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If you need an auto loan, whether it is refinancing or purchasing, and you go to your local bank, chances are you overpaying.
There is a host of online companies that provide auto loan services at a fraction of the cost. They offer the best auto loan rates, better terms, and top-notch customer service.
Tresl, formerly Innovative Funding Services (IFS), is one of those companies. Read on to find out what Tresl Auto Loans offers, its terms, and so much more in this review.
Since 2007, Tresl has intelligently connected consumers with personalized financial resources for auto purchasing and refinancing. Tresl has partnered with a network of diverse lenders to bring consumers competitive rates and a better consumer experience through cutting-edge financial technology. Tresl is not a direct lender, rather it provides you with multiple offers from different companies based on your credit profile. This partnership results in lower rates and fees. It offers four main services: auto finance, auto lease-purchase, company car purchase, and service protection (e.g., GAP coverage, Road hazard Coverage, etc.).
Tresl prides itself on its simplistic and technology-driven process that allows you to take part in their lender network in just four easy steps.
Tresl offers a handful of services. Here are a few features and benefits we think are worth noting.
Tresl has refinanced more than 36,000 auto loans. Moreover, Tresl states its consumers save an average of $102.20 per month and realize an average of 5.41% interest reduction when refinancing through them.
Whether you are looking for a lower interest rate or lower monthly payments, Tresl can help. And in typical Tresl fashion, it has outlined a simple three-step process in doing so.
If you love the vehicle you have leased and would now like to purchase it, doing so through your dealership can be somewhat complicated, time-consuming, and may include buyout fees.
Tresl simplifies the process of purchasing your leased vehicle by its standard three-step process.
Tresl has facilitated more than 16,000 lease-purchase transactions following these three steps and states that 75% of applicants are pre-qualified in seconds, with 24 hours being the average time for full auto loan approval.
If your company has a company car, you may have the option of buying it at the end of the lease, often far below market value.
Tresl has facilitated more than 27,000 company vehicle transactions. Again, the three-step process is utilized.
Tresl states that 74% of company car purchase applicants are pre-qualified in seconds, and a full loan approval happens within 24 hours.
Tresl offers three different service protection products.
Tresl partners with a diverse network of credit unions, banks, and other lending institutions to provide you with the best possible rates and terms.
They are unbiased and focused on the best outcome for you. Their end goal is to save you time, money, and a headache.
There are no fees nor credit impact to receive instant pre-qualification. Furthermore, you are not under any obligation to accept any of the offers you receive.
Tresl offers what it calls the “white glove approach,” which means their financial advisor will handle the paperwork and make sure everything is signed off. This includes title transfers.
Tresl encourages all to apply no matter what their credit score is. Having a credit score of 500 or more and a monthly income of at least $1,500 means you meet the individual requirements of Tresl.
No matter what type of loan you are applying for with Tresl, it follows the same three-step process to apply for a loan.
Although Tresl is flexible in applying for loans, they have a few restrictions, both on the vehicle and the individual, worth mentioning.
Here are those restrictions:
Here is how Tresl compares to other auto loan companies.
Caribou advertises rates starting at 1.49% for its loans. You do not need to provide your SSN to be pre-qualified with Caribou. Caribou offers a smaller loan spread of $5,000 to only $50,000 with terms ranging from 12 months to 60 months.
Like Tresl, there is no obligation to accept any of their offers.
>> More: Caribou Review
Similar to Tresl, RefiJet connects you with a dedicated Financial Service Rep (FSR). However, RefiJet only offers this over the phone.
RefiJet claims it can help reduce your auto loan by $150 per month and allows you to miss your first 2 payments to help you catch up with other bills. RefiJet also offers a larger loan spread of $5,000 to $150,000 and terms from 24 months to 84 months, with 96 months available in some cases.
RefiJet does have a higher monthly income requirement of $2,000 to qualify and has the same vehicle restrictions as Tresl.
>> More: RefiJet Review
Auto Approve provides refinancing and lease buyouts for all vehicles, including boats and RVs, with rates starting around 2.25%, depending on credit, with terms typically ranging from 12 months to 84 months.
Auto Approve offers a 90-day deferred payment option for qualified buyers. You can also buy GAP insurance through Auto Approve like you can through Tresl.
>> More: Auto Approve Review
Autopay offers loans starting at $2,500 with terms of 24 months to 84 months. You will need a credit score of at least 600 and be at least 18 years old. Like Tresl, you can have a co-signer as long as they are at least 18 years old.
Vehicle restrictions are similar in that with Autopay, your vehicle has to be newer than 11 years old and less than 125,000 miles.
>> More: Autopay Review
Yes, Tresl is legit and works with different lenders to provide you with the best possible loan based on your credit history.
Tresl is not a lender, rather they are a loan aggregator. This means Tresl pre-qualifies you with no impact on your credit score and brings lenders to you with competitive interest rates. Tresl is a free service with no strings attached, making it ideal for anyone on the market for a new auto loan or wanting to refinance their current car loan.
Innovative Funding Services is the old name of Tresl. Tresl states that only its name changed and not the services it provides. Tresl is just the new business name.
Tresl recommends waiting at least 60 to 90 days, but six months is ideal. Moreover, you should consider refinancing your car loan if your credit score has improved.
If you are looking for an easy way to “shop” for the best auto loan refinance rates or a new auto loan, Tresl is a good option. One of the appeals to Tresl is it accepts lower credit scores with only $1,500 in verifiable monthly income needed to qualify.
Although Tresl does not publish rates, our research indicates rates start above 2% and some over 20% depending on their credit score. That said, a good credit score will result in the lowest available rates.
Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.
