US Bank is the latest financial services company to partner with fintech startup AutoGravity.
The bank has launched a digital offering on its website that offers car buyers a simplified, streamlined loan application process that typically takes just minutes to reach a loan decision.
Using the tool, customers pick their car and select a dealership online; apply for a pre-approval for a US Bank loan online; and then close the loan at the dealership and take ownership of the car.
John Hyatt, executive vice-president, consumer dealer services, for US Bank, said: “We want our customers - both car buyers and dealerships - to have the best, most seamless experience possible.
“This technology helps us get the buyer in the driver's seat sooner and brings pre-approved customers to the dealership.”
US Bank's digital loan platform is currently available via its website for those individuals looking to buy a new car through dealerships served by US Bank.
It will expand to the bank's mobile app and be available to used car buyers and co-applicants in the coming months.
Andy Hinrichs, founder and CEO of AutoGravity, said: “Together, AutoGravity and US Bank have taken the first step on a journey to revolutionize the digital car-buying experience, empowering US Bank's customers to finance their next car in minutes, anytime and anywhere they want.”