Customers in East and West Africa can use the Autochek auto loan services platform to get a variety of financing alternatives for buying new cars and trucks from reputable manufacturers. So far, the platform has a network of financial partners and over 30 OEM vehicle brands, including key regional players like 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. Autochek also collaborates with indigenous manufacturers including Innosson Motors and Nord Motors. Autochek has partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands as part of Mobility54’s investment. Autochek Africa’s COO, Timi Tope Ologunoye said, “We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratise 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 Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that includes 15% interest rate and repayable for a period of between four and five years. The loans are also processed within 24 hours.” Timi went on to say that financing new cars is part of the company’s plan to open up a new frontier in automotive fintech and cement its position as the region’s most innovative auto loan platform. Customers should expect a decent bargain on brand new cars and low finance rates, while distributors can expect pre-approved prospective purchasers. According to research, the African automotive market is anticipated to be worth USD90 billion in 2020, and it is expected to rise by 30%, owing to a 10% growth in financing penetration year over year. Last year, due to the impact of COVID, there was a drop in overall new car sales due to production restrictions, but this is fast regaining momentum as economic activity resumes. Autochek’s Country Manager, Kenya, Bilhah Muriithi said: “We are on a mission to accelerate motorization across Africa by providing financing for brand new and used imports for our customers”. In response to shifting consumer demands, the Autochek platform is expanding its partnerships with automakers and financiers to give a more agile, tech-driven approach to delivering solutions. By the end of the year, the company hopes 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. The Autochek mobile app is currently available on Android, with an iOS version coming soon.
