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).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
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