Can I Refinance My MINI Lease?

When it comes to your MINI lease, it can be helpful to know about your financing and refinancing options. The team at MINI of Wesley Chapel is here to help with a closer look at how leases work, and whether or not you can refinance them.

Can I Refinance a Lease?

You have two main options to pick from when it comes to the vehicle purchasing process: buying and leasing. When you buy a vehicle outright, you have a lot more control over both the vehicle and the financing. When you lease a car, you don’t have the same leverage. A lease works a lot more like a rental agreement, whereas vehicle financing works like a loan.

To that end, you can refinance when you purchase a vehicle since you can adjust the terms of the loan. You cannot refinance when you lease a vehicle, because it is part of a rental agreement.

Lease Buyout

If you want to try to refinance, you’ll have to opt for a lease buyout. This is when you purchase the vehicle that you are currently leasing.

A buyout typically occurs at the end of the lease term, but if you want to purchase your vehicle early, you can. However, keep in mind that you’ll likely need to pay early termination fees and the remainder of your monthly payments. Once you have a loan in place of the rental agreement, you can begin the refinancing process.

MINI Lease and Financing Support in Wesley Chapel, FL

No matter what your financing and lease needs may be, MINI of Wesley Chapel is here to help. Visit our dealership to learn more about the options available to you, and to pick out the best MINI car for the road ahead.