to buy out your vehicle lease

    If you’re still on the fence about buying your leased car, here are a few things to consider as you weigh your options:

    1. Residual price: How does your car’s purchase option price compare to the open market? Using an industry guide like Kelley Blue Book can help you determine whether you’re being charged a fair price for your vehicle.
    2. Mileage and wear: Leasing companies make allowances for cars to come back with average mileage and expected wear and tear. However, if you’ve been rough on your car or have far exceeded the mileage limits spelled out in your lease, you could be on the hook for added fees as a penalty. If you’re facing high lease-end fees, you could put that money toward a lease buyout instead.
    3. Vehicle needs: Consider how well your leased vehicle fits your transportation needs. Perhaps you’d like to downsize into something smaller or make the trade to a sportier vehicle. But if your leased vehicle still fits your lifestyle and you enjoy driving it, why change?

    Frequently asked questions

    While the residual price, or purchase option price, is sometimes negotiable, you may have better luck trying to negotiate the fees associated with your lease buyout loan, like administrative fees or title transfer fees. These fees are often set by the leasing company and may come with a bit of flexibility.

    The total lease buyout price is often higher than a vehicle’s residual value because there may be additional fees attached to the transaction, like sales tax, title transfer and registration fees or administrative fees.

    Yes, it’s possible to buy out a car lease early. However, not all lenders offer this financing option, so be sure to select a lender that specializes in early lease buyouts.