Auto Financing in the Digital Age

Banks are finally beginning to offer an automated loan application for new and used vehicles through partnerships with fintechs; this shift could play a big role in encouraging vehicle purchases since buyers know in advance whether or not they qualify for a loan; BMO Harris is one example having recently partnered with AutoGravity; AutoGravity allows buyers to find a vehicle and receive prequalified finance through finance partners like US Bancorp and TD Auto Finance; JPMorgan Chase and Santander have partnerships with AutoFi for a similar service. Source

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