Tresl auto loans review
A loan connection service that specializes in refinancing, lease buyouts and company car purchases.
- Best for borrowers with average credit that want assistance with paperwork.
- Pick something else if you want to shop at multiple BMW dealerships before getting financing.
Varies by lender
Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
Tresl is a car loan connection service that works with a network of lenders. What really sets Tresl apart is how closely they work with customers on the titling process. Rather than leaving it to the loan provider or a middleman, Tresl facilitates all title work.
It also offers gap insurance, service protection plans and tire and wheel protection in addition to refinancing, lease buyouts and company car purchases. Personal finance advisers are available to help walk you through the process and find the loan that’s best for you. But you won’t know what rates are available to you until you prequalify.
IFS is now Tresl
Car loan connection service Innovative Funding Services (IFS) changed its name to Tresl in May 2020. But that’s about all that’s changed. The ownership, products and its partners have stayed the same. And you can expect the same quality of service that IFS was known for.
How much will this loan cost me?
Tresl doesn’t disclose the loan amounts, rates and terms its partners offer — it can vary widely. But generally, car loan rates can range from 2% APR to 36% APR.
How much you can borrow depends on your loan balance or what you have left on the lease, or the price of the vehicle. And terms typically range from three to seven years. Use the calculator below to see how much a new car loan might cost you.
If you’re refinancing also have to factor in title transfer fees, re-registration fees and any prepayment penalties your current lender charges. These vary depending on your state and lender.
What do I need to qualify?
To qualify for refinancing with Tresl, you must meet the following criteria:
- Personal credit score of 500 or higher
- Currently employed with $1,500 of verifiable gross monthly income
- Your vehicle is 2011 or newer
- Your vehicle has less than 150,000 miles
While possible to find funding with a credit score of 500, you have a better shot at approval if your score is 550 or higher. Its partners also require borrowers to be employed, so you won’t qualify if you rely on unemployment benefits.
What types of car loans does Tresl offer?
Three types of loans are offered by Tresl:
- Lease buyout. Fall in love with the car you’ve been leasing? Tresl can help you find financing to purchase it.
- Refinance. If you got stuck with a high APR and monthly payments on your current car loan, one of Tresl’s partners may be able to help you refinance your auto loan to save you money in the long run.
- Company car purchase. Did your company offer you a great price on one of its fleet? Get funding to purchase your company car through Tresl.
It isn’t upfront about potential terms, rates and loan amounts you might qualify for, however. You’ll need to call or fill out the prequalification form to know exactly what you’re getting into with one of Tresl’s partner lenders.
What are the benefits of Tresl auto loans?
- Free to prequalify. You won’t have to pay an application fee to check if you qualify with one of Tresl’s partner lenders.
- Multiple loan offers with one online form. Tresl saves time by matching your online form against several providers at once.
- Title facilitation. Titles are handled by Tresl directly to eliminate additional handoffs. You’ll be able to contact the professionals in charge of the title at any time during the process.
- Cosigners OK. Tresl can connect you with a lender that accepts cosigners if you have trouble qualifying for auto financing on your own.
What to watch out for
- Loan handoff. Tresl matches you with a partnered lender and helps with the title process, but after the title work is done, you’ll only interact with the lender who offers you the loan. This can potentially make for a disjointed experience.
- Not transparent about rates and terms. Working with several different lenders means APR ranges depend on your qualifications. However, Tresl doesn’t mention any minimum or maximum loan amounts or terms, either, which makes it hard to know exactly what you’re getting into.
- Long turnaround. It can take up to two days to get a response to your online application — and between nine and 14 business days to close on your loan.
See other car loan providers
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Tresl reviews and complaints
|BBB customer reviews||4.7 out of 5 stars, based on 198 customer reviews|
|BBB customer complaints||16 customer complaints|
|Trustpilot Score||4.5 out of 5 stars, based on 1,401 customer reviews|
|Customer reviews verified as of||16 October 2020|
The majority of online customer reviews for Tresl are positive across its Better Business Bureau and Trustpilot profiles. Customers praise both how easy it is to get a loan and its customer service.
How do I get started?
- Go to the Tresl website and click Apply now.
- Select your loan type: Lease buyout, refinance or fleet purchase.
- Fill out the vehicle information including the make, model, year and mileage. Click Next.
- Fill out your personal information including your full name, email address, phone number, date of birth, driver’s license number and Social Security number.
- Fill out your physical address, residency payment type, monthly payment and the time you’ve been at the address. Click Next.
- Fill out your employer information including the company’s name, address and phone number, as well as your income information.
- Review your details and submit the form.
It can take up to 48 business hours for Tresl to get back to you with any potential offers you qualify for. The average processing time — from prequalification to close — is nine to 14 business days.
What documents do I need?
To fill out the prequalification form with Tresl, you’ll need a few documents on hand:
- Driver’s license
- Vehicle registration
- Social Security number
- Bank statements for income information
I got the Tresl auto loan. Now what?
Once you’re approved and accept the terms of the loan, you’ll be working with the lender you’re matched with, not Tresl.
Fees and payment structures are determined by the lender and are outlined in the terms before you accept them. Talk with your provider to see if you can set up autopay, if they have an online account service and how you can avoid any potential fees.
Tresl offers a matching service for specialized auto financing options. The nature of loan matching doesn’t allow for easily-defined specifics, if any. Before you apply with Tresl, it may be worth your time to compare your car loan options and look into lenders that provide a little more information upfront.
Frequently asked questions
Image source: ifsautoloans.com