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Tresl: 2022 Auto Loan Refinancing Review

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Tresl partners with lenders throughout the U.S. to offer auto financing at competitive rates. It is not a direct lender but an online platform. You can access it on any device to determine if you are prequalified for auto refinancing or a car lease buyout loan.

Loans for new and used personal vehicles aren’t currently available. Still, you can use Tresl to find a loan to purchase your leased vehicle.

Most borrowers get prequalified in seconds. Even better, your loan could be fully approved in just 24 hours.

Tresl auto loan refinancing snapshot

Loan amount
Not specified
APR
Not specified
Minimum credit score
Varies by lender
Time to receive funds
Not specified

Pros and cons of Tresl auto loan refinancing

There are a few important benefits and drawbacks of Tresl auto loans worth considering before applying.

Pros

  • Prequalify with a soft credit check: There is no impact to determine if you prequalify for financing with a lender in the Tresl network.
  • Simple online application: The entire application process is handled online. You can upload your documents electronically to avoid the hassle of making copies and sending them by post.

Cons

  • Limited information available: Rates, terms, eligibility requirements and most other information is not available until after you apply to prequalify.
  • Lender fees: You could be subject to a loan origination fee, depending on the lender.

Who is Tresl best for?

If you prefer hands-on assistance when shopping for a refinance or lease buyout loan, Tresl could be a solid choice for you. Finance advisors are available every step of the way to ensure that the process is seamless. You will have the luxury of comparing rates from a vast network of lenders without hurting your credit score or turning in more than one application. Tresl may also be a good option if your credit score isn’t up to par and you don’t have time to wait until your score improves to refinance, buy out your lease or purchase your company car.

Types of auto loans offered

Consider using Tresl to explore loan offers for auto refinancing, car lease purchases and company car purchases.

Auto loan refinancing

You can refinance your current loan with a lender in the Tresl network to get a better interest rate or more affordable car payment. According to Tresl, the average interest rate reduction is 5.57 percent, and borrowers save around $1,150 annually.

Lease buyout loans

Tresl can simplify the process of buying your leased car. You will have dedicated assistance from Tresl finance advisors. Plus, the entire process is handled online, and you won’t have to mail or fax in loads of paperwork or pay steep dealer fees. Most applicants receive final approval within 24 hours, assuming the requested documents are uploaded promptly.

Company car purchases

Did your employer recently offer you the opportunity to purchase your company car at a discounted rate? If so, you can take advantage of the offer with a company car purchase loan. They are also offered by Tresl’s lending partners. Most applicants are prequalified in seconds and fully approved in just 24 hours.

Interest rates and terms

Tresl does not publish interest rates or loan terms on its website. It claims to save borrowers $1,150 per year on average and reduce interest rates by 5.57 percent.

How to apply for an auto loan with Tresl

When you are ready to apply with Tresl, the first step is to get prequalified. It’s a five-minute process that entails inputting some basic contact and vehicle information into an online form to determine if there is a lender that might approve you for financing.

Next, you can compare any offers you prequalify for, select one that works for you and make any allowable adjustments to the offer to ensure it meets your financial needs. Finally, you will complete a formal application with help from a Tresl finance advisor to get final approval and secure the loan.

Auto loan requirements

Only the most basic of requirements are listed on Tresl’s website.

  • Be a U.S. citizen that’s at least 18 years of age.
  • Have a steady source of income.
  • Provide proof of insurance.

Customer service

You can get in touch with a customer service team member by phone or send an online inquiry via the website. Finance advisors are available Monday through Friday from 8:00 a.m. to 7:30 p.m., and Saturday from 9:00 a.m. to 5 p.m. CT.

How Bankrate rates Tresl

Overall Score 3.2
Availability 3.0 With little information to go on, Tresl gets mid marks for affordability.
Affordability 3.0 Tresl doesn’t provide APR, specific acceptance criteria or fees.
Customer Experience 3.6 Tresl’s range of customer service hours is what earns it more than mid marks.
Transparency 4.0 Prequalification is available, but fees and rates are notably absent.
Written by
Allison Martin
Allison Martin's work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.