Cars45, which buys and sells used cars, has expanded the financing options it offers, as there has been a surge in auto loans amid price hikes in Nigeria, according to Ojurongbe Damilola, its head of technical services.

He said: “We have seen a significant increase in the demand for car financing among Nigerians. This surge indicates a growing preference for flexible payment options to facilitate vehicle purchases,” BusinessDay reported.

“At Cars45, we have expanded our financing solutions through strategic partnerships with financial institutions. This way, we can provide accessible and competitive options for our customers. Our goal is to ensure that every Nigerian has the opportunity to own their dream car without financial constraints.”

Founded in 2016 and based in Lagos, Cars45 was acquired by Jiji from OLX Autos in June 2021. It has more than 70 retail centers across the country and also operates in Kenya, Uganda, Ghana and Tanzania.

Autochek.Africa, which spun off its financing arm last year, also offers financing in Nigeria and other markets. Meanwhile, Nigeria-based auto fintech service Moov recently raised $100 million U.S. in funding round to finance ride-hailing and delivery drivers.

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