Bank of America recently announced a pilot program in North and South Carolina aimed at making it easier to obtain an auto loan.
The program, designed for mobile customers, allows users to shop for vehicles and check availability at local dealerships. Once a vehicle is located, the user can apply for an auto loan.
Loan applications are reviewed within seconds, after which an official letter of approval is emailed to the user. The sale can then be finalized at the dealership.
“These new capabilities deliver on our ongoing promise to provide our clients an enhanced and transparent experience derived from our leadership in mobile banking technology,” D. Steve Boland, Bank of America head of Consumer Lending, said. “Our convenient auto shopping experience allows clients to search for cars at local dealerships and get their Bank of America financing completed in one place and on their own time, whether on the go or in the comfort of their home.”
The move comes as increasing amounts of customers are shopping for a vehicle online.
Users do not need to be Bank of America customers to use the service, and there is no obligation after loan approval.
In addition, users’ phone numbers and email addresses are not sent to dealerships, unlike other digital shopping tools, Bank of America said.