Written by Tara Mastroeni | Edited by Katie Lowery and Pearly Huang | Updated September 19, 2023
| Lender | Starting APR | Loan amounts | Loan terms |
|---|---|---|---|
 | 4.67% | $2,500-$100,000 | 24 to 96 months |
 | 5.24% | $10,000-$150,000 | 12 to 84 months |
 | 5.93% | $8,000+ | 24 to 72 months |
 | 5.99% | Up to 130% of the car’s value or purchase price | 36 to 84 months |
 | 6.59% | $5,000-$100,000 | 12 to 84 months |
 | 7.29% | $7,500+ | 48 to 72 months |
 | 9.24% *with autopay and excellent credit | $5,000-$100,000 | 36 to 84 months |
| Starting APR | 4.67% |
| Loan terms | 24 - 96 months |
| Loan amounts | $2,500 - $100,000 |
| Minimum credit score | 620 |
| Pros | Cons |
|---|---|
Easy online application Prequalification available Works with bad-credit borrowers | Restricts the vehicles you can finance Advertised low rate hard to secure Some details aren’t listed online |
| Starting APR | 5.24% |
| Loan terms | 12 - 84 months |
| Loan amounts | $10,000 - $150,000 |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
No application fees Joint applications allowed Loan counselors available to help with paperwork | Restricts the vehicles you can finance Many details not available online Not available in all states |
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.
| Starting APR | 5.93% |
| Loan terms | 24 - 72 months |
| Loan amounts | $8,000+ |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
Easy online application Receive multiple loan offers May receive funding within 24 hours | Imposes income requirement Vehicle restrictions vary by lender Online applications only — no phone number or email address provided publicly |
| Starting APR | 5.99% |
| Loan terms | 36 - 84 months |
| Loan amounts | Up to 130% of the car’s value |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Interest rate discounts available Ability to finance more than 100% of the car’s value No payments for the first 60 days | Must become credit union member to qualify Physical branches only located in Massachusetts and New Hampshire Doesn’t offer prequalification |
You’ll have to become a credit union member in order to receive 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.
However, to receive a loan from DCU, you’ll first have to become a credit union member by meeting one of the following criteria:
| Starting APR | 6.59% |
| Loan terms | 12 - 84 months |
| Loan amounts | $5,000 - $100,000 |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Autopay discount available Co-applicants accepted Online application available | Borrower is responsible for title transfer Unclear eligibility requirements Imposes vehicle restrictions |
Unlike most auto lenders, PNC Bank requires that the borrower handle their own title transfer once the lease buyout loan has been originated. This lender doesn’t disclose its minimum credit score or other eligibility requirements, which can make it hard to tell if you will qualify.
| Starting APR | 7.29% |
| Loan terms | 48 - 72 months |
| Loan amounts | $7,500+ |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Loans available nationwide Interest rate discounts are available for Preferred Rewards customers Loan decision in 60 seconds | Higher minimum APR Higher minimum loan amount Doesn’t offer prequalification |
However, Bank of America’s minimum annual percentage rate (APR) is higher than most of the lenders on this list. Plus, the lender does not disclose its minimum credit score requirement and doesn’t offer prequalification, so you’ll have to apply to know whether you qualify.
| Starting APR | 9.24% *with autopay and excellent credit |
| Loan terms | 36 - 84 months |
| Loan amounts | $5,000 - $100,000 |
| Minimum credit score | Good-to-excellent credit |
| Pros | Cons |
|---|---|
Same-day funding available Autopay discount available No restrictions on year, make, model or mileage | High minimum APR Good credit required Borrowers can’t change their payment due date |
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, so you may pay more in interest charges than you would with another lender.
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.
If you’re still on the fence about buying your leased car, here are a few things to consider as you weigh your options:
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.
