In order to further boost the popularity of the automobile market and promote the demand of users to buy cars. On April 3, the People's Bank of China and the State Administration of Financial Supervision jointly issued the "Notice on Adjusting Relevant Policies for Auto Loans", which pointed out that "the maximum loan issuance ratio for self-use traditional power vehicles and self-use new energy vehicles shall be determined by financial institutions independently, and the maximum loan issuance ratio can reach 100%". This also means that after the introduction of the new car loan policy, the purchase and delivery of cars for zero yuan will be expected to be realized.
Auto finance has always been an important business point for banks to lend, and before that, the maximum loan ratio for individuals to purchase fuel vehicles and new energy vehicles was 80% and 85% respectively. After the implementation of the new car loan policy, a number of banks and car companies have quickly cooperated and launched new loan car purchase plans, including low-interest or even 0 interest and 0 down payment financial solutions, which have attracted the favor of many consumers for a while.
A number of car companies have opened "zero yuan purchases"
Once the new auto loan policy was triggered, the response speed of various car companies was even faster than that of the banks that lent money, and the reaction of various car companies also reflected the desire for sales in the auto market. In fact, Xiaobian also consulted Ping An Bank, China Merchants Bank and China Construction Bank for the first time on the implementation of the new car loan policy, and the person in charge of a number of banks claimed that the current specific rules and 0 down payment interest rate are still in the process of being urgently formulated, but many car companies have been eager to launch 0 yuan purchase activities, and are even willing to subsidize interest for car buyers in advance.
Taking Japanese brands as an example, from now until April 30, FAW Toyota can enjoy up to 8 years of zero down payment, 36 installments of 0 interest rate, and also provide a replacement subsidy of 16,000 yuan. Among them, the annual interest rate of 8 years with zero down payment is about 6%, but if the user chooses to take out a loan to buy a car, there can be additional discounts on the car price. In addition, if you buy Dongfeng Honda before April 19, you can also enjoy zero down payment for trade-in, as well as a subsidy of up to 20,000 yuan. Taking Civic and CRV as examples, if the user's credit is fine, the minimum annual interest rate for buying a car with zero down payment is about 4%.
In addition to the traditional brands to open the "zero yuan purchase", there are also some independent brands that are also moving quickly. According to the telephone consultation of ZEEKR Automobile Sales, at present, ZEEKR Automobile also has a zero down payment pick-up plan, and users only need to pay a deposit of 5,000 yuan to lock the order, and the car can be taken away without paying the final payment. ZEEKR will offer zero down payment loan financing options for 5 to 8 years, with annual interest rates ranging from 4% to 6%.
In addition to "zero-yuan purchase", many car companies have launched a variety of flexible financial car purchase plans, among which interest-free and low-interest loan policies are not uncommon. For example, at the beginning of this month, Tesla launched a "zero interest" installment car purchase policy for Model 3 and Model Y. Not to be outdone, Li Auto has worked with eight banks to customize a financial loan plan with a tenor of 1-5 years and an annualized rate of only 1.99%. Even the popular Xiaomi SU7 also provides users with an ultra-low-interest financial solution with a down payment as low as 15%, a loan term of up to 5 years, and a loan interest rate as low as 1.6%. The various operations of car companies have once again demonstrated the huge potential of auto finance in stimulating automobile consumption.
Loan to buy a car once again set off a "price war"
With the implementation of the new policy, the zero-yuan purchase of cars has indeed lowered the threshold for car purchase in disguise, but with the gradual popularization of the new policy, the automobile circle may face a new round of "price war".
First of all, the economic trend has been relatively sluggish in recent years, and the budget in the hands of car buyers may be insufficient. After the low interest rate and 0 interest loan, the "zero yuan purchase" and zero down payment car purchase financial policy once again lowered the threshold for car purchase. Coupled with the interest discounts and subsidies launched by more and more car companies, although the "price war" on the surface has come to an end, the "price war" in the secret has intensified.
Many users may encounter the situation that they can give additional discounts when buying a car. There is a huge stake between the auto lender and the salesperson. Most of the profit of auto loan financial rebate is more than 10% of the loan amount, and the maximum rebate point can reach 13.5%, which means that the larger the loan amount, the higher the rebate for sales. This will also motivate salespeople to recommend users to use financial loans to buy cars when selling cars.
Zhang Xiang, director of the Vodaf Digital Vehicle International Cooperation Research Center, said in an interview that the new auto loan policy is conducive to expanding consumer groups, stimulating car consumption and increasing car sales. But at the same time, even if it is a car purchase with zero down payment, consumers should also evaluate their repayment ability to avoid the risk of overdue. With the relaxation of the loan purchase policy, it will definitely inject new vitality into the auto finance market, and industry experts predict that this will further release the potential of the auto finance market and promote the activation and release of automobile consumer demand to a greater extent.