Autochek Africa, the leading automotive technology platform, has launched a dedicated section for new cars on the Autochek 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 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 affordable financing options. Complemented by Autochek Residual Value Analysis Tool Africa that 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 that include an interest rate of 15 percent and can be repaid 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 production restrictions but the momentum is quickly regaining 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 Solomon Adenuga, Ghana Country Manager at Autochek.
As consumer demands change, the Autochek platform builds on opportunities to partner with auto manufacturers and financiers, to provide an innovative, more flexible and technical approach to offering choices.