US Bank has struck a partnership with financial technology startup Autogravity to become the latest of the nation's financial institutions to streamline the loan application process for car-loving Americans
Car buyers using the new US Bank online tool can pick their car, select a dealership and agree pre-approved loan terms before picking up their drive on the forecourt.
“We want our customers - both car buyers and dealerships - to have the best, most seamless experience possible,” says John Hyatt, executive vice president, consumer dealer services for U.S. Bank. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”
Currently available via the US Bank website the online tool will expand to the bank’s mobile app and be available to used car buyers and co-applicants in the coming months.
AutoGravity rival Autofi struck a similar deal with JPMorgan chase in January and in February picked up an undisclosed investment from Santander Consumer USA.