Refinancing Auto Loans with WithClutch's Nicholas Hinrichsen

Nicholas Hinrichsen: Meet the man that draws Customers closer to their Car Loans with low interest rates

Due to the growing interest in the car loan sector, there has been an increasing demand for a professional approach to enable prospective car owners finance a car purchase with a lower interest rate. People with such interest should look no further because Nicholas Hinrichsen, with his WithClutch company, has been providing this loan service for individuals for quite some time now. From the clients’ reviews, WithClutch company is not doing badly in this regard. Well, Nicholas Hinrichsen was on Leverage to Scale Show with Amber Bill Hauer to discuss the nature of his business, the industry as a whole, and how it has treated them so far. Also, Nicholas was among the previous founders of the company, Carvana.

In the 20 mins interview with Bill, Nicholas revealed their plan to build a digital platform to help interested persons refinance auto loans. This process will look the same as one refinancing your student loans or refinancing a mortgage, which has been a thing for 6 -7 years. He made it known that sometime last year, almost 50% of the funded mortgage applications were refinancing. And the same year, 5% of auto loans were financed. At first, people didn't know they can pull this off (finance their car loans), they never knew they could save up to thousands of dollars, but here they are, doing it, more reason to be grateful to WithClutch.

How the Business Took off

Nelson originally from Germany, met the co-founder Chris, a huge car fan and an American, when he came into the United States. Because of the common interest both of them have in cars, the friendship grew more assertive. And by the way, Chris had worked as one of Formula One’s teams, but then he hated the job. The fact that he hated the job did not affect his love for the product.

Chris' knowledge about cars was what made Nicolas start thinking about doing something in the car space, and everybody who saw both of them back in McLean business school knew for a fact, they were starting something together. This section of his story teaches us about hanging out with people with the same life prospect as you. Hang out with like minds; it is just a matter of time before a profitable idea pops up.

After their graduation, their schoolmates started coming to them for advice on how to sell their used car since they were leaving school (and the area as well). And they did help them sell those cars. After they got their MBA from Stanford, the first thing they did was to sell US cars on Craigslist. And since then, it has been cars all the way. After Chris and Nicholas, alongside others, founded Carvanha, they later sold and merged it with a bigger company. However,  Nicholas left the company to start yet another business. Working with Carvanha made him learn a lot about people and cars, so he thought about ‘car refinancing’. During their time of selling cars, they realized that customers would haggle about the prices of vehicles. Suddenly, they started trusting them on their financial products and never bargained on them (their financial products).

Again, people prefer to get their loans at the car dealership, without knowing they are indirectly overpaying, their interest rate, especially when they do not have great credit. That was it; Nicholas capitalized on this to establish what is today known as WithClutch: helping thousands of people get car loans with a very low-Interest rate.

When you have the Vision, get Some Experience as well

Because Nicholas had experience in car dealership, scaling through the industry wasn't as hard as it would have been. The most challenging part of any business is getting new clients or investors, but that was not the case with Nicholas. In this case, all he did was to talk to the same old investors; getting those investors will be a lot easier because they already know your capabilities and worth – trusting you won't be an issue anymore.

Nicholas vision of creating a car loan was to make it as convenient as possible. This is why the current system can take you 2 minutes on your phone, while the online section takes less than a minute – three clicks away. When the applicants must have submitted their application, the company takes it up from there. They proceed to do the paperwork because, normally, they are the ones who give out these loans.

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