LendKey, an online lending platform, has partnered with TrueCar to launch an “integrated auto buying and lending platform,” the company announced today in a press release. According to Lendkey, of consumers who purchased new cars last year, 85% were financed through an auto loan, and 75% of consumers began their car purchase online.
“Consumers are increasingly pricing cars online before visiting a dealership and now, for the first time, they will be able to receive quick, transparent and accurate information about auto loans before stepping foot into a dealership,” said Vince Passione, chief executive officer of LendKey. “This partnership allows us to combine TrueCar’s upfront pricing with LendKey’s pre-approved financing from our lender clients to make the process of buying a car more seamless for consumers.”
Through the platform, consumers will get a “guaranteed savings certificate” off of the manufacturer’s suggested retail pricing from any TrueCar Certified Dealers, and get a pre-approved financing certificate from a local lender using LendKey’s online lending platform.
Aspire Federal Credit Union, the Clark, N.J.-based lender formerly known as FAA Eastern Region Federal Credit Union, was one of the first lenders to launch the new integrated platform, according to Lendkey.
“We want to make it simple for our members to purchase a car, and finalizing both pricing and financing before going to the dealer makes it easy for them to do so”, Tom O’Shea, Aspire’s chief exectutive said in the release. “We have been offering a car buying service powered by TrueCar to our customers and by extending this to integrate with LendKey’s online loan platform, our members will have everything in hand before they step into a dealership and let them speed up the entire process.”
