The company says, 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 lowest interest rates in the market.
This will be enabled by Autochek’s 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.
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 says it 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.
“We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratise 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,” said Timi Tope Ologunoye, COO at Autochek Africa.
The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that includes 15% interest rate and repayable for a period of between four and five years. The loans are also processed within 24 hours.
Timi 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.
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 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% 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.
The Autochek 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.