Columbus, Ohio-based Nationwide Bank has stepped into the direct auto lending space with the launch of a new online car loan service, the company announced last week.
The online tool — Car Buying Reinvented — allows consumers to research and finance their cars “to help make buying a new car faster and easier,” according to a company press release.
Specifically, the service enables consumers to secure financing before going to a dealership, and connects car buyers with local dealers who provide upfront pricing information.
Consumers may also receive access to 10,000 car dealers via an auto-shopping service powered by TrueCar. The tool was released on the heels of a Nationwide study, which found that most consumers dread the car-buying process — 62% of the respondents said that they don’t believe they can get better financing through a dealership.
“We want to make the process more painless for our consumers,” Lynn Anderson, president of Nationwide’s banking operations, told AFN.
“All of the ‘paperwork’ is online; the funding is electronic, and you can do it on any device.” Previously, the bank was mostly involved in auto loan refinancing.
“I think we were relatively successful in the refinancing business, and we would definitely want to take the learning and effort from that and create larger existence,” Anderson said. “We will continue to make direct lending a larger focus and initiative.”
