New vehicle financing model out

With the purchase of vehicles becoming more difficult because of the existing financing model, Autocheck Africa, an automotive technology company, has introduced an innovative platform that seeks to bring flexible car ownership and financing to the door step of the public.

The internet-based platform provides individuals a unique opportunity to explore a wide variety of car brands and financing options when buying a car.

The Human Resource & Business Compliance Manager of Autocheck Africa, Ms Yvonne Ahlie, told the Daily Graphic in an interview that the company had partnered with both local and foreign automobile dealers to offer a wide variety of car brands to the purchasing public on the platform.

She said the company had also partnered banks and other financial institutions that offered loans for prospective car owners to purchase a vehicle of their choice.    


Marketplace

Ms Ahlie explained that the focus of the company was to provide a single platform that served as a sustainable and structured marketplace for car sales, affordable car loans and auto maintenance services.

“So people can access the platform and without leaving it, they can explore car brands from which they can make a choice and apply to a financial service provider who can provide a loan or a facility for the client to buy the car. It can also be used by local car dealers to drive sales,” she said.

She said the platform was gradually deepening the ease of auto financing penetration in the country as prospective car owners did not only have access to select from a large pool of car brands on the platform, but could also get access to multiple car loan offers from the finance partners on the Autochek platform.

“This increase in automotive commerce has cascading benefits along the value chain with one of the major benefits being increased job opportunities, following more dealer empowerment and liquidity in the ecosystem,” she said.


Security

Autochek, she said, was a transformational high-growth company that was providing the platform for secure car purchases and accelerating the ability of the public to own durable vehicles by providing affordable access to car loans, while also de-risking the auto lending processes for financial institutions.

“We conduct checks on all parties that operate on the platform. So a buyer will have to give some details of him or herself to access the platform and it is the same for car dealers too but we conduct extra checks to make the platform secure,” she said.