To reach customers looking to apply for an auto loan online, U.S. Bank has created a new platform with AutoGravity. Through the service, borrowers can receive a decision within minutes, according to news from American Banker.
Through the platform, borrowers can choose the car they wish to finance and the dealership from which they wish to purchase it. Then, they can apply for pre-approval. If their loan is pre-approved, they can head to the dealership and close the loan — and, of course, drive off in their new ride.
“We want our customers — both car buyers and dealerships — to have the best, most seamless experience possible,” John Hyatt, EVP of Consumer Dealer Services at U.S. Bank, said in a press release. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”
Currently, U.S. Bank only offers the tool through its website. However, the bank plans to expand the tool to its mobile app — as well as to co-applicants and used car buyers — in the future.
The news comes just after JPMorgan Chase inked a partnership with AutoFi, a FinTech auto lending company. In a press release, Chase said AutoFi enables customers to choose and finance automobiles through its website, allowing them to complete the purchase process faster. According to the report, Chase is the first national bank to join AutoFi’s platform.
“AutoFi helps dealers provide a fast and easy, digital car-buying experience that consumers want,” Mark O’Donovan, CEO of Chase Auto Finance, said when the service was announced in January. “Our customers are our top priority — both dealers and car buyers. We want to provide them with the best financial experience, whether they are in a dealership or online.”
Based on Chase’s own research, close to half of consumers want the ability to purchase and finance their vehicles via the internet. Chase said its partnership with AutoFi is the latest in its efforts to work with FinTech companies to help customers with their finances.