Ghana: Autochek Launches Africa’s First Online New Car Loan Marketplace

Autochek Africa, the leading automotive technology platform, has launched a dedicated new car section on the Autochek website and mobile app.

With this new addition, customers can access digital financing solutions for new cars and trucks with repayment terms of up to 60 months and the lowest interest rates in the market.

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.

Timi Tope Ologunoye, COO of Autochek Africa, said: “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 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.

The Autochek auto loan services platform offers a variety of financing options from more than 70 banks, with attractive terms including an interest rate of 15% and repayable over a period of four to five years.

Mr. Olugunoye added that new car financing 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 a study, 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.

Autochek Country Manager in Ghana, Solomon Adenuga, added that “our mission is to accelerate motorization across Africa by providing financing for imports of new and used products for 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.

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