Buying a car via m-banking: coming soon

Now I love this. One of the larger credit unions is to launch an app that enables customers to obtain auto personal finance and buy the car of their choice, all from their mobile banking app inside a few minutes, writes Douglas Blakey

Now I love this. One of the larger credit unions is to launch an app that enables customers to obtain auto personal finance and buy the car of their choice, all from their mobile banking app inside a few minutes.

As I understand it, it works something like this.
You are in the car showroom and spot a car of interest. You go into the bank app and take a picture of the car’s VIN (vehicle identification number).

The bank checks to ensure that the car is not subject to existing auto finance and that it is happy to offer a loan for its purchase.
The app then prompts you to select how much cash you will put down for the purchase and how much you want to borrow.
Last question is the selected duration of the auto loan.

In real time if the bank is happy to offer finance, the customer receives a loan offer via the app and the option to complete the loan selected and finalise the purchase of the car.
I reckon it could be a winner.

What do you think?