Is it Possible to Refinance a Car Lease?

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Even with poor credit.

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Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


, - February 19, 2019

Yes, you can refinance your leased vehicle once you complete the car leasing process. But you have other options at the end of the lease, too. Whether or not you should refinance is up to you and what best fits your vehicle situation.

Options Besides Refinancing at the End of the Lease

If you want to keep your vehicle at the end of the lease, you have to buy it. Once you sign the finance contract, you can then either make payments or sell it. Refinancing is just one of three other options available to you at the end of the lease:

  1. Transfer your lease – If your lease isn’t up, but you’re ready to end it, you may be able to transfer the lease to someone else. Not all lessors allow this, and you may need to pay a transfer fee.
  2. Return and lease again – If you don’t want to buy the car and you liked your lease experience, you can return it and lease a new vehicle. If you decide to lease with the same company, you may be able to avoid a termination fee on your old lease.
  3. Lease pull-ahead – If you’re close to the end of your lease term, some lessors offer a lease pull-ahead program. This lets you skip the last few payments of your lease and avoid a termination fee, although you have to lease a new car from the same leasing company to qualify.

Requirements to Lease a Car

In order to lease a car, you typically have to have excellent credit. It’s extremely difficult to qualify for a lease if you don’t have good credit, but not impossible. Some lessors are willing to approve you if you have imperfect credit, and if they do, there are additional documents you need to bring in to complete the leasing process:

  • Proof of residency – A recent utility bill in your name at the address listed on the application.
  • Proof of income – A recent computer-generated pay stub showing year-to-date earnings, or recent tax returns if you’re self-employed.
  • Proof of a phone – A recent phone bill in your name at your address for either a landline or contract cell phone.
  • Identification – Your driver’s license to prove you are who you say you are.
  • Security deposits – You may need to provide one or more security deposits on top of the required first monthly payment plus use tax, title, and license fees.

The Bottom Line

If you’re considering leasing your next vehicle, check out CarsDirect’s pricing experts picks for the best lease deals this month. You can browse available lease deals to find one that works for you, and even get a custom lease quote.

No matter if you’re considering leasing or financing, CarsDirect wants to help you find the right car and get you connected to the right dealer. We're teamed up with dealerships all across the nation that are experts at helping buyers in unique credit situations. We'll work to match you with a dealer in your area after you submit our online auto loan request form. Get started today!

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Megan Foukes is a recent graduate from Indiana University who graduated with a bachelor’s in journalism. Megan works as a content writer for Auto Credit Express and contributes to several automotive and finance blogs.


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