Innovates on Car Financing Solutions

An online car sales and financing platform, Betacar is transforming the automotive market with its innovative approach to used car financing.

According to a statement, Betacar is disrupting traditional norms and empowering a wider range of eligible customers to own their dream. Its proprietary technology-enabled solution is specifically tailored for salary earners and small businesses.

The global automotive industry stats show that Africa overall ranks low on the car ownership index.  Nigeria’s motorization rate is 61 vehicles per 1,000 people – as compared to the USA, South Africa, and the UK, having 831 vehicles, 232 vehicles, and 600 vehicles, per 1,000 people respectively.  

Vehicle financing is a major engine that sustains the higher motorization and car ownership seen in US, Europe, and others, where financing penetration rates typically average between 60-80% compared to less than 5% rate for Nigeria.

These factors indicate there is significant headroom to grow car ownership for the Nigerian populace.

Lou Odunuga, founder and CEO of Betacar, at a recent industry partners forum, emphasized the company’s commitment to empowering customers. “We believe that everyone deserves the opportunity to own a car that suits their lifestyle and business requirements,” she said. “Our innovative online car financing solutions remove barriers, increase affordability, and make car ownership a reality for salary earners and small businesses.”

The firm’s approach to car financing and its rigorous commitment to vehicle quality assurance sets it apart from traditional dealerships and a few other online car platforms.  “We understand the importance of convenience and efficiency for our customers,” said Itua Okhihie, chief operations officer, Betacar. “By leveraging technology and streamlining our processes, we aim to make the car buying and financing journey as seamless as possible.”

“ financing platform is designed to accommodate a variety of financial situations, including flexible down payment options, competitive interest rates, and customizable repayment terms,” Okhihie continued. “This level of flexibility ensures that customers can find a car financing solution that aligns with their budget and cash flow – whether it’s a salary earner looking to upgrade their personal vehicle or a business owner in need of reliable transportation for productivity.”

“Salary earners and Businesses should explore to access vehicle financing for quality-certified used cars,” he added.

Source: ThisDay

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