Featured image for “Refinancing Auto Loans with WithClutch’s Nicholas Hinrichsen”

Refinancing Auto Loans with WithClutch’s Nicholas Hinrichsen

October 5, 2020

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.

Learn more about lowering your car loan, Nicholas Hinrichsen, and much more on this episode of The Thoughtful Entrepreneur above and don’t forget to subscribe on   Apple Podcasts – Stitcher – Spotify –Google Play –Castbox – TuneIn – RSS.

More from UpMyInfluence

Don’t forget to check out our other podcast, Authority Confidential, here.

UpMyInfluence is an Influence Agency dedicated to turning thoughtful entrepreneurs into media celebrities increasing their authority, influence and revenue. To learn how we can help YOU check out Josh’s free webinar.

Connect With Us

Instagram | Twitter | Facebook | LinkedIn

[toggle title='Read the Transcript' state=‘closed’ icons=‘font awesome-plus/font awesome-minus’ margin_top=‘20’ margin_bottom=‘20’]

0:00
Welcome to The Thoughtful Entrepreneur Show. I'm Josh Elledge, Founder and CEO of UpMyInfluence.com. We turn entrepreneurs into media celebrities, grow their authority, and help them build partnerships with top influencers. We believe that every person has a unique message that can positively impact the world. Stick around to the end of the show; we'll reveal how you can be our next guest on one of the fastest growing daily inspiration podcasts on the planet in 15 to 20 minutes. Let's go.

Thanks for listening to The Thoughtful Entrepreneur show. If you are a thoughtful business owner or professional who would like to be on this daily program, please visit UpMyInfluence.com slash guest. Now if you got something out of this interview would you share this episode on social media? Just do a quick screenshot with your phone and text it to a friend or post it on the socials. If you do that, tag us with the hashtag UpMyInfluence. Each month, we scour Twitter, LinkedIn, Facebook and Instagram. We pick one winner from each platform, and you get crowned king or queen of that social media. What do you win? We're going to promote you and your business to over 120,000 social media fans totally free. Now, can you also hook us up now in your podcast player right now? Please give us a thumbs up or a rating and review. We promise to read it all and take action. We believe that every person has a message that can positively impact the world. Your feedback helps us fulfill that mission. And while you're at it, hit that subscribe button. You know why? Tomorrow, that's right, seven days a week, you are going to be inspired and motivated to succeed 15 minutes a day. My name is Josh Elledge. Let's connect on the socials. You'll find all the stuff we're doing UpMyInfluence.com. Thanks for listening and thank you for being a part of The Thoughtful Entrepreneur movement.

[/toggle]
We're actively booking guests for our DAILY #podcast: The Thoughtful #Entrepreneur. Happy to share your story with our 120K+ audience.Smiling face with halohttps://upmyinfluence.com/guest/

LISTEN TO OUR PODCAST:

Apple iTunes podcast