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By Modupe Gbadeyanka
As part of its efforts to deepen mobility, the leading automotive technology platform, Autochek Africa, has launched a lending services platform to enable users to obtain the credit facility to acquire new vehicles.
A statement released by the company says users can access loans for the purchase of new cars and trucks through a dedicated new car section on the Autochek website and mobile app.
It has been stated that through this digital finance package, customers can make repayments in 60 months at the lowest interest rates in the market from regional partners such as Ecobank and NCBA with zero equity loan product. percent and Access Bank and Stanbic KE with one-time funding. solutions specially designed for new vehicles with financing of up to 90%.
On the Autochek car loan services platform, customers in East and West Africa can access a variety of financing options to purchase new cars and trucks from reputable manufacturers.
So far, the platform has integrated a network of financial partners and more than 30 OEM vehicle brands, including key regional players like Inchape (LandRover) and CMC (Ford and Eicher Trucks) in South Africa. ‘East and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa.
Autochek also works closely with local manufacturers such as Innosson Motors and Nord Motors.
As part of Mobility54’s investment, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate car financing for all CFAO brands.
“We are delighted to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratize the purchase of new cars through attractive and affordable financing options.
“It is complemented by Autochek Africa’s residual value analysis tool which can guide financial partners on the condition of the vehicle over time,” said Timi Tope Ologunoye, COO of Autochek Africa.
The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that include an interest rate of 15% and are repayable over a period of four to five years. Loans are also processed within 24 hours.
Timi added that financing new cars is part of the company’s vision to open a new frontier in automotive fintech and solidify its position as the most innovative car lending platform in the region.
While customers are assured of a good deal on new cars and attractive interest rates, distributors also get potential buyers pre-approved.
According to research, the estimated size of the African automotive market is currently valued at $ 90 billion in 2020, and is expected to increase by 30% largely thanks to an increase in financing penetration to 10% year-on-year.
Due to the impact of COVID last year, there has been a decline in overall new car sales due to restrictions on production, but it is quickly picking up momentum with the resumption of economic activities.
Dr Mayokun Fadeyibi, Autochek Senior Vice President for West Africa, said: “Our mission is to accelerate motorization across Africa by providing financing for imports of new products and used to our customers. “
As consumer demands evolve, the Autochek platform leverages partnership opportunities with automakers and financiers, to innovatively deliver a more agile and technology-driven approach to delivering options.
The company plans to expand its brand new automotive portfolio through multiple carrier partners within the Autochek platform by the end of the year, with the goal of launching more than 300 new cars listed in all markets.
The Autochek mobile app is currently available on Android and should launch soon on iOS.