2024 Tresl Auto Loan Review
Tresl auto loans at a glance
 | Refinance auto loans |
| Starting APR | Varies by lender |
| Loan terms | Not disclosed |
| Loan amounts | Not disclosed |
| See Refinance Rates |
Tresl isn’t a direct auto lender. Instead, Tresl works with a network of lenders to match you with the best auto loan for you — but only in a few special situations. Specifically, Tresl helps drivers get auto refinance loans, fund lease buyouts and purchase company cars.
Just because Tresl fills a niche need doesn’t mean it’s the right loan choice for you. In our Tresl review, we’ll explore the pros and cons of Tresl, how the three loan programs work and if Tresl might be the right path to car ownership for you.
- Easy application: Tresl makes the application process fast and simple. It’s all online — and if you choose to get a loan through the Tresl marketplace you can sign all your paperwork via the company’s proprietary platform from your preferred device.
- Unique options: While you can’t get a traditional auto loan through Tresl, the company is helpful for niche financing, with a focus on refinancing current auto loans, car lease buyouts and purchasing a company car.
- Soft credit inquiry: Tresl lets you prequalify for several auto loan options without an impact on your credit score. Once you choose to move forward with a lender, however, you should expect a hard inquiry, which will temporarily lower your score by a few points.
- Fast approval: Tresl averages 24 hours for full loan approval.
- Best for browsing refinance options online: Tresl simplifies the auto refinancing process. In a matter of minutes, you can see all the refinancing options (in addition to other financing options) you prequalify for, and a Tresl customer service representative can walk you through the best loan options for you, whether you’re looking to reduce your interest rate, monthly payment or both. You’ll still need to go through the actual qualification process once you’ve chosen a lender, however.
Tresl pros and cons
Before taking out a car loan of any kind — whether it’s for a new car, an auto refinance, a car lease buyout or a company car purchase — you should weigh the pros and cons of the lender and the terms offered to you. Here are a few advantages and disadvantages of Tresl auto loans to consider:
| Pros | Cons |
|---|---|
The application and approval process is fast, easy and entirely online Borrowers can compare multiple lenders in one place, without a hard credit inquiry Tresl allows borrowers to consult with a customer service representative throughout the process Tresl reviews on sites like TrustPilot and the Better Business Bureau are largely positive, reflecting the company’s good customer service | Tresl offers limited information about APRs, lender fees, credit score requirements and loan terms You can only refinance, buy out a lease or purchase a company car through the Tresl marketplace |
Digital-savvy borrowers will like the lightning-fast application and approval process with Tresl, which happens entirely online. Even if you’re pursuing a lease buyout, you may not need to set foot on the dealer lot to finalize the agreement — Tresl does that for you. In addition, Tresl shows you multiple lenders so you can find the best match, lets you consult with a customer service representative and maintains strong customer ratings online.
But don’t overlook some of the drawbacks of Tresl. For instance, Tresl’s website provides no information about APRs, lender fees and credit score requirements, though anecdotally, lenders on the Tresl lending platform do make offers to fair-credit borrowers. Because Tresl works with a network of lenders, loan amounts, APRs and terms will all vary. And if you’re after a traditional auto loan for a new or used car, you’ll need to look elsewhere; that’s not what Tresl offers.
A closer look at Tresl auto loans
If you want a traditional auto loan for a new car, your best bet is a local bank, credit union or financing through a dealer. If you’re already sitting behind the wheel of your daily driver and want to change up the terms of ownership (and how much you’re paying), Tresl auto loans might be the right fit.
Tresl (previously known as Innovative Funding Services) provides three core auto loan types:
- Auto refinancing: Tresl claims to help you find lower interest rates and lower your monthly payments on a current auto loan. On average, Tresl says it helps borrowers lower interest rates by 3.5% and monthly payments by $98.50 (that’s $1,182 a year in savings).
- Lease purchases: Love the car you’re leasing and don’t want to part ways? Tresl can pair you with lenders online for a car lease buyout, with three out of four applicants prequalifying in seconds; full loan approval takes an average of 24 hours. If you buy out your car lease through Tresl, you can avoid dealership fees.
- Company car purchases: Tresl has loan options if you want to purchase your company car; 74% of applicants prequalify in a matter of seconds. On average, applicants get their loan approved within 24 hours.
