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Africa: Autochek Launches Africa’s First Online Brand New Cars Loans Marketplace

Ghana: Autochek Launches Africa's First Online Brand New Cars Loans Marketplace
Written by Publishing Team

Autochek Africa, the leading automotive technology platform, has launched a section dedicated to new cars on the Au-tochek website and mobile application.

With this new addition, customers can access digital financing solutions for new cars and trucks with repayment periods of up to 60 months and at the lowest interest rates in the market.

As part of the Mobility54 investment, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate vehicle financing for all CFAO brands.

Autochek Africa Chief Operating Officer (COO) Timi Tope Ologunoye said, “We are excited to partner with financiers and the auto industry to provide this facility. It is in response to customer feedback to democratize the purchase of brand new cars with great and affordable financing options. Complemented by an analysis tool Residual value from Autochek Africa which can guide financial partners on the condition of the vehicle over time.”

Autochek auto loan services platform offers a variety of financing options from more than 70 banks, with attractive terms including an interest rate of 15 percent and repayable for four to five years.

Mr. Ologunoye added that new car financing is part of the company’s vision to open a new frontier in automotive financial technology and establish itself as the most innovative car loan platform in the region.

While customers are assured of a good deal on new cars and attractive interest rates, distributors also get pre-approved potential buyers.

According to research, the African automotive market is currently estimated to be valued at US$90 billion in 2020, and this is expected to grow by 30 percent largely driven by an increase in financing penetration of 10 percent year-on-year. .

Due to the impact of COVID last year, there was a decline in overall sales of new cars due to the reinstatement of production restrictions, but it is quickly regaining momentum with the resumption of economic activities.

“We are on a mission to accelerate mechanization across Africa by providing financing for new and used imports to our customers,” added Autochek’s Country Director in Ghana, Solomon Adenuga.

By changing consumer requirements, the Autochek platform builds on opportunities for partnerships with auto manufacturers and financiers, to provide a more flexible and technical approach to innovatively offering choices.

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