• Monday, July 22, 2024
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Autochek unveils Africa’s first brand new cars loan marketplace


Autochek Africa, an auto tech platform, has unveiled a brand new cars section on the Autochek website and mobile app aimed to deepen mobility in Africa.

The new inclusion will give customers access to digital financing solutions for brand new cars and trucks with repayment tenures of up to 60 months, and the lowest interest rates in the market from regional partners such as Ecobank and NCBA witH 0 percent equity loan product, and Access Bank and Stanbic KE with unique financing solutions made specially for brand new vehicles with up to 90 percent financing.

According to research, the African automotive estimated market size is currently valued at $90 billion in 2020, and this is expected to grow by 30 percent largely driven by an increase in financing penetration at 10 percent Year on Year (YoY). Due to the impact of COVID last year, there was a decline in overall sales of new cars due to restrictions on production but is fast regaining momentum as economic activities resume.

Autochek is an automotive technology company established in 2020 to build digital solutions to enhance and enable automotive commerce across Africa.

With the Autochek auto loan services platform, customers in East and West Africa can access a variety of financing options to purchase new cars and trucks from reputable manufacturers and the platform has provided a network of financing partners and over 30 vehicle brands from Original equipment Manufacturers (OEMs), including key regional players like Inchape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz) , Elizade (Toyota) in West Africa.

The Auto company is working closely with indigenous manufacturers such as Innosson Motors and Nord Motors. As part of the investment by Mobility54, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands.

Timi Tope Ologunoye,COO Autochek Africa expressed delight in working together with the industry to establish the platform.

“We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratize purchase of brand-new cars through great and affordable financing options. It is complemented by Autochek Africa’s residual value analysis tool that can guide financial partners on the condition of the vehicle over time,” Ologunoye said.

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Autochek COO noted that the auto loan service platform offers a variety of financing options from over 70 banks, with attractive terms that includes 15 percent interest rate and repayable for a period of between four and five years with the loan processed within 24 hours.

Ologunloye added that financing for new cars is part of the company’s vision to unlock a new frontier of automotive fintech and cementing its position as the most innovative auto loan platform in the region while she assured customers of a good deal for brand new cars and attractive interest rates and distributors also to get pre-approved prospective buyers.

Mayokun Fadeyibi, SVP, Autochek West Africa noted that Autochek is on a mission to accelerate motorization across Africa by providing financing for brand new and used imports for our customers.

However,with shifting consumer demands, the Autochek platform is building on partnerships opportunities with automotive manufacturers and financiers, to innovatively provide a more agile, tech-led approach to deliver options.

The company revealed their plans to extend its brand-new automobile portfolio through multiple carrier partners within the Autochek platform by the end of the year, with the goal of launching with over 300 new cars listed across all markets.

The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.