Autochek launches Africa’s first online brand new cars loans marketplace

 Autochek Africa, the leading auto tech platform, has launched a dedicated brand new cars 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 lowest interest rates in the market.

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.

Autochek Africa’s Chief Oper­ating Officer (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.”

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.

Mr 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.

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 a research, the Af­rican automotive estimated market size is currently valued at US$90 billion in 2020, and this is expect­ed to grow by 30 per cent largely driven by an increase in financing penetration at 10 per cent Year on Year.

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 Ghana’s Country Manager, Solomon Adenuga added that, “we are on a mission to accel­erate motorisation across Africa by providing financing for brand new and used imports for our custom­ers”.

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.

BY MICHAEL D. ABAYATEYE

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