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Tresl Review 2022: Is It Really a Good Lender for Auto Loans?

Tresl, formerly called Innovative Funding Services, provides lease purchase, business purchase, and car refinance loans. The lending platform serves both traditional and fair-credit, low-income borrowers.

8.0 / 10
Editorial Score
Andrea Miller
Senior finance writer and editor
June 20, 2022

Overview

Tresl offers auto loan prequalification without affecting your credit. You do not have to enter your Social Security number to receive real auto loan refinance and lease buyout offers. As a result, this platform is a good starting point if you want to check your rates for an auto loan.

Tresl does not offer direct loans but connects you with more than 20 lending partners that meet your criteria. You can browse loan offers and find the best one for your current financial situation. If you decide to move forward, Tresl will help you manage the paperwork for this sometimes-complex process.

Tresl lets you refinance an existing auto loan, buy out an expensive lease, or purchase a company car. You may qualify with a low credit score or with an older, high-mileage vehicle. If you have good to excellent credit, you may find better service and lower rates elsewhere.

GREAT CHOICE 2022
8.0 / 10
Editorial Score
Tresl
Quick view:
Editorial Score
8.0 / 10
Online Services
Applications, Quote management, etc.
10 / 10
Customer Service
8.0 / 10
Available in all states
10 / 10
Available loan types
8.0 / 10
Products
8.0 / 10

Products & Services

Tresl offers three types of loans for auto financing and refinancing. You can bundle an auto loan or refinance loan with extra services such as roadside assistance and GAP coverage that will repay your loan if you total the vehicle. You can also add a vehicle service contract, which covers repairs outside your car’s warranty.

Fleet Vehicle Financing

If your business requires you to purchase one or more company vehicles, you can connect with auto loans for this purpose through Tresl. The lending platform reports that through its fleet financing program, many borrowers obtain fleet vehicles for business use significantly below market value.

Lease-to-Purchase Financing

If you decide to purchase your leased vehicle, you can often save money by “buying out” an expensive lease. Tresl offers auto financing loans for this purpose. Getting out of your lease could not only lower your monthly payments, but also allows you to avoid mileage restrictions and other inconvenient lease terms.

Auto Loan Refinancing

Tresl says that most customers reduce their auto loan rates by nearly 5.5% and save more than $100 on their monthly payments when they decide to refinance. In addition to loans for cars, trucks, vans, and SUVs, you can refinance motorcycles through Tresl’s network of lending partners.

Rates and Terms

Through Tresl, you can access auto and fleet loans ranging from $5,000 to $100,000. Available fixed interest rates range from 2.49% and 23.99% and do not change over the life of the loan. You can choose from available loan terms of 36 to 84 months.

Unlike many competitors, Tresl does not charge a loan origination fee, which can cost you up to 5% of the total amount you borrow. However, loans through Tresl have prepayment penalties, which prevent you from saving money by putting extra cash toward your loan principal. They also have late payment fees.

Application Process and Qualifications

There are four simple steps for loan prequalification on Tresl. First, you provide your basic personal and financial information on an intuitive online form. The company asks for your contact information, legal name, income, monthly housing expenses, citizenship status, birthdate, and address.

Then, you’ll fill in details about the car you want to purchase or refinance. After you submit your information, you’ll receive a list of offers to browse from Tresl’s network of lending partners. You can review the annual percentage rate (APR), monthly payment, and other terms and conditions.

If you find financing that fits your needs, you will complete the application process. A dedicated financial advisor will guide you through the process, which may involve submitting additional documents as well as a comprehensive review of your credit report. For example, you will have to show recent paystubs and proof of insurance on the automobile in question.

You need a credit score of at least 500 to qualify for auto financing through Tresl. However, a higher score (at least 720), will result in a lower interest rate. Tresl also requires a minimum annual income of $18,000, a lower threshold than many competitors have.

The vehicle you want to buy or refinance must be less than 10 years old and have fewer than 150,000 miles. You must own the auto for at least six months before refinancing through Tresl.

If you cannot qualify for a favorable interest rate with your credit score and income, you can apply with a co-borrower through Tresl. That person must agree to repay the loan if you cannot do so. The lender will check his or her credit and income and consider this information when making your loan offers.

