Nationwide Bank in Columbus, Ohio has created an online car loan service that allows consumers to secure financing and insurance and shop for a car purchase.
The $6.4 billion-asset unit of Nationwide Mutual Insurance said the service will connect consumers with local car dealers, and will provide upfront pricing information. Users can also obtain financing from Nationwide before going to the dealership.
The auto-shopping component to the service is fueled by TrueCar, a company that runs a mobile marketplace through a network of 10,000 dealers.
The service was released on the heels of a study conducted by Nationwide that found only a quarter of people found the car-buying process painless, while 62% said they don't believe they can get better financing through a dealership.
"Our research found that car buyers want a simple, straightforward process when shopping for a car," Lynn Anderson, president of Nationwide's banking operations, said in a news release.