New Auto Prequalification Makes Car Shopping More Convenient and Approachable
CHARLOTTE, N.C., Nov. 15, 2023 /PRNewswire/ -- Bank of America 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.
"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," said Fabien Thierry, head of Consumer Vehicle products for Bank of America.
Auto Prequalification
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.
Enhanced Digital Car Shopping
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," Thierry stated. "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."
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
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Reporters may contact:
Susan Atran, Bank of America
Phone: 1.646.599.3300
susan.atran@bofa.com
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SOURCE Bank of America Corporation
