Automotive technology company, Autochek Africa, has launched a mobile app with which customers can access digital financing solutions for brand new cars and trucks.
With this new app which is an addition to their website, Autochek says customers can access digital financing solutions for brand new cars and trucks with repayment tenures 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 specially for brand new vehicles with up to 90% financing.
Launched in 2020, Autochek is an automotive technology company established to build digital solutions to enhance and enable automotive commerce across Africa. The company, which operates in East and West Africa, combines technology underpinned by data analytics to deepen auto finance penetration across the continent.
According to a statement by the firm, the platform has so far taken up a network of financing partners and over 30 vehicle brands from OEMs, 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) , Elizade (Toyota) in West Africa. Autochek is also working closely with indigenous manufacturers such as Innosson Motors and Nord Motors. As part of the investment by Mobility54, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands.
“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,” Autochek Africa’s COO, Timi Tope Ologunoye said.
He said the platform is complemented by the firm’s residual value analysis tool that can guide financial partners on the condition of the vehicle over time.
Ologunoye added that financing for new cars is part of the company’s vision to unlock a new frontier of automotive fintech and cementing its position as the most innovative auto loan platform in the region.
Africa’s automotive industry has current estimated market size valued at USD90 billion in 2020 that is expected to grow by 30%, largely driven by an increase in financing penetration at 10% Year-over-year.
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”.
The company plans to extend its brand-new automobile portfolio through multiple carrier partners within the Autochek platform by the end of the year, with the goal of launching with over 300 new cars listed across all markets.
The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.