TrueCar has tied up with Capital One to offer a finance pre-qualification tool that lets car shoppers work out tentative loan terms and monthly payments before clicking through to a dealership.
Powered by Capital One, the second biggest provider of automotive loans in the U.S., the tool lets shoppers apply for loan pre-qualifications from Capital One as well as Westlake Financial.
TrueCar network dealerships that offer loans from either lender can put the pre-qualification widget on their listings.
“The most important things to consumers during their car shopping experience are ease and speed,” TrueCar CEO and president Mike Darrow wrote in a statement. “This allows car shoppers to feel even more confident in having the transparent and efficient experience they have come to trust from TrueCar.”
In addition, it helps dealerships by identifying potential buyers who are financially fit to follow through on a car purchase.
The new tool builds on TrueCar’s push into digital retail. Last April, through an arrangement with digital retail vendor Roadster, TrueCar launched a pilot that gives online transaction capability to dealerships affiliated with both TrueCar and Roadster.
During its Q2 2021 call with investors, TrueCar stated that it would begin testing of a similar tool developed in-house before the end of the year.