Autochek Africa – an auto tech platform has officially launched a car loan section on its website and mobile app. This is to however aid in deepening mobility in the country. The company which made this announcement on today 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 is tailored specifically for the brand new vehicles, come with up to 90% financing and are the lowest interest rates in the market. The repayment plan can span up to 60 months.
Also, 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.
How To Make The Car Loan Process
In regards to the car loan process, 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.
What The Company Is Saying
According to Autochek CEO, Etop Ikpe, he said that the company is excited to partner with financiers and the automotive industry to provide such facility.
In his words, “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 Chief Operating Officer (COO), Timi Top Ologunoye revealed that the company which was founded in June 2020 is pleased with this recent development as its mandates to aid in helping users buy, sell, service, and finance cars through their mobile app, available on Android devices is gradually becoming a reality. Autochek is operational across East and West Africa in five countries, Nigeria, Kenya, Ghana, Uganda, and Cote d’Ivoire. It employs data analytics and technology to increase auto finance penetration in Africa.
The company claims that over 1,000 dealers in its network are actively using the loan processing technology and that the Autochek marketplace has over 15,000 certified and financeable vehicles throughout its markets.
Autochek Raises $3.4M Pre-Seed, Set to Disrupt African Automotive SpaceThe Autochek vehicle loan services platform offers a wide range of financing alternatives from more than 70 institutions, with advantageous conditions such as a 15% interest rate and repayment lengths of four to five years. In addition, the loans are processed within 24 hours.
The financing of new automobiles is part of the company’s plan to open up a new frontier in automotive fintech and solidify its position as the region’s most innovative auto loan platform.
Also, Autochek customers should expect a decent bargain on brand-new cars and low finance rates, while distributors can expect pre-approved prospective purchasers.
In response to changing consumer preferences, the Autochek platform is expanding its collaborations with automakers and financiers to give a more nimble, tech-driven approach to delivering solutions.By the end of the year, the company hopes to expand its brand-new vehicle inventory through several carrier partners on the Autochek platform, with the goal of launching over 300 new vehicles listed across all markets.The Autochek mobile app is currently available on Android, with an iOS version coming soon.