MINNEAPOLIS — U.S. Bank has launched a digital offering on its website that allows consumers to shop for a new car and get pre-approved for a loan, all before actually stepping foot in a dealership, the company announced. Working with financial technology startup AutoGravity, U.S Bank created a new platform on USBank.com that provides a simplified, streamlined loan application process for users that typically takes just minutes to receive a loan decision.
Car buyers using the new U.S. Bank tool simply pick their car and select a dealership online, apply for a pre-approval for a U.S. Bank loan online, close the loan at the dealership, and drive off in their new car, according to John Hyatt, executive vice president of consumer dealer services for U.S. Bank.
“We want our customers — both car buyers and dealerships — to have the best, most seamless experience possible,” Hyatt said. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”
Besides saving time, the new technology improves customers’ overall car-buying experience by providing them with pre-approved loan terms going into the dealership, said AutoGravity founder and CEO Andy Hinrichs.
“Together, AutoGravity and U.S. Bank have taken the first step on a journey to revolutionize the digital car-buying experience, empowering U.S. Bank’s customers to finance their next car in minutes, anytime and anywhere they want,” Hinrichs said.
U.S. Bank’s digital loan platform is currently available via the U.S. Bank website for those individuals looking to buy a new car through dealerships served by U.S. Bank. It will expand to the bank’s mobile app and be available to used car buyers and co-applicants in the coming months, according to the company.