Jerry launches auto refinancing service

Palo Alto-based car insurance shopper Jerry  has introduced auto refinancing service available exclusively through its app.

“While most people shop for cars, few shop for financing. 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. 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. This is another way we’re making it faster, easier and less expensive to be a car owner.” – Jerry co-founder and CEO Art Agrawal.

The company developed an automated, proprietary process for evaluating more than 2 million Jerry customers for the ability to benefit from reduced monthly payments and/or a significantly lower Annual Percentage Rate (APR). When savings or lower payment opportunities are found, Jerry presents refinancing offers to customers for consideration. According to the press release, during the soft launch period, customers who refinanced their car loan through Jerry were, on average, able to reduce their monthly payment by $118.