NEW YORK - American Express Co. is offering auto loans through its online bank,

The loans are originated, underwritten, and serviced by, an online auto lender.

Customers who apply for a loan will receive a 0.25% interest rate discount when they open a funded interest checking or money market account and use it to make automated loan payments.

Loan applications are approved within 15 minutes, and a blank check is mailed to the customers the next day, which can be used to buy a new or used car from a dealer or an individual seller.

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