TrueCar has partnered with Capital One to offer a financial prequalification tool that allows car buyers to determine interim loan terms and monthly payments before clicking on a dealership.
Powered by Capital One, the second largest auto loan provider in the United States, the tool allows buyers to apply for loan prequalifications from Capital One as well as Westlake Financial.
Dealers in the TrueCar network who offer loans from either lender can put the prequalification widget on their listings.
“The most important things for consumers in their car buying experience are ease and speed,” wrote TrueCar CEO and President Mike Darrow. A declaration. “This allows car buyers to feel even more confident in the seamless and efficient TrueCar experience they trust. “
Additionally, it helps dealerships by identifying potential buyers who are financially fit to proceed with a car purchase.
The new tool builds on TrueCar’s push into digital retail. Last April, through an agreement with digital retailer Roadster, TrueCar launched a pilot project that offers online transaction capability to dealerships affiliated with both TrueCar and Roadster.
During his Q2 2021 call with investors, TrueCar said it would start testing a similar tool developed in-house before the end of the year.