U.S. Bank Offers New Online Tool to Help Consumers Get Fast, Convenient Car Loan Approvals

U.S. Bank partners with AutoGravity to simplify new car financing

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.

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:

1) Pick their car and select a dealership online

2) Apply for a pre-approval for a U.S. Bank loan online

3) Close the loan at the dealership and drive off in their new car

“We want our customers – both car buyers and dealerships – to have the best, most seamless experience possible,” said 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.”

Besides saving consumers time, the new technology improves customers’ overall car-buying experience by providing them with pre-approved loan terms going into the dealership.

“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,” said Andy Hinrichs, founder and CEO of AutoGravity.

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.

About U.S. BankU.S. Bancorp, with 73,000 employees and $462 billion in assets as of Dec. 30, 2017, is the parent company of U.S. Bank, the fifth-largest bank in the United States. The Minneapolis-based bank blends its branch and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, small business, wealth management, payment, wholesale and securities services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2017 World’s Most Ethical Company. Visit U.S. Bank online or follow on social media to stay up to date with company news.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180222005140/en/

Heather DraperU.S. Bank external [e-mail]