Experian determined that 40.45% of used vehicles retailed during the third quarter of last year included financing.

To make sure that potential buyers who might fall into that category have plenty of options, CarMax on Tuesday nationally launched pre-qualification capability for shoppers on its website and app.

The retailer highlighted this new online financing experience is designed to empower customers with the ability to shop CarMax vehicles nationwide with personalized financing terms, with no impact to their credit score.

CarMax said through a news release that pre-qualified customers will know their terms on vehicles across CarMax’s inventory within minutes, including monthly payment and APR.

In the current economic environment, inflation and rising interest rates continue to be top of mind for many consumers. With CarMax’s pre-qualification capability, used-car shoppers can know what they can afford from the beginning of their journey and feel confident they are on track to find the right car that fits both their needs and budget.

The experience is available on CarMax.com and the CarMax mobile app.

Once pre-qualified, customers can use their pre-qualification to shop on CarMax.com with their personalized finance terms, adjusting filters like down payment to see how it impacts their terms, or filter to show only vehicles that meet their personalized monthly payment budget.

CarMax’s new pre-qualification capability also includes following features and benefits for customers:

• Pre-qualification decisions come directly from multiple finance companies and are personalized for each customer based on their credit profile, with approximately 95% of customers receiving approvals

• The process is fast and convenient, with most customers getting results in minutes across CarMax’s entire nationwide inventory

• Save time and search efficiently with budgeting answers upfront and the ability to sort and filter vehicles using personalized monthly payment and down payment options

• Soft credit inquiry with no impact to credit score

The new pre-qualification capability is also integrated with CarMax’s “Compare Feature,” which can allow customers to see their monthly payment alongside different model features of their favorite vehicles for which they’re pre-qualified.

Customers have access to personalized results to see how each of their top vehicle choices fits both their budget and style.

“We continue to elevate the used car buying experience by building tools that help improve the car shopping and financing process and make it easier and more efficient for our customers,” CarMax CEO Bill Nash said in the news release. “Our industry-leading online finance experience and new pre-qualification capability, that leverages multiple lenders, saves customers time and provides an added layer of confidence in their journey to find their perfect vehicle that fits both their lifestyle and budget.”