Tresl Auto Refinance and Lease Buyout Loans: 2023 Review
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Auto loan reviews
Best for applicants wanting step-by-step guidance through the auto refinancing or lease buyout process.
Auto loan refinancing review
Pros
Applicants work with a dedicated advisor throughout the refinancing process.
Most lending partners pre-qualify using a soft credit check.
Applicants typically receive multiple pre-qualification offers.
Network lenders offer a rate discount with automatic payment.
A Social Security number is not required to see pre-qualified offers.
Cons
Most lenders charge an origination fee of up to $495.
A few network lenders may use a hard credit inquiry for pre-qualification.
Borrowers aren’t able to choose their payment due date.
Best for applicants looking for hands-on help with the refinancing process from beginning to end.
Full review
Tresl, formerly Innovative Funding Services, is an auto loan aggregator that has been in business since 2007. Tresl partners with 20-plus lenders to provide auto loan refinancing, including cash-out refinancing, and car lease buyout loans. It does not offer dealer purchase loans.
Tresl applicants receive pre-qualification offers with rates and various loan terms, so they can select the one that fits their needs. In most cases, pre-qualification is done using a soft credit inquiry, which will not affect credit scores. Borrowers should be aware that a few of Tresl’s partner lenders could do a hard credit pull at this stage, which can temporarily lower an applicant's credit scores.
After applicants select a pre-qualified offer, they meet with a dedicated Tresl finance advisor to secure full loan approval, which includes a hard credit inquiry. Usually, Tresl seeks full approval from one to three lenders, but the number varies.
Tresl may be a good fit for those who:
Want to compare loan options. Tresl’s single application lets you receive loan pre-qualification offers from more than one lender. In most cases, pre-qualification is done with a soft credit inquiry.
Need assistance with the loan process. Borrowers can receive help with loan approval and any title transfer paperwork from a Tresl finance advisor.
Prefer an online application process. Tresl's application process is 100% online.
Nerdy Tip
Tresl is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aspects of your loan — such as lender fees, service and how your personal information is used — will depend on the lender selected.
Tresl at a glance
Note that aggregators like Tresl work with many different lenders, so the information provided is general and can reflect the high or low end available among its lending partners.
- Qualifications
Minimum FICO credit score: There is a minimum credit score required in all cases. The lowest among all network lenders is 550.
Minimum credit history: A few network lenders have a minimum credit history requirement. Among those that do, the shortest is 12 months.
Minimum annual gross income: $33,000.
Maximum debt-to-income ratio: 60%.
Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
States covered: Available in all 50 states.
- Restrictions
Maximum vehicle age: 10 years.
Maximum vehicle mileage: 150,000 miles for refinancing and no maximum for lease buyout loans.
Other vehicle restrictions: Possible with some lenders.
Loan amount minimum: $8,000.
Loan amount maximum: No maximum.
Refinancing time restrictions: Borrowers can refinance as soon as the previous loan's paperwork is complete and the title can be transferred. Some Tresl partners require at least an $8,000 balance remaining on the loan.
- Other loan details
Loan terms: 24 to 96 months.
Rate discount: All lending partners offer a 0.25 to 0.50 percentage point rate discount if automatic payment is used.
Greater-than-minimum payments: Are accepted by all network lenders and can be made by automatic payment in most cases. Method of applying surplus varies by lender.
Bi-weekly payments: Tresl does not know if partner lenders accept bi-weekly payments.
Late payment fee: Yes, following a grace period of 10-15 days. Amount of the fee depends on state law.
Prepayment penalty: None.
Co-applicants allowed: Co-borrowers are allowed but not co-signers. Co-borrowers can apply at the same time.
Payment options: Mailed-in check, phone, online, ACH (electronic bank-to-bank). Varies by lender.
Selected payment due date: Borrowers can't select the payment due date.
Hardship plans: Tresl does not know if its lenders offer hardship plans.
Offers cash-out refinancing: Yes. Maximum amount available depends on the vehicle’s loan-to-value ratio.
Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible.
- Customer service
Assistance provided: A Tresl finance advisor can answer questions and assist borrowers throughout the financing process. Tresl manages paperwork digitally, including transfer of ownership through the Department of Motor Vehicles.
Availability: Monday through Saturday, 8 a.m.- 7 p.m. CT.
Contact options: Phone, email, text message.
How does this loan compare?
Auto lease buyout loan review
Pros
Applicants work with a dedicated advisor throughout the refinancing process.
Most lenders pre-qualify using a soft credit check.
Applicants typically receive multiple pre-qualification offers.
A Social Security number is not required to see pre-qualified offers.
Network lenders offer a rate discount with automatic payment.
Cons
Most lenders charge an origination fee of up to $495.
A few network lenders may use a hard credit inquiry for pre-qualification.
Borrowers aren’t able to choose their payment due date.
Best for applicants who want guidance through the lease buyout and title transfer process.
More from Tresl
Tresl also provides financing for borrowers wanting to buy a company car at the end of its lease. In addition, Tresl offers “service products” that can be rolled into a Tresl loan. These products include service protection contracts, GAP insurance and road hazard coverage.
The Tresl website provides articles and FAQs covering a range of auto loan topics.
Tresl auto loan rates
Credit requirements vary by auto lender, but Tresl’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). Borrowers with bad or fair credit won’t qualify for the lowest interest rates. You can check your credit score before applying for a car loan.
Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.
How do we review auto loan aggregators?
NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.
To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).
For more details about the categories considered when rating aggregators and our process, read our full methodology.
Frequently asked questions
- Who is Innovative Funding Services?
Innovative Funding Services is the former name of Tresl, a provider of auto loans through a network of lenders across the U.S.
- Is Tresl a legitimate company?
Yes. Tresl has been in business since 2007 and is accredited by the Better Business Bureau with an A+ rating. Tresl has received a 4.4 out of five star rating on TrustPilot, a business review and reputation management platform.
- Does Tresl share personal information?
Personal information from applicants is shared with partner lenders to process pre-qualification requests. The Tresl privacy policy and application also state that an applicant’s personally identifiable information may be disclosed to third parties “that are interested in contacting you or providing offers to you that may be related to our products and services or about products or services you may find of interest and we may be compensated for such disclosure. You can, at any time, opt-out of our ability to share information with unaffiliated third parties that do not provide services to us for processing your loan application by contacting Tresl’s Customer Service at 866-504-3748.”
