Tresl vs. Ally: Which offers better auto loans?

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 vs. Ally at a glance

Tresl auto loans

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 types of lending services: refinancing, lease buyouts and company car purchases. You can also buy various car-related services, such as a vehicle service contract or gap coverage. However, it lacks an option for people who just want to buy a car without leasing first, which is a major drawback.

What really sets Tresl apart is the aid from its staff advisors. Once you prequalify, you’ll see offers from multiple auto lenders. An advisor can explain the different options and help you choose the best one for you. They’ll then walk you through the final application process.

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.

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 submit an application.
• 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 auto loans

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, which means you’ll need to submit additional applications with other lenders if you want to shop around.

Ally has a few major 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 it easier to qualify. Another is the fact that it’s a bank. If you already bank with Ally or use its other services, getting a loan from the company can be convenient.

Where Ally falls short is its availability and funding timelines. While Tresl has partners in all 50 states, Ally doesn’t originate loans in Nevada, Vermont or the District of Columbia, meaning customers in those areas will have to look elsewhere. Ally also says it can take a week or more to fund a loan, which isn’t good for borrowers facing time pressure.

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.

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

Ally and Tresl are both solid options if you want to refinance your car or buy out a lease. 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 the way you’re assigned an advisor when you prequalify for a loan. This advisor serves as your guide throughout the 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. If you meet the minimum income requirements, you may qualify for a loan even without great credit. 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, it’s in your interest to look at other lenders and see if they might offer a better deal.