Bank of America has introduced new digital capabilities to enhance the car shopping and financing experience for its clients. One of the key features is the auto prequalification process, which allows clients to estimate financing terms for auto loans without impacting their credit scores. This prequalification is available to clients with a Bank of America login and can be completed in less than a minute. Once prequalified, clients can access a personal auto loan calculator to explore various loan terms and estimate rates and payments for up to 30 days.
In addition to the prequalification feature, Bank of America has made significant improvements to its Digital Car Shopping tool. The updated service includes enhanced search functionality, allowing clients to search through over one million vehicles from participating dealers using a free-form search bar. The tool also offers EV inventory filtering, loan application integration, and in-platform CARFAX reviews. These enhancements aim to streamline the car buying process, enabling clients to compare, budget, finance, and purchase vehicles more efficiently.
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