Autochek Africa expands its car loan marketplace to increase mobility
Autochek Africa expands its car loan marketplace to increase mobility
Automobile technology leader Autochek has officially launched a brand new car loan section on its website and mobile app, which can be found at www.autochek.com.
Companies such as Ecobank, NCBA, Access Bank, and Stanbic KE have partnered with the company to provide customers with digital financing solutions for brand new pickup trucks and automobiles, according to the company.
Exclusive financing solutions for brand new vehicles, according to the company, are tailored specifically for them and include up to 90% financing at the lowest interest rates available on the market. Payments can be spread out over a period of up to 60 months if necessary.
Customers in East and West Africa who use the Autochek auto loan services platform to purchase new automobiles and trucks from reputable manufacturers can take advantage of a wide range of financing options for their vehicle purchases.
The platform has a network of financial partners as well as over 30 original equipment manufacturer vehicle brands, which helps to streamline the car loan process. This includes major regional players in East Africa, such as Inchape (LandRover) and CMC, as well as smaller regional players (Ford and Eicher Trucks).
Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), and Elizade are among the brands with which it collaborates in West Africa, including Dana (Toyota). These regions also have regional manufacturers such as Innosson Motors and Nord Motors, with whom Autochek collaborates on a variety of projects.
Also as part of Mobility54's commitment, the company has partnered with CFAO (Toyota, Suzuki, Mitsubishi) in order to provide auto financing for all CFAO brands across the African continent.
About Autochek
Autochek, founded in June 2020 by Etop Ikpe, is a mobile application that allows users to buy, sell, service, and finance automobiles. The app is available for Android devices.
The company has operations in five countries in East and West Africa: Nigeria, Kenya, Ghana, Uganda, and Cote d'Ivoire. Nigeria is the company's home country. It makes use of data analytics and technology in order to increase the penetration of auto finance in the African continent.
A total of more than 15,000 certified and financeable vehicles are available across the Autochek marketplace, according to the company, which has over 1,000 dealers in its network who actively use loan processing technology.
More than 70 financial institutions participate in the Autochek vehicle loan services platform, which offers a diverse range of financing options with attractive terms such as a 15 percent interest rate and repayment periods ranging from four to five years. In addition, loans are processed 24 hours a day, seven days a week.
The company's strategy to break new ground in automotive fintech and solidify its position as the region's most innovative auto loan platform includes financing new automobiles as part of its overall strategy to break new ground in automotive fintech.
Moving forward
Customers can expect a good deal on brand-new vehicles as well as competitive financing rates, while distributors can expect a steady stream of pre-approved prospective buyers.
In response to shifting consumer preferences, the Autochek platform is expanding its collaborations with automakers and financiers in order to deliver solutions in a more agile and technology-driven manner.
It hopes to increase its new vehicle inventory by the end of the year through a number of carrier partners on the Autochek platform, with the goal of listing over 300 new vehicles across all markets by the end of this year.
It is currently possible to download Autochek's mobile application for Android devices, with an iOS version on the way.
