Petroleum-derived products, such as lubricant oils, are non-renewable resources that, after use, must be collected and processed properly to avoid negative environmental impacts. A circular economy of used oils requires the re-refining and reuse of the same. Similar to most countries in Latin America, the management of used oils in Ecuador is still incipient and few cities collect and treat this material properly. In Cuenca, the ETAPA company collects ~1344 t/year of used oils, which are subjected to pretreatment operations prior to their use as fuel in a cement factory. However, combustion generates polluting gases and disallows the adding of value to the used oils. The lack of studies on the characterization and methods utilized for recovering used oils under the conditions found in medium-size Latin-American cities (e.g., Cuenca), alongside a lack of government policies, have hindered the adoption of re-refining operations. The objective of this work is to characterize the used lubricant oils in Cuenca, to compare them with the properties of used oils from other countries, and to suggest some re-refining technologies for oils with similar properties. Used oil samples were collected from mechanic shops and car-lubricating shops for characterization. Its physicochemical properties and metal contents are comparable to the used oils in other countries globally. Specifically, the flash point, kinematic viscosity, TBN, and concentrations of Zn, Cd, and Mg are similar to the properties of used oils in Iraq, Egypt, and the United Arab Emirates. Based on these results, the best re-refining option for used oils in Cuenca is extraction with solvents in which sedimentation and dehydration (already conducted in Cuenca) is followed by a solvent reaction process, a vacuum distillation process, a finishing process with bentonite, and a final filtration step.