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Bank of America announced a new feature allowing clients to prequalify for auto financing without affecting their credit scores, providing information on potential borrowing amounts and estimated terms. The bank's Digital Car Shopping tool has also been enhanced with improved search functions, electric vehicle inventory filtering, integrated loan applications, and in-platform CARFAX™ reviews. This innovation is in line with the bank's commitment to simplifying finance processes for its clients.
Delving deeper into this development,
Bank of America is simplifying the auto loan prequalification process, allowing clients to submit a brief form in under a minute with no impact on their credit scores. After prequalification, clients can access a personal auto loan calculator for 30 days, estimating rates and payments for various loan terms, according to a press release by Bank of America.
Shedding more light on how these resources improve customer 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, according to a press release by Bank of America.
Turning our attention towards Bank of America's digital capabilities, The bank's Digital Car Shopping service, available nationwide, offers an updated free-form search bar for over one million vehicles, allowing users to compare estimates payments and apply more efficiently with certain vehicle details auto-populating into the credit application according to a press release by Bank of America.
To conclude,