Tresl vs. Auto Approve: Which offers better auto loans?
Tresl and Auto Approve are online platforms that match prospective borrowers with attractive auto loan refinance options. Both serve consumers in all 50 states and feature a convenient online lending process. However, Tresl also features commercial auto loan solutions, while Auto Approve offers motorcycle, boat, ATV and RV refinancing options.
You’ll also find that Auto Approve is more transparent with its offerings through partner lenders. Although the specific lenders they work with aren’t disclosed online, you can view more detailed pricing information before applying. But Tresl requires you to get prequalified to access pricing information.
Tresl vs. Auto Approve at a glance
Tresl | Auto Approve | |
|---|---|---|
Bankrate score | 3.4 | 3.9 |
Better for |
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Loans offered | Refinancing, lease buyout, company car purchase | Refinancing, lease buyout |
Loan amounts | Not specified | Not specified |
APRs | Varies by lender | From 5.24% |
Loan term lengths | Not specified | 12 to 84 months |
Fees | Varies by lender | Varies by lender |
Minimum credit score | Varies by lender | 650 |
State footprint | All 50 states | All 50 states |
Time to funding | Not specified | Varies by lender |
Autopay discount? | Not specified | Varies by lender |
Refinancing restrictions |
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|
Tresl
Rating: 3.3 stars out of 5
Bankrate's view
Best for: Commercial loan financing
Tresl is an online lending platform that makes it easy to compare lenders when shopping for auto loan financing. It features an extensive network of lending partners, including credit unions and online lenders.
It features loans for refinancing, lease buyouts and company car purchases. If you choose to refinance your existing loan through Tresl, you may save money if you qualify for a lower rate. But you won’t see potential rates (and be able to calculate possible savings) until after you prequalify.
Once you submit an inquiry, you’re automatically matched with a dedicated financial advisor. This individual is available to help you navigate the lending process from start to finish and answer any questions. Few loan comparison platforms offer this level of hands-on assistance, though it’s not unheard of — rival iLending provides a similar service.
Pros and cons
Green circle with a checkmark inside Pros
Lock in rates ahead of time: Borrowers can prequalify for a loan with only a soft credit check — without damage to their credit.
Seamless application: The online application makes document upload much more straightforward than working in person.
Customer support: Following prequalification, borrowers will be matched with a dedicated customer support professional.
Red circle with an X inside Cons
Undisclosed information: Neither auto loan terms nor rates are disclosed online before you apply.
Potential fees: Possible loan origination fees can increase your overall cost.
Limited products: Tresl does not serve those looking to purchase a new or used car (aside from company cars).
Auto Approve
Rating: 3.9 stars out of 5
Bankrate’s view
Best for: Seamless refinancing
Auto Approve is also an online lender match tool that helps you find the best deal on refinancing. It works with credit unions and banks to get you the best deal, and borrowers can choose from auto refinancing, motorcycle refinancing or auto lease buyouts.
Auto Approve states it doesn’t mark up the rates its partner lenders offer. Even better, you could be eligible to defer your new loan’s first payment by 90 days (though skipped payments will be tacked onto the end of the loan term).
Auto Approve also allows co-borrowers, great if you need to strengthen your financial profile, to apply for the best terms. Or you can use their platform to find a lender to help you refinance and drop a co-borrower you no longer need on the loan.
Pros and cons
Green circle with a checkmark inside Pros
Deferred payment: Auto Approve offers a 90-day deferred payment option for qualified applicants.
Co-borrowers allowed: Signing off with a co-borrower can help those with less-than-perfect credit secure a more competitive rate.
Personalized assistance: Borrowers will be matched directly with a customer representative who can provide assistance throughout the funding process.
Red circle with an X inside Cons
Potential fees: While Auto Approve does not enforce an application fee, other fees are likely.
Unknown lenders: Auto Approve does not disclose the partners that it works with, which can make it difficult to gauge expected rates.
Small range of products: The lender does not offer loans for new or used vehicle purchases.
How to choose between Tresl and Auto Approve
Both feature attractive loan options for auto loan refinancing and lease buyouts, but Tresl offers less upfront transparency. Still, you can find financing solutions for your next company car purchase, which isn’t an option with Auto Approve.
Choose Tresl if you need commercial auto loan financing
Tresl doesn’t offer as many refinancing options, but it beats Auto Approve if you’re looking to buy a company car. Tresl states most applicants receive an answer regarding prequalification in seconds, and it takes roughly 24 hours to receive full loan approval.
Plus, you’ll get personalized assistance from a Tresl Finance Advisor. They will work directly with your company’s fleet management service and the lender to ensure the transaction goes as smoothly as possible.
Choose Auto Approve if you want more transparency before applying
You can get prequalified and view potential rates in minutes with Auto Approve. But if you’d prefer not to take this extra step right away, ranges for loan rates and terms are published online. Plus, the loan calculator is available to estimate potential savings.
Auto Approve also offers motorcycle, boat, ATV and RV refinancing, unlike Tresl. You also have the luxury of avoiding rate mark-ups. Plus, you could be eligible for a 90-day deferment period before your first payment is due.
Compare more lenders before applying
Tresl and Auto Approve are two online lending platforms that can help you find the best rates and terms on auto loan refinancing. Still, comparing multiple lenders before applying is vital to ensure you get a good deal. By taking the time to research and compare multiple lenders, you can make an informed decision and potentially save yourself thousands of dollars in the long run.
