NEW YORK–LendKey, an online lending platform that brings together lenders and borrowers, said it has partnered with TrueCar, the negotiation-free car buying and selling mobile marketplace, to launch an integrated auto buying and lending program.
“This partnership will give consumers insight into pricing data and access to guaranteed savings as well as the ability to secure pre-approved financing automatically before visiting a dealership,” LendKey said.
The company noted that demand for online auto loans is strong, with new auto loans reaching $371 billion last year. Of consumers who purchased new cars, 85% were bought with loans. Additionally, 75% of consumers begin their car purchase online.
“The platform allows consumers to get a guaranteed savings certificate off of manufacturer’s suggested retail pricing from TrueCar Certified Dealers and immediately get a pre-approved financing certificate from a local lender using LendKey's online lending platform in minutes online versus hours in person at the dealership,” LendKey said.
“Consumers are increasingly pricing cars online before visiting a dealership and now, for the first time, they will be able to receive quick, transparent and accurate information about auto loans before stepping foot into a dealership,” said Vince Passione, chief executive officer, LendKey. “This partnership allows us to combine TrueCar's upfront pricing with LendKey’s pre-approved financing from our lender clients to make the process of buying a car more seamless for consumers.”
More information about the platform is available at www.lendkey.com/autoloans.