Autochek Africa Launches New Car Loan Marketplace

Autochek Africa, the leading auto tech company, has launched an exclusive brand-new car marketplace on the Autochek website and mobile app. This new initiative allows customers to access 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 a 0% equity loan product and Access Bank and Stanbic KE with unique financing solutions tailored specially for brand new vehicles with up to 90% financing.  

Autochek has on-boarded a network of financing partners and over 30 vehicle brands from OEMs, including key regional players like Inchcape (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 all CFAO brands.

The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that include 15% interest rate and repayable for a period between four and five years. The loans are also processed within 24 hours. Whereas customers are assured of a good deal for brand new cars and attractive interest rates, distributors also get pre-approved prospective buyers.

According to Mordor Intelligence research, the African automotive market was valued at USD 28.45 billion in 2020, and it is expected to reach USD 39.87 billion by 2026, registering a CAGR of 5.55% over the forecast period. 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.

Hear from Autochek

Autochek Africa’s COO, 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.

Timi 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.

Autochek’s Ghana’s Country Manager, Solomon Adenuga said: “We are on a mission to accelerate motorization across Africa by providing financing for brand new and used imports for our customers”.

Insight

Autochek recently partnered with Kia Motors Nigeria to enable people to buy any Kia car of their choice with low equity and up to 60 months repayment period. 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 over 300 new cars listed across all markets.

Autochek is making its presence reverberate in the automobile industry by expanding its presence and building on partnerships opportunities with automotive manufacturers and financiers, to innovatively provide a more agile, tech-led approach to deliver options.

Customers can access the service through the Autochek website or mobile app. The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.

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