Car ownership super app Jerry is rolling out an auto refinancing service that limits the data gathering and loan application process to under 10 minutes and replaces stacks of paper with a series of clicks, according to a press release on Tuesday (March 8).
“While most people shop for cars, few shop for financing,” Jerry co-founder and CEO Art Agrawal said in the release. “This results in unfavorable financing terms and high APRs for many drivers. The Jerry auto refinancing service makes it quick and easy to see if you are overpaying and, if savings are available, the loan takes minutes to approve.”
Jerry’s digital-only app-based platform taps artificial intelligence (AI) and machine learning (ML) to save people both the time and money associated with car ownership overhead. Headquartered in Silicon Valley and launched in 2017 by Agrawal, Lina Zhang and Musawir Shah, Jerry’s first product disrupted the car insurance shopping and buying experience.
The same automation, speed and simplicity used for Jerry’s insurance product has been applied to its new automotive refinancing offering.
The company further developed a proprietary process that automatically evaluates over 2 million Jerry customers to reveal those that would benefit from lower monthly payments and/or a reduced annual percentage rate (APR).
“We’re transforming the loan application and approval process, stripping friction points, and using AI to understand which Jerry customers could potentially save money on their car loan by refinancing,” Agrawal said. “This is another way we’re making it faster, easier and less expensive to be a car owner.”
Customers who refinanced their car loans through Jerry reduced their payments by an average of $118 per month, as evidenced during a soft launch in the fourth quarter of 2021. Jerry works by presenting refinancing opportunities to customers whenever savings or lower payment prospects are discovered.
“The industry averages 19 days from auto refinancing application to funding, and we’ve done that in less than 48 hours,” Agrawal said. “We’ll continue to shrink that timeline until it’s nearly instantaneous.”