U.S. Bank has partnered with AutoGravity to create a new platform that allows consumers to shop for a new car and receive pre-approval for a loan directly on the bank’s website, according to a company announcement.
While used vehicle financing is not avaible yet, that service is slated to release in the coming months.
The goal behind this move is to grant car buyers a simplified digital service to finance vehicles. Instead of going to a dealership to see whether or not a buyer will qualify for financing, the digital tool notify whether or not they received approval directly on the bank's website. Once approved buyers can then conclude the financing process at the dealership.
The digital loan platform is currently only available on the Bank’s website, but the platform will expand to U.S. Bank’s mobile app in the coming months. Only dealerships served by U.S. Bank will be eligible.
AutoGravity, a fintech firm headquartered in Irvine, Calif., released the first iteration of its app in 2016. Since then, the Daimler AG-backed startup has continued to grow. The company has its standalone app, but it also partners with lending firms to provide digital financing.