CarGurus Launches Finance in Advance*™, A New Digital Retailing Feature
Consumers Can Now Compare Financing Rates and Visit the Dealership More Prepared to Purchase a Vehicle
“Financing is a critical, yet often forgotten about, part of purchasing a car. As the pioneers of trust and transparency in automotive retail, we believe that providing shoppers with information about financing rates will help guide better purchase decisions,” said
According to the
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43833ffc-6ead-47d1-8e4d-4e0caa4e8787
Caption: Examples of how rates are presented to shoppers using Finance in Advance* and what shoppers can use to present their rates to dealers****
How Finance in Advance* Works
Finance in Advance* is an easy-to-use feature for eligible shoppers to obtain pre-qualification* for vehicle financing. Car shoppers simply go to https://www.cargurus.com/Cars/finance to pre-qualify for free and with no impact***** to their credit score. Participating lenders include Capital One, Westlake Financial and
The majority of shoppers are notified in a matter of minutes when they are pre-qualified* and their personalized, pre-qualified offers are automatically applied to their car search on
Additionally, shoppers can also customize the vehicle purchase terms like their down payment, estimate the value of their trade-in vehicle and apply that value to their deal. Once a shopper has selected a vehicle and created a customized offer, they simply print or email to themselves a certificate with their rates. Then, the shopper brings their certificate into the dealership where they complete the credit application and finalize the financing terms for that vehicle with the dealership.
* Product of
** Pre-qualification subject to verification of credit with participating lenders. Pre-qualification terms are not guaranteed. Completing a credit application at a dealership may result in inquiries posted to the consumer’s credit file. Final agreement will reflect purchase and finance terms.
*** Subject to dealership’s and customer’s agreement on terms and conditions.
****Vehicles, prices and terms are samples for demonstrative purposes only based on excellent credit. Visit CarGurus.com for available offers, subject to credit verification and agreement on terms and conditions with the participating lender.
***** Completing a credit application at a dealership may result in one or more inquiries posted to the consumer’s credit file.
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Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our online financing platform and our ability to help our dealers and consumers, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our growth and ability to grow our revenue, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate, our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith, natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business, our ability to realize cost savings and achieve other benefits for our business from our expense reduction efforts at the levels we expect, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the
Source: CarGurus, Inc.