Capital One Auto Finance has inked a deal to offer financing preapprovals for vehicles on CarGurus‘ buying platform. The bank is the first lender to sign up with CarGurus, which has 5 million vehicles in its inventory.
The companies are “ready to roll out nationwide this week,” CarGurus’ Chief Product Officer Tom Caputo told Auto Finance News, after a pilot with a “number of dealers” who had been testing the finance integration on the CarGurus website since earlier this year.
Consumers shopping for cars on the CarGurus website — which had 58.5 million visits last month, according to SimilarWeb — can view financing options and secure preapproval from Capital One.
“Consumers can take the preapproval to the dealership and accelerate the [car-buying] process,” Caputo said, noting that the preapproval is guaranteed for 30 days. Vehicles eligible for financing must be model year 2008 or newer, with less than 120,000 miles and a price of at least $4,000, Caputo said.
Capital One financing will be available to the 10,000 mutual Capital One and CarGurus dealers.
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