TrueCar is trying to improve the financing process for dealerships and vehicle shoppers that might engage with its website.
On Friday, TrueCar announced a new experience powered by Capital One that allows eligible shoppers to pre-qualify for auto financing through Capital One and Westlake Financial as they begin their car-buying journey with TrueCar Certified Dealers. According to a recent TrueCar survey, 76% of vehicle shoppers said they would be somewhat or very likely to calculate personalized monthly payments online. Consumers also expressed the desire to compare different monthly payment options and terms online.
TrueCar explained that it launched its new pre-qualification experience to increase consumer confidence through deal transparency and deal comparisons for a more efficient vehicle-buying experience.
The TrueCar auto finance pre-qualification experience will be rolled out among TrueCar Certified Dealers nationwide that offer financing through Capital One or Westlake Financial.
Consumers can use the pre-qualification experience for both new and used vehicles, according to a news release.
“The most important things to consumers during their car shopping experience are ease and speed. We are excited to partner with Capital One to expand our ability to provide pre-qualification options for consumers,”, at TrueCar chief executive officer and president Mike Darrow said in the news release.
“This allows car shoppers to feel even more confident in having the transparent and efficient experience they have come to trust from TrueCar,” Darrow continued.
Capital One managing vice president Jeppe Heidemann added, “As a longtime leader in auto financing, and firm believers in the power of digital tools to enhance the car buying experience, we are proud that this partnership can bring transparency to TrueCar’s shoppers.”
