A new digital tool from Capital One aims to make the car-buying process more transparent by assisting dealers in better understanding consumers’ financial preferences upfront.
Consumers can set a down payment, trade-in value, and term duration with the Navigator Platform to find a payment that works for them, according to a press release issued by Capital One on Friday.
According to the announcement, the tool also enables participating auto dealers to work with customers more effectively by determining what they can afford and offering a financing experience that is more open and accurate, whether the customer is shopping in person or online.
According to Capital One President of Financial Services Sanjiv Yajnik, “Navigator Platform is all about providing dealers with the comprehensive tools they need to meet car buyer expectations by enabling consumers to engage in a similar process at home or in the dealership — and the financing information is consistent.” “Navigator Platform creates a clear experience at the dealership that both consumers and dealers value,”
The introduction of this online financing facility coincides with banks and Wall Street becoming more concerned about the debt loads of car buyers.