In addition, Tresl lets you bundle service protection products with your auto loan, including vehicle service contracts, road hazard protection and GAP insurance. Regardless of whether or not you decide to opt for these additional services, you’ll still need to carry a car insurance policy to meet state legal requirements.
How to get an auto loan with Tresl
Lenders in the Tresl network only perform a soft credit inquiry, which won’t impact your credit score. That means seeing if you prequalify is harmless. Here’s how to get started with Tresl:
1. Get prequalified
Tresl’s application process is fast and easy, but there’s a lack of information about what you can expect before you begin. For instance, Tresl doesn’t list its minimum credit score requirements online.
Three-quarters of the way through the process, Tresl notes that most of the lenders in its network expect you to make at least $24,000 a year to qualify.
Here’s everything Tresl will ask for during the application process:
- Your name
- Your email and phone number
- Vehicle info, including mileage and how much you still owe
- Where you live (and whether you own or rent)
- Income
- Social Security number (not required)
2. Review your options
Based on your application, Tresl will offer you a list of prequalified offers, just minutes after you apply. Here’s where you’ll be able to see APRs, loan terms and loan amounts, and calculate how much you’ll save. If you’re unsure of whether you’re getting a competitive offer, you can use our auto refinance calculator to double check the numbers.
3. Work with a Tresl “finance advisor”
Tresl connects you with a dedicated “finance advisor” who can help you through the next steps, no matter which kind of loan you’re applying for. It’s important to note that Tresl’s “finance advisors” are not accredited financial advisors. Rather they are customer service representatives for the company. “Finance advisors,” is what the company calls them.
- If you’re refinancing, the Tresl financing advisor can help you narrow down your options to find the best refinance car loan that fits your needs. The advisor will then walk you through all the paperwork to replace the old loan with your new one.
- If you’re buying out a lease, the advisor will contact the leasing company on your behalf and even manage the titling process.
- If you’re buying a company car, the advisor will contact the fleet management service and oversee the transaction.
4. Sign everything online
The beauty of Tresl is that everything’s digital. Your financing advisor handles all the confusing paperwork. You just sign what you’re given via Tresl’s proprietary platform, and you’re ready to go.
How Tresl auto loans compare
Tresl is a great option for auto refinancing, though the company doesn’t disclose information about APRs and loan terms until you actually apply. Here’s how Tresl’s auto refinance program stacks up against auto refinancing at Auto Approve and LendingClub.
| Tresl | Auto Approve | LendingClub | |
|---|---|---|---|
| Starting APR | Varies by lender | 5.24% | 5.99% |
| Loan terms | Not disclosed | 12 to 120 months | 24 to 84 months |
| Loan amounts | Not disclosed | $10,000 to $150,000 | $4,000 to $55,000 |
| Minimum credit score | Not disclosed | 650 | Low 600s |
Get a more thorough understanding of Tresl’s competitors with our Auto Approve review and LendingClub auto loan review.
Is a Tresl auto loan right for you?
A Tresl auto loan could be right for you if you’re looking to refinance your current loan, buy out your lease or purchase a company car. The beauty of Tresl — and other auto lending networks like it — is that it allows you to compare multiple lenders in one place, without a hard credit check.
Be sure to take the time to go through the loan offers Tresl serves up when you apply, and consult with the dedicated finance advisor if you have questions. You don’t have to move forward if you don’t like the offers you see. Never rush a major personal finance decision, especially when it involves credit. Be sure that you read multiple Tresl reviews and reviews of all the lenders you’re considering through the platform before moving forward.
Frequently asked questions
Tresl can be a good option for refinancing auto loans. Tresl works with a variety of lenders so you can compare loan offers and choose the best terms for you, whether your goal is to reduce your interest rate, lower your monthly payment or remove a co-borrower from the loan. Tresl claims to reduce interest rates by 3.5% and saves borrowers $1,182 a year, on average.
Tresl is not a direct lender. Instead, Tresl has a network of auto lenders, which makes it easy for borrowers to prequalify with multiple lenders and then compare APRs, loan terms and loan amounts to choose the best options. Tresl finance advisors can even help borrowers make the right decision for their needs.
Tresl is a legitimate auto financing company. Since 2007, Tresl (formerly Innovative Funding Services) has helped borrowers refinance their auto loans with the goal of lower interest rates and smaller monthly payments. Tresl reviews remain positive on consumer sites like Trustpilot and Better Business Bureau.