Leading Auto Tech Platform, Autocheck Unveils Car Loan Marketplace

Autocheck Africa, the leading auto tech platform, has added a brand new cars section to its website and mobile app. Customers can now access digital financing solutions for brand new cars and trucks with repayment terms of up to 60 months and the lowest interest rates in the market from regional partners such as Ecobank and NCBA with a 0% equity loan product and Access Bank and Stanbic KE with unique financing solutions tailored specifically for brand new vehicles with up to 90% financing through this new addition.

Customers in East and West Africa can use the Autocheck auto loan services platform to find a variety of financing options for new cars and trucks from reputable manufacturers. So far, the platform has onboarded a network of financing partners as well as over 30 vehicle brands from OEMs, including key regional players such as Inchape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), and Elizade (Toyota) in West Africa. Autocheck also collaborates closely with local manufacturers such as Innosson Motors and Nord Motors. Autocheck has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands as part of Mobility54’s investment.

Timi Tope Ologunoye, COO of Autocheck Africa, stated, “We are excited to partner with financiers and the automotive industry to provide this facility.” It is in response to customer feedback to democratize the purchase of brand-new cars by providing excellent and affordable financing options. It is supplemented by Autochek Africa’s residual value analysis tool, which can advise financial partners on the vehicle’s condition over time.

The Autocheck auto loan services platform provides a variety of financing options from over 70 banks, with attractive terms such as a 15% interest rate and repayment terms of four to five years. In addition, the loans are processed within 24 hours.

Timi went on to say that financing for new cars is part of the company’s vision of breaking open a new frontier in automotive fintech and cementing its position as the most innovative auto loan platform in the region.

Customers are assured of a good deal on brand new cars and attractive interest rates, while distributors receive pre-approved prospective buyers.

According to research, the African automotive estimated market size in 2020 is currently valued at USD90 billion, and this is expected to grow by 30%, primarily due to a 10% YoY increase in financing penetration. Due to the impact of COVID last year, there was a decline in overall new car sales due to production restrictions, but it is quickly regaining momentum as economic activities resume.

Dr. Mayokun Fadeyibi, SVP West Africa at Autocheck, stated, “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 Autocheck platform is leveraging partnership opportunities with automotive manufacturers and financiers to provide a more agile, tech-led approach to option delivery.

By the end of the year, the company intends to expand its brand-new automobile portfolio through multiple carrier partners on the Autochek platform, with the goal of launching with over 300 new cars listed across all markets.