Tresl Review: Auto Loan Refinancing and Lease Buyout Loans

Tresl offers auto loan refinancing and lease buyout loans from a network of lenders. Each customer works with a dedicated Tresl Finance Advisor through the financing process.
Shannon BradleyOct 22, 2021

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Auto loan reviews

Tresl
  • Auto loan refinancing

  • Auto lease buyout loan

The bottom line:

Best for applicants who want to see pre-qualified offers and rates without affecting their credit scores. Bad- or fair-credit borrowers may qualify.

Auto loan refinancing review

Tresl
Learn More

on Tresl's website

Min. Credit Score

580

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Pros

  • Applicants can prequalify with a soft credit check.
  • Application process 100% online including document upload.
  • Minimum loan amount is lower than other lenders.

Cons

  • Borrower unable to choose loan payment date in most cases.
  • Some partner lenders charge application fee.
  • 24-month loan term not offered.

Best for applicants looking for hands-on help with the refinancing process from beginning to end. Applicants with bad or fair credit may qualify.

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 and car lease buyout loans. They do not offer dealer purchase loans.

Tresl applicants can receive pre-qualification offers and rates without affecting their credit scores. After applicants select a pre-qualified offer, they meet with a Tresl Finance Advisor to secure full loan approval.

Tresl may be a good fit for those who:

  • Want to compare rates: Pre-qualification with a soft credit check will not affect applicant's credit score.

  • Need assistance with loan process: Borrowers can receive help with loan approval and any title transfer paperwork from a Tresl Finance Advisor.

  • Prefer online application process: Tresl's application process is 100% digital.

Tresl at a Glance

  • Application fee: A few lenders in the network charge an application fee.

  • Personal information needed: Address, phone, email address, citizenship status, birthdate, employment status and housing payment. Additional information may be requested later by lender.

  • Pre-qualification available: Yes. Loan offers with rates usually provided within seconds. Social Security number not required to see pre-qualified rates. Offers good for 30 days.

  • Online, in-person or both: Process is 100% online including document upload and electronic signatures.

  • Approval speed: When Tresl receives all necessary documents, full loan approval can be secured immediately in some cases.

  • Funding: Methods vary by partner lenders, but funding typically occurs in one day or less.

  • Minimum FICO credit score: 580.

  • Minimum credit history: 4 months.

  • Minimum annual gross income: $18,000.

  • Maximum debt-to-income ratio: 55%.

  • Bankruptcy: No open bankruptcies.

  • States covered: Available in all 50 states.

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 150,000 miles.

  • Other vehicle restrictions: Possible with some lenders.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $100,000.

  • Time restrictions: Varies by lender. Some will refinance after one auto loan payment.

  • Loan terms: 36 to 84 months.

  • Automatic payment: Available but not required.

  • Rate discount: Some partner lenders offer 0.25% interest rate discount if automatic payment is used.

  • Greater-than-minimum payments: Yes. Some lenders accept through automatic payment. Surplus is automatically applied to loan’s principal.

  • Bi-weekly payments: Accepted but not through automatic payment.

  • Late payment fee: Yes, following grace period.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes

  • Co-signers allowed: Yes and can complete application at same time as borrower.

  • Payment options: Varies by lender. Most offer electronic payments.

  • Selected payment date: Not available in most cases.

  • Hardship plans: Offered by some network lenders for borrowers unable to make monthly payments.

  • Assistance provided: 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: Mon-Fri: 8am - 8pm CST, Sat: 9am - 5pm CST, Sun: Closed.

  • Contact options: Phone, email, text message.

How does this loan compare?

Tresl
OpenRoad
LendingClub
Learn MoreLearn MoreLearn More
Min. Credit Score

580

Min. Credit Score

500

Min. Credit Score

640

Est. APR

1.99-17.99%

Est. APR

2.49-24.00%

Est. APR

N/A

Loan Amount

$5,000-$100,000

Loan Amount

$10,000-$75,000

Loan Amount

$5,000-$55,000

Auto lease buyout loan review

Tresl
Learn More

on Tresl's website

Min. Credit Score

580

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Pros

  • Applicants can prequalify with a soft credit check.
  • Application process 100% online including document upload.
  • Tresl matches applicants to best loan offers from lender network.
  • Minimum loan amount is lower than other lenders.

Cons

  • Borrower unable to choose loan payment date in most cases.
  • Some partner lenders charge application fee.
  • 24-month loan term not offered.

Best for applicants who want guidance through the lease buyout and title transfer process. Applicants with bad or fair credit may qualify.

More from Tresl

Borrowers can also obtain financing for a company car at the end of its lease through Tresl.

Tresl also offers “service products” that can be rolled into a Tresl loan. These products include service protection contracts, GAP insurance and road hazard coverage.

Borrowers can also take advantage of Tresl’s many educational resources, including a blog and answers to frequently asked questions.

Tresl auto loan rates

Lenders set their own requirements, 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: For a subprime borrower (FICO score between 501 to 600), a $10,000 car loan, with a repayment term of 36 months, an interest rate of 12% and $0 down payment would carry monthly payments of $332, according to NerdWallet’s auto loan calculator.

To review Tresl, NerdWallet collected and compared more than 60 data points with other lenders that seek the same customer or offer a similar product.

Frequently asked questions