Car Harmony, an online car shopping service, introduced a new finance tool for car shoppers.
In partnership with Westlake Financial Services, Car Harmony’s new tool prequalifies customers to build their own financing on any car. After entering a few pieces of information, customers are presented financing options on every car in Car Harmony’s inventory for which they qualify.
Customers can additionally see prequalified financing options on any vehicle desired, whether or not in Car Harmony’s inventory. The tool does not require a Social Security number, and it does not impact a customer’s credit score.
Once prequalified, customers are presented actual financing terms (subject to final verification) as opposed to estimates as they may be accustomed to seeing on other websites. Buyers can then adjust their down payment, monthly payment and contract term to receive real-time, updated financing options on every Car Harmony vehicle.
Customers can also choose to add a service contract and a GAP waiver, and can see their financing terms adjust automatically. This ‘rehashing’ process often takes hours at traditional dealerships.
Through its partnership with Westlake Financial Services, Car Harmony offers prime and non-prime rate offerings for customers with FICO scores as low as 550 and even those with a prior repossession or other credit blemishes.