United States. CarGurus, the digital platform for buying and selling new and used vehicles, announced the addition of Chase to its multi-lender financing platform, expanding options for consumers looking to pre-qualify for auto financing.
Available nationwide, Chase joins CarGurus' network of participating lenders, which also includes Capital One, Global Lending Services and Westlake Financial, to provide consumers with personalized vehicle financing information while enabling dealers to better serve the growing number of buyers who prefer to obtain financing online.
According to consumer research from CarGurus, more than 70% of car buyers want to do more of the process from home, with the majority (56%) citing financing as their top desired online activity.
The data also shows that those who pre-qualify for funding are more likely to successfully complete a purchase, and leads pre-qualified through CarGurus are 41% more likely to close compared to leads that are not pre-qualified or funded.
"CarGurus' partnership with Chase demonstrates our shared vision of equipping shoppers with the tools needed to make an informed purchase with confidence and ease, while helping dealers meet their goals for an efficient and seamless customer experience," said Gerard Murphy, Vice President of Product, Digital Retail, on CarGurus.
"We believe this expansion responds to a growing need for finance-based buying tools that allow consumers to better understand how much they can afford to pay earlier in the buying process, ultimately helping to connect more informed and more intentional car buyers with dealerships."
Customers can pre-qualify for financing directly on the CarGurus website, gaining access to custom rates and monthly payment scenarios in a matter of minutes with no impact on their credit scores. Pre-qualified buyers can then review vehicles through a more personalized lens, viewing their rates and monthly payments in listings available through dealerships that offer Chase financing.
Once a vehicle is selected, buyers submit a credit application at the dealership to finalize the financing terms and complete the purchase.
"We want to help car buyers get the financing that's right for them," said Anuj Jain, Chase's director of automotive products and consumer services. "By pre-qualifying with Chase early in the process, we hope to give CarGurus buyers confidence in their purchasing power," he added.
The program is available nationwide through more than 9,000 dealers working with CarGurus and Chase. Financing through this partnership will be available for eligible new and used vehicles listed by participating dealers in CarGurus.com.
