Autochek, an automotive technology company that facilitates auto financing in Africa, has launched an “online brand new cars loan marketplace”.
The marketplace will allow users to access digital financing options for new cars and trucks, with repayment terms of up to 60 months and the lowest interest rates on the market. This is available from regional partners Ecobank and NCBA, Access Bank and Stanbic KE. These financing solutions are tailored specifically for new vehicles and can be used with up to 90% financing.
The Autochek platform, which is based on partnerships with auto manufacturers and financiers, will provide innovative delivery options that are more tech-driven to meet changing consumer needs.
The platform has already partnered with a number of financing partners and more than 30 vehicle brands from OEMs. This includes key players such as Dana (Kia), Coscharis, Globe (Mercedes Benz), Globe (LandRover), and Elizade (Toyota). Autochek also works closely with local manufacturers like Innosson Motors or Nord Motors. Autochek also partnered across Africa with CFAO (Toyota Suzuki, Mitsubishi) as part of its investment by Mobility54 to provide auto financing for all CFAO brands.
Autochek was launched in October 2020, and is now operational in five countries in East and West Africa – Nigeria (Kenya), Ghana, Uganda, and Cote d’Ivoire. It combines technology with data analytics to increase auto finance penetration throughout the continent.
Timi Tope Ologunoye, COO of Autochek Africa, stated that the company is excited to work with financial institutions and the automotive industry in order to offer this facility. This is in response to customer feedback. We are democratizing the purchase of new cars by offering great, affordable financing options.
Ologunoye said that the residual value analysis tool Autochek Africa uses to help financial partners assess the vehicle’s condition over time.
Autochek offers financing options from more than 70 banks. The terms include a 15% interest rate and repayments for between four and five year. You can also get your loan within 24 hours.
Timi said that financing new cars is part the company’s vision of unlocking a new frontier in automotive fintech and cementing their position as the most innovative platform for auto loans in the region.
Distributors get pre-approved buyers in addition to customers being assured a great deal on brand new cars and attractive rates of interest.
Research shows that the African automotive market is valued at USD90billion in 2020. This is largely due to an increase in financing penetration of 10% YoY. The impact of COVID in 2017 caused a drop in sales, but this is rapidly recovering as economic activity resumes.
Autochek’s SVP West Africa Dr Mayokun Fadeyibi is on a mission for Africa to increase motorization by providing financing for new and used imports for its customers.
Autochek intends to expand its brand-new vehicle portfolio through multiple carriers partners on the Autochek platform before the end of this year with the goal to launch with more than 300 new vehicles in all markets.
Autochek’s mobile app is currently available on Android, and will soon be launched on iOS.