Pros & Cons
- Prequalify with a soft credit check.
- Application process 100% online including document upload.
- Lender network matches applicant to best fit.
- Minimum loan amount $5,000.
- Maximum loan amount $100,000.
- Borrower unable to choose loan payment date in most cases.
- Some partner lenders charge application fee.
- Minimum term of 36 months (compared to 24 months with other lenders)
Compare to Other Lenders
To review Tresl, NerdWallet collected and compared more than 15 data points with other lenders that seek the same customer or offer a similar product.
Tresl, formerly known as Innovative Funding Services, works with a network of lender partners to provide auto loans for refinancing, lease buyouts and company vehicle purchases. It even refinances higher-end brands of motorcycles. However, the company does not offer dealer purchase loans.
Tresl may be a good fit for those who:
Have bad credit: Tresl has a low minimum credit score requirement.
Want to check rates: You can pre-qualify with a soft credit check, which has no impact on your credit score.
Need help with paperwork: Tresl helps borrowers handle the paperwork for loan approval and vehicle ownership transfers.
Tresl review details
Tresl specializes in helping people secure loans for car refinancing, lease buyouts or purchasing a company vehicle. The company also provides expert vehicle registry services and help completing the necessary paperwork for transferring ownership, often saving borrowers a trip to the department of motor vehicles.
Tresl does not require a hard credit inquiry on prequalification, so you can get an interest rate quote without an impact to your credit score. Some of the lenders it works with, though, may perform a hard credit check.
Tresl auto loan rates
Tresl’s lowest rates are available only to borrowers with strong credit. Lenders set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is good.
Keep in mind that with fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more.
You can check your credit score to get an idea of the rate you might qualify for before applying for a car loan, and consider shopping around if you have bad credit to save money.
Loan example: For a subprime borrower (FICO score between 501 to 600), a $10,000 car loan with a repayment term of 36 months and an interest rate of 12% would carry monthly payments of $332, according to NerdWallet’s auto loan calculator.
Applying to Tresl
No application fee; late payment fees vary by lender.
Borrowers are not obligated to select an offer.
Funding methods vary by lender; loan documents are signed electronically or shipped overnight for your signature.
Available in all 50 states.
Maximum vehicle age: 10 years.
Maximum vehicle mileage: 150,000 miles.
Loan terms: 36 to 84 months. (NerdWallet doesn’t recommend loans over 60 months.)
Vehicle restrictions and requirements vary by lender.
Must have owned the car for at least 6 months.
More from Tresl
Tresl offers additional products that can be rolled into its loans, such as gap insurance, tire and wheel protection, and service protection plans. The company will also refinance higher-end bikes such as Harley-Davidsons and Honda Cruisers.
The Tresl website has numerous educational resources, including a blog and answers to frequently asked questions. It also has articles on refinancing, leasing and purchasing company cars, for prospective borrowers wanting to better understand these transactions. Its customer service representatives can communicate with borrowers through traditional phone and email channels, and through website messaging.
on Tresl's website
Frequently asked questions
Innovative Funding Services is the former name of Tresl, which provides auto loans through a network of lenders across the U.S. The company has been in business for since 2007 and is accredited by the Better Business Bureau.
If you shop around first, look for auto loan refinancing lenders that offer a soft credit check, which does not hurt your scores. But your credit scores may take a temporary ding when you choose a loan and apply because lenders require a hard credit pull as part of the underwriting process.
The best time to refinance an auto loan is when your credit score has improved, and if you’re able to get a lower rate and more affordable monthly payments.