Autochek Africa launches brand new car loans marketplace on website, mobile app

BY: News Desk Report

Autochek Africa, the leading auto tech platform, has launched a dedicated brand new car loan section on its website and mobile app.

The company which made this announcement on Monday says with this new addition, customers can now access digital financing solutions for brand new trucks and cars from regional partners such as Ecobank, NCBA, Access Bank, and Stanbic KE.

According to the company, the unique financing solutions, tailored specifically for the brand new vehicles, come with up to 90% financing and are the lowest interest rates in the market. The repayment can span up to 60 months.

Autochek customers in East and West Africa can use the auto loan services platform to get a variety of financing alternatives for buying new automobiles and trucks from trustworthy manufacturers.

To make the car loan process seamless, the platform has a network of financial partners and over 30 OEM vehicle brands. This includes significant regional players like Inchape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa.

In West Africa, it partners with brands like Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), and Elizade (Toyota). Autochek also collaborates with local manufacturers in these regions, including Innosson Motors and Nord Motors.

The company has also teamed up with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to offer auto financing for all CFAO brands as part of Mobility54’s commitment.

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.”

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.

Whereas customers are assured of a good deal for brand new cars and attractive interest rates, distributors also get pre-approved prospective buyers.

Due to the impact of COVID-19 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’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”. 

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

Founded in June 2020 by Etop Ikpe, Autochek helps users buy, sell, service, and finance cars through their mobile app, available on Android devices.

The Autochek mobile app is currently available on Android, with an iOS version coming soon.