Choosing your auto loan lender requires thinking beyond APR and loan amounts. You must also consider your preferred experience. For some, the ease of an online application seals the deal. Others may prefer the familiarity of a bank.

Tresl is an online company that helps match borrowers to auto lenders, while Ally is a full-service online bank that offers auto lending alongside its many other financial services. If you’re in the market to get an auto loan or refinance your current car, you should compare these two lenders to see if they fit your needs. Tresl is a solid option for those who want personalized assistance, while Ally is fit for those with imperfect credit.

Tresl vs. Ally at a glance

Tresl Ally
Bankrate score 3.3 4
Better for
  • Easily comparison shopping multiple lenders
  • Hands-on assistance from lending professional
  • Borrowers looking for flexible qualification criteria
  • Applicants with a co-borrower
Loans offered Refinancing, lease buyout, company car purchases Refinancing, lease buyout
Loan amounts Not specified Not specified
APRs Not specified Not specified
Loan term lengths Not specified 36-75 months
Fees Varies by lender Not specified
Minimum credit score Varies by lender Not specified
State footprint All states 48 states
Time to funding Not specified Several days to a few weeks
Autopay discount? Varies by lender No
Refinancing restrictions Varies by lender Existing loan must be at least seven months old

Tresl

3.3
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  • Hands-on assistance from lending professional

  • Tresl is an online auto loan aggregator that matches borrowers with its many partner lenders. Working with Tresl may make it possible to find a lender willing to lend to people with your credit profile and to compare offers from multiple lenders.

    Tresl offers three lending services: refinancing, lease buyouts and company car purchases. However, it lacks an option for people who want to buy a car without leasing first.

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    Pros

    • Support from Tresl advisor: When you apply, you’ll get matched with an advisor who can help you compare loan options and complete the borrowing process.
    • Get quotes from multiple lenders: When you prequalify, Tresl matches you with multiple lenders so you can examine multiple loan offers.
    • Auto service products: You can add additional services when you get a loan. For example, Tresl offers gap coverage and service contracts, which can offer peace of mind.
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    Cons

    • Lack of transparency: Because Tresl matches you with third-party lenders rather than offering loans itself, it doesn’t provide details about pricing. You won’t get any rate or fee info until you apply.
    • Potentially high fees: Lenders in Tresl’s network may charge high fees, such as origination fees, or include prepayment penalties in their loan terms.
    • No option for typical purchase: Tresl only offers company car purchase loans, refinancing and lease-purchase financing. You can’t apply for a traditional auto loan.

Ally

4
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  • Borrowers looking for flexible qualification criteria

  • Ally is an online bank offering refinance and lease buyout auto loans to its customers. That means it offers more of a traditional lending process compared to Tresl. Like Tresl, you can prequalify for a loan and see your offer without impacting your credit. However, you’ll only get one offer, so you must submit additional applications with other lenders if you want to shop around.

    Ally has a few significant perks that make it an appealing choice. For one, you can apply with a co-borrower. That means you and a spouse or partner can get a loan together. If one of you has less than perfect credit, adding a co-borrower can make qualifying easier. Another is the fact that it’s a bank. Getting a loan from the company can be convenient if you already bank with Ally or use its other services.

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    Pros

    • Apply with a co-borrower. This is useful for people who want to be on the loan jointly as well as applicants who need a hand to qualify.
    • Flexible requirements. Ally offers relatively simple qualification requirements. If you earn $2,000 a month minimum, you’ll have a chance to qualify as long as your debt-to-income ratio is reasonable. Having fair credit won’t disqualify you.
    • Prequalify without damaging your credit. Prequalifying for a loan doesn’t involve a hard pull on your credit score and lets you see the interest rate you’d qualify for.
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    Cons

    • Limited availability. Ally offers loans in most states, but if you live in Nevada, Vermont or the District of Columbia, you’ll need to look to a different lender.
    • Shopping around is harder. Tresl will give you multiple offers with one application. Ally only gives you its offer, which means you’ll need to go to multiple lenders to prequalify if you want to comparison-shop.
    • Slow funding. Ally says that it can take a week or more from the time you get approved to the time your loan gets funded. That can be an issue for people who are facing a time crunch and need a quick loan.

How to choose between Tresl and Ally

Tresl tends to be better if you’re looking for more hand-holding throughout the process, while Ally may be a better fit if you’re looking for low fees, need to add a co-borrower or are comfortable with shopping around on your own.

Choose Tresl if you want personalized assistance

One of Tresl’s major selling points is its excellent customer service. Consumers benefit by working directly with an advisor once they prequalify for a loan. While it is common for lenders to have experts on staff, a personalized advisor who understands your needs is not so commonplace, making it a standout feature.

This advisor serves as your guide throughout the whole of the funding process. They can also advise you on the different add-on services Tresl offers, including gap coverage or a service contract.

Choose Ally if your credit is imperfect

Ally has a more self-driven process than Tresl, but it excels at helping borrowers with imperfect credit. Rates for borrowers with credit in the subprime or deep subprime category are higher than those offered to drivers in other credit bands, close to 19 percent, according to Experian. Shoppers should remember this to avoid sky-high rates as best they can.

You may qualify for a loan even without great credit if you meet the minimum income requirements. You can also add a second applicant to the loan to improve your chances of qualifying. It also doesn’t charge application or origination fees, which can save you a significant amount compared to a lender from Tresl that does charge these fees.

Compare more lenders before applying

If you’re in the market for an auto loan, Tresl and Ally are just two of the many options on the market. Whether you have bad credit and want the best chance of qualifying or want to get the best interest rate on an auto loan refinance loan, it’s in your interest to look at other lenders and see if they might offer a better deal.