Tresl vs. Ally: Which offers better auto loans?
Key takeaways
- Tresl is best if you plan to comparison shop loan options and want personalized customer support.
- Ally is a solid choice for those with poor credit who require more flexible underwriting criteria.
- When comparing lenders that offer fairly similar rates and terms, focus on the customer service experience that best fits your needs.
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 |
|
|
| Loans offered | Refinancing, lease buyout, company car purchases | Refinancing, lease buyout, personal and business vehicle purchases/leases |
| Loan amounts | %- % | Not Specified |
| APRs | Starting at 4.99% | Not Specified |
| Loan term lengths | 12–96 months | 36 to 75 months |
| Fees | Varies by lender | No application or document fee |
| Minimum credit score | Not Specified | 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 auto loans
Tresl
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Tresl is an online auto loan aggregator that matches borrowers with its many partner lenders. Working with Tresl may help you find a lender willing to lend to people with your credit profile and 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
- Personalized customer support
- Quotes from multiple lenders
- Auto service products available
Cons
- Undisclosed rates
- Potentially high fees
- No traditional auto loans available
Ally auto loans
Ally
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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 than 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. However, getting a loan from Ally can be convenient if you already have an account or use its other services.
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Pros
- Co-borrowers allowed
- Flexible approval requirements
- Prequalification available
Cons
- Limited nationwide coverage
- Loan details not published online
- Slow funding timeline
How to choose between Tresl and Ally
Tresl tends to be better if you’re looking to shop rates with multiple lenders, 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.
APR range
Tresl has a minimum APR of 4.99 percent. A rate below 5 percent is competitive and can be hard to find elsewhere, but rates that low tend to be reserved for borrowers with strong credit.
Ally does not disclose information on potential rates. However, it does have flexible acceptance criteria, which can make it a sound choice for borrowers looking for bad credit auto loan rates.
Minimum credit score
Neither company specifies a minimum credit score. Tresl works with a variety of lenders that may have varying or flexible lending criteria. This structure can make it more likely for a range of borrowers to find a good fit.
Ally offers relatively simple qualification requirements. If you earn a minimum of $2,000 a month, you may qualify — provided your debt-to-income ratio is reasonable. You can also add a second applicant to the loan to improve your chances of qualifying.
Repayment terms
The lenders in Tresl’s network are able to offer more repayment options. You can finance from anywhere between 12 and 84 months. However, the longer your loan term is extended, the more interest you will pay.
Ally offers terms between 36 and 75 months. While the terms are shorter, Ally does offer new and used auto loans, making it a better fit for a borrower who is not refinancing, purchasing a company car or buying out their lease.
Loan amount
Tresl offers loans for as little as $8,000 or as much as $150,000. With a loan maximum of over $100,000, Tresl is a great option for those buying out a luxury leased car. Ally, on the other hand, does not specify its loan range.
With both, you can prequalify to see what loan amounts are available to you based on your financial background.
Fees
Ally states that it does not charge application or document fees. However, borrowers may be subject to fees for vehicle title, registration, or taxes, which is normal for most loans. Tresl’s fees can vary by lender.
The bottom line: Which lender is better?
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. Ally’s process is more self-driven than Tresl’s, 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.
Both lenders offer prequalification, which can give you a look into potential rates and terms. It might be wise to prequalify with both and see which offers the best rate.
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.
