US Bank has entered into a partnership with Autogravity (financial technology startup) to be the nation’s latest financial institution to serve the car-loving Americans through a streamlined loan-application procedure.
Car buyers can access the new online tool of US Bank and choose their car, pick a dealership and acknowledge the pre-approved terms for a car loan.
“We are committed to both dealerships and car buyers as our valued customers and offer them a flawless experience. The purpose of this technology is to assist us while finalizing the loan procedure within less than anticipated time,” says John Hyatt, executive vice president, consumer dealer services for U.S. Bank.
This online tool is currently accessible on the US Bank website; however, it will be expanded to the mobile app of US Bank in a month or so. The co-applicants and used car buyers will also be able to seek benefit from this technological development in future.
Autofi, the rival of AutoGravity has also struck an identical contract with JPMorgan chase during January this year and a month later, received a concealed financing-aid from Santander Consumer USA.