The Cox Automotive subsidiaries Autotrader and Kelley Blue Book are partnering with online direct-loan marketplace LendingTree in an effort to provide consumers an all-in-one tool to streamline the online car-buying process from research to financing, the companies announced in a press release today.
Senior Vice President of Product for Cox Automotive Jai Macker said the comprehensive program provides new and used-car information including finance options for a customers’ specific needs.
“Bringing LendingTree’s capabilities to Autotrader and Kelley Blue Book will help new- and used-vehicle shoppers by creating a seamless experience to research, shop for and secure financing on a vehicle all in one spot,” Macker said.
The program collects a consumer’s credit information and provides options for the customer to choose from — beginning with loan type and ending with the type of car desired. The portal does not provide a live inventory of cars, but consumers can research the vehicle they want and apply for a direct loan.
Once completed, the program will filter lenders based on the loan amount and type of car desired. Then the potential buyer can choose from the matched lenders and connect via phone and email to continue the process. LendingTree’s technology is now available on both Kelley Blue Book’s and Autotrader’s websites.
“Together with Autotrader and Kelley Blue Book, we are able to provide 36 million-plus shoppers the information they need to find and compare rates and terms from multiple lenders, all while online,” Dimitar Alexandrov, vice president of automotive for LendingTree, said in the press release.
The website also provides an auto loan calculator tool that helps visitors determine monthly payments based on loan amount, interest rate, and loan term.