Autochek Africa launches new car loans to further deepen mobility

Leading car technology platform, Autochek, has officially launched a brand new car loan section on its website and mobile app.

The company that made the announcement on Wednesday said that with the new addition, customers can now access digital financing solutions for new trucks and cars from regional partners such as Ecobank, NCBA, Access Bank and Stanbic KE.

According to the company, the unique financing solutions, specially designed for new vehicles, come with up to 90% financing and offer the lowest interest rates on the market. Reimbursement can extend up to 60 months.

Autochek customers in East and West Africa can use the car loan services platform to obtain a variety of financing alternatives for the purchase of new automobiles and trucks from manufacturers trustworthy.

To facilitate the car loan process, the platform has a network of financial partners and more than 30 OEM vehicle brands. this includes important regional players like Inchape (LandRover) and CMC (Ford and Eicher Trucks) in East Africa.

In West Africa, it partners with brands like Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz) and Elizade (Toyota). Autochek also works with local manufacturers in these regions, including Innosson Motors and Nord Motors.

The company has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to offer car financing for all CFAO brands as part of the Mobility54 commitment.

Autochek raises $3.4m in pre-seed, ready to disrupt African automotive space
Autochek CEO, Etop Ikpe

“We are delighted to partner with financiers and the automotive industry to provide this facility. He responds to customer feedback to democratize buying new cars with 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”.

Autochek Africa Chief Operating Officer, Timi Tope Ologunoe,

Operational in East and West Africa

Founded in June 2020 by Etop Ikpe, Autochek helps users buy, sell, service and finance cars through their mobile app, available on Android devices.

The company is operational in East and West Africa in five countries, Nigeria, Kenya, Ghana, Uganda and Ivory Coast. It uses data analytics and technology to increase car finance penetration in Africa.

The company says more than 1,000 dealerships in its network are actively using the loan processing technology and that the Autochek marketplace has more than 15,000 certified and financeable vehicles across all of its markets.

Autochek raises $3.4m in pre-seed, ready to disrupt African automotive space

The Autochek vehicle loan services platform offers a wide range of financing alternatives from more than 70 institutions, with advantageous terms such as a 15% interest rate and repayment terms of four to five years. Also, loans are processed within 24 hours.

Financing new automobiles is part of the company’s plan to open a new frontier in automotive fintech and cement its position as the region’s most innovative auto lending platform.

Autocheck customers should expect a great deal on new cars and low finance rates, while dealers can expect pre-approved potential buyers.

In response to changing consumer preferences, the Autochek platform is expanding its collaborations with automakers and financiers to provide a more agile, technology-driven approach to delivering solutions.

By the end of the year, the company hopes to expand its inventory of new vehicles through multiple partner carriers on the Autochek platform, with the goal of launching more than 300 new vehicles listed in all markets.

The Autochek mobile app is currently available on Android, with an iOS version coming soon.

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