Priya Patel
TLDR:
- No. 1 digital auto platform, CarGurus, has partnered with Chase to expand consumer financing options, allowing users to pre-qualify for auto financing from home.
- CarGurus’ network of participating lenders, including Chase, Capital One, Global Lending Services, and Westlake Financial, offers personalised vehicle financing information for online shoppers.
- Data shows that pre-qualified leads are 41% more likely to close compared to leads that aren’t pre-qualified or financed.
Boston-based CarGurus has partnered with financial services company JPMorgan Chase to expand the auto platform’s consumer financing options. Through the partnership, consumers will be able to pre-qualify for auto financing from home, offering an added level of convenience when shopping for a car online. The addition of Chase to CarGurus’ network of lenders, which already includes Capital One, Global Lending Services, and Westlake Financial, will help provide customers with personalized vehicle financing information.
According to CarGurus Consumer Research, more than 70% of car shoppers want to handle aspects of the car-buying process from home, with financing being a top desired online activity. By partnering with Chase, CarGurus aims to provide finance-based shopping tools that allow customers to better understand how much they can afford to spend on a vehicle earlier in the car-buying journey. Pre-qualifying for financing is seen as an important step that can increase the likelihood of a successful vehicle purchase, with pre-qualified leads through CarGurus being 41% more likely to close compared to leads that haven’t been pre-qualified or financed.
Customers can pre-qualify for financing directly on the CarGurus website, gaining access to personalized rates and monthly payment scenarios within minutes without any impact on their credit scores. Pre-qualified shoppers can then review vehicles through a more customized lens, seeing their rates and monthly payments on 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.
Gerard Murphy, Vice President of Product, Digital Retail at CarGurus, commented: “We believe this expansion answers a rising need for finance-based shopping tools that allow consumers to better understand how much they can afford earlier in the shopping journey, ultimately helping connect more informed, high-intent car buyers with dealers.”
Anuj Jain, Head of Auto Product and Consumer Services at Chase, added: “We want to help car buyers get the financing that’s right for them. By pre-qualifying with Chase early in the process, we hope to give shoppers on CarGurus confidence in their buying power.”
