Autochek launches online loan marketplace
Auto tech platform, Autochek Africa, has launched a dedicated brand new car section on the Autochek website and mobile app.
With this new addition, customers can access digital financing solutions for brand new cars and trucks with repayment tenures of up to 60 months and the low-interest rate from regional partners such as Ecobank and NCBA. There is also a zero per cent equity loan product from Access Bank and Stanbic KE.
On 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. So far, the platform has on-boarded a network of financing partners and over 30 vehicle brands from 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.
Autochek is also 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 its brands.
Chief Operations Officer, Autochek Africa, Timi Tope Ologunoye, said: “We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratise the 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.
“The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that include 15 per cent interest rate and repayable for a period of between four and five years. The loans are also processed within 24 hours.”
Ologunoye added that financing for new cars is part of the company’s vision to unlock a new frontier of automotive fintech and cement its position as the most innovative auto loan platform in the region.
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% largely driven by an increase in financing penetration at 10 per cent year-on-year (YoY).
Due to the impact of COVID-19 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.
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 plans to extend its brand-new automobile portfolio through multiple carrier partners within the Autochek platform by the end of the year, to launch with over 300 new cars listed across all markets.