Approval Time

Tresl says that nearly three-fourths of purchase and refinance loan applicants receive preapproval in less than a minute and full approval within 24 hours. However, some reviewers report delays of weeks to months during this process.

Customer Service

Tresl provides assistance from a team of financial advisors and advertises multiple ways to connect for help. When you click on the contact link, you can check your rates or log in to view the status of your application.

I selected the “Ask a Question” option, which opens a basic email form. You can enter your question along with your email address and phone number. I submitted my question but did not receive a response before publication.

You can also call Tresl for phone assistance. I dialed in and selected 1 from the menu of options to learn more about refinancing my vehicle. After entering my ZIP code at the prompt, I waited less than 30 seconds before a friendly customer service representative named April came on the line to answer my questions.

Summary

With an array of lending partners including online lenders, traditional banks, and credit unions, Tresl offers a wide variety of auto refinance and lease-buyout loans. You can also browse offers for business vehicle purchases.

Tresl helps customers navigate the loan process through its so-called “white glove approach.” The service team will guide you through each step of the process from prequalification to title transfer, eliminating concerns about accurate paperwork.

This lending platform offers several advantages, including low-income and low-credit auto refinance loans, low interest rates for qualifying buyers, and lack of an often-costly origination fee. It also has a higher lending threshold and writes loans for older vehicles than most competitors.

Despite these benefits, you should avoid Tresl if you don’t want a prepayment penalty. Some reviewers also express customer service concerns. I recommend using the platform to explore your rates and carefully comparing available offers before making a loan decision.

Frequently Asked Questions

Is Tresl a legit company?

Tresl is a legitimate auto lending network. The company has accreditation and an A+ rating from the Better Business Bureau. As a free service, Tresl does not charge you to access loan information.

How does Tresl auto refinancing work?

You complete the simple application and receive offers to consider. If you decide to choose one of the loans, you can sign all your documents and complete the process through the intuitive Tresl platform. The new loan will pay off your old auto loan and you will make payments as agreed on the refinance loan.

Does Tresl have a prepayment penalty?

Tresl does charge a prepayment penalty. You may want to choose a different lender if you plan to save money on interest by paying off your auto loan early.

What credit score do you need to get an auto loan from Tresl?

You can potentially get a loan through Tresl if you have a credit score ranging from 500 to 850. You might want to review your options on this platform if you have below-average credit and have been able to access auto financing through a traditional lender. You can also get a loan through Tresl with a cosigner.

Does refinancing your auto loan hurt your credit?

A hard credit check can lower your credit score. However, Tresl only performs a soft credit check for preapproval. If you decide to move forward with a loan, the lender will need to run your credit with a hard check, which can have a negative impact if you have several credit inquiries within just a few months.

When should I consider refinancing my auto loan?

If you think you can save money with a lower interest rate, consider getting a quote through Tresl. Carefully review the terms and conditions of each loan offer to make sure you will save money over the life of the loan. Some refinance loans stretch out the loan term but do not decrease your interest rate, significantly increasing the overall cost of the car.

Andrea Miller
Written by

Andrea Miller has been a writer and editor for more than two decades. She has previously covered financial topics for Solvable, Kabbage, and Credit.com. Outside of work, she spends most of her time with her husband, daughter, and son and enjoys hiking, yoga, and reading.

Pros:
  • Loan options available if you have poor credit
  • You can refinance large auto loans of up to $100,000
  • Assistance with title transfer and other motor vehicle paperwork
Cons:
  • Prepayment penalty to repay your loan early
  • Low-credit purchase and refinance loans have high interest rates
  • Slow communication during approval and funding
Bottom Line

Tresl provides an easy-to-use platform if you want to check your auto loan refinancing rates without impacting your credit score. However, high rates and prepayment penalties make it important to shop around before moving forward with an offer through this service.

If you have a costly lease or expensive auto loan, Tresl may offer lower rates that help you save money each month. If you want to purchase a car for personal use, you cannot use Tresl unless you already have a lease. However, this company can connect you with business vehicle and fleet financing up to $100,000.