Bank of America (NYSE: BAC) is introducing new digital capabilities to support consumers in their car shopping and financing journey.
Bank of America clients can now “get prequalified for auto financing to learn how much they may be able to borrow and estimate their terms, all with no impact to their credit scores. Additionally, enhancements to the bank’s Digital Car Shopping tool — such as improved search functionality, EV inventory filtering, loan application integration and in-platform CARFAX reviews — help shoppers compare, budget, finance and buy the car that best meets their needs.”
Last year, the average car buyer spent “more than 14 hours researching, shopping and purchasing their vehicle, according to research by Cox Automotive.” With the addition of these new features, Bank of America aims “to help consumers save time and gain more control over their car buying experience.”
Fabien Thierry, head of Consumer Vehicle products for Bank of America, stated:
“These resources streamline the car buying process, empowering clients to shop with confidence and focus on vehicles within their price range. From initial research and budgeting, to applying for a loan, to driving off the lot, we’re supporting clients throughout their entire car shopping journey.”
The new auto prequalification experience “makes it easier for clients to estimate financing terms for auto loans. Available for clients with a Bank of America login, prequalification for a new or used auto loan will be determined upon the submission of a simple form that clients can complete in less than one minute.”
Prequalification requests will “not impact the client’s credit score.” Once pre-qualified, clients learn how much they “may borrow and can access a personal auto loan calculator that will provide estimated rates and payments for various loan terms, allowing the client to explore their options for 30 days.”
Bank of America’s Digital Car Shopping service, “with over one million vehicles to search through, is available in all 50 states.”
The updated service lets clients search the available inventory of participating dealers through an updated free-form search bar, compare cars, estimate payments, and view quick links to inventory pages — including one for electric vehicles. Once ready to apply, certain vehicle details auto-populate into the credit application, saving shoppers time in the application process.
“Purchasing a car is a big decision, and our goal is to make it as convenient as possible and help our clients to align it with their overall financial picture. By enhancing our digital car shopping capabilities and introducing auto prequalification, we are adding to our existing, industry-leading digital application process to help consumers make informed buying decisions and to make the best use of their time and credit.”