Bank of America has launched its new car shoppingservice, which allowsclients to complete the auto financing process with the bank and search for a car from participating dealerships – all on their mobile device or computer and before ever visiting a dealership.
The program will begin with a pilot period in the Carolinas and expand across the country in a phased rollout that will continue throughout the year.
The process is simple:
The tool allows the user to locate their preferred vehicle, look up the closest participating dealerships and find an available vehicle in their price range.
Then the user can move directly to applying for a Bank of America loan through the tool, typically receiving a decision within seconds. Once approved, the user receives an official approval letter via email.
After that, shoppers can go to the dealer, take a test drive and finalize the sale and financing transaction with the dealer.
Unlike other tools, anyone can use Bank of America’s car shopping resource. Itdoesn’t require an existing customer relationship for users to take advantage of it.
There is no obligation, and clients can change their mind at any time. At the dealer, they may decide on a different color, different options, or a completely different car – they are in control.
In addition to the shopping benefits of the tool, Bank of America’s 30-day rate lock guarantee gives clients the time to make a decision.