Buy Out Your Lease
Do you have a lease on your vehicle? Is it coming due? Would you like to buy out your lease? If you like your vehicle and want to keep driving it rather than buying or leasing a new vehicle, you may want to do a lease buy out. You normally would have to make a large balloon payment at the end of the lease if you plan to keep the vehicle. At RefiJet, we can help you buy out your lease by getting a loan rather than making a large balloon payment, giving you the ability to pay over time.
How Can You Refinance Your Lease Into an Auto Loan?
If you want to buy-out your lease at the end of it, this can prove to be an easier-to-do process than you realize. For vehicle owners who want to keep their vehicle, the balloon payment owed is typically required to be paid in one lump sum. You could turn in the vehicle in and start all over. However, for many keeping the car is the best choice. You can take that balloon payment (residual) and finance it.
When you are facing the end of your auto lease, it’s important to consider the benefits of keeping the vehicle or not. Depending on the vehicle and your overall needs, you may want to keep it, as buying a new vehicle can cost significantly more. That’s why so many people just move that balloon payment they owe into an auto loan – it’s fast and requires no upfront payment of that balloon payment to the leasing company.
You Can Buy-Out Your Lease at Any Time
Do not wait until the end of the lease term to do this. You are able to buy-out your lease at any given time during the lease period. There are some leases with limitations to this option, but most vehicle owners will be able to buy-out the vehicle’s lease. There could be advantages to this, including lower monthly payments and a lower interest rate.
Is It Time to Stop Leasing?
There are some good benefits to leasing, such as being able to get a new car every few years. However, leasing is not always ideal. In the long term, you have to make a balloon payment like this to buy the car.
When you buy a vehicle using an auto loan, you eventually own the car after the loan is paid in full. With every payment, you are not just “renting” the car but purchasing ownership in it. It builds equity, too. When you finance the lease residual and keep the car, you are actually buying the vehicle – and you are getting a loan to finance the purchase through our lenders at RefiJet. In other words, you are turning a lease into a loan, and moving from “renting” to owning.
How Does the Process of Buying-Out a Lease Work?
Here’s the good news – you do not have to do a lot of hard work during this process. RefiJet can walk you through the process. It doesn’t have to be complex or time-consuming. We can help you with it even if you are right at the end of the lease and do not have a lot of time to make a buying decision. Let our team help you with this decision.
Give us a call or request more information here. When you do, our team will then work with you to give you some offers. You do not have to commit to buying out the vehicle just yet. Instead, learn what your options are and what you can expect from the process. We can answer all of your questions and give you loan estimates, so you know what you are paying and for how long.
RefiJet specializes in lease buy-outs. That makes our team the ideal professionals to reach out to when you need to know if a buy-out loan is a right choice for your unique situation. We can handle every step of the process, including helping you get the new title in place
What Can You Expect from the Process?
RefiJet offers solutions. We will evaluate multiple lenders and your personal goals with the loan, such as lowering your monthly payment and match you with the solution that puts you in the best loan for which you qualify. Here are some of the factors to keep in mind if you plan to get a new loan to a buy-out of your lease:
- We discuss the monthly payment options; depending on the amount you owe on the loan, you may find the monthly payment is affordable to you.
- Choose the length of the loan that fits your needs; sometimes, a longer loan can help to reduce the monthly cost.
- We discuss the interest that applies to the loan; see different options to fit most needs here, too.
- There’s no pre-payment penalty, which means you can pay off the loan early and save even more on the interest.
- The entire process can be done quickly, allowing you to complete the buy-out quickly.
As You Are Getting Closer to the End of Your Lease?
Consider whether buying the car is what’s right for you. When you are ready to avoid that big balloon payment at the end of the loan, let our team at RefiJet help you.
We specialize in helping our clients secure the best lease buy-out terms available. We have an A+ rating with the Better Business Bureau. Our team has been consistently rated highly for the customer service we offer.
There’s no risk and no obligation to contacting RefiJet to learn more about the options available to you. Fill out the form on this page or give us a call to learn more about a lease buy-out for your car, truck, or SUV.