A few days ago, it was learned from the People's Bank of China that the People's Bank of China and the State Administration of Financial Supervision and Administration recently jointly issued a notice to adjust the relevant policies on auto loans. According to the notice, the maximum proportion of loans for self-use of traditional power vehicles and self-use new energy vehicles has been adjusted from the original 80% and 85% to be determined by financial institutions. The adjustment of this policy aims to promote the trade-in of old cars and stimulate the automobile consumer market.
After the policy adjustment, financial institutions have greater flexibility when approving auto loans, and they can independently set the maximum loan issuance ratio according to the borrower's credit history, repayment ability and the market value of the purchased model, and even the maximum loan ratio can reach 100%, that is, the full amount of the purchased car will be issued according to the price of the purchased car, which also means that the purchase of a car with zero down payment will become the norm in the future.
However, the maximum disbursement ratio of commercial traditional power vehicle loans is still 70%, the maximum disbursement ratio of commercial new energy vehicle loans is still 75%, and the maximum disbursement ratio of second-hand car loans is still 70%, which remains unchanged from before.
The notice also proposes to encourage financial institutions to strengthen the innovation of financial products and services in combination with new cars, second-hand cars, car trade-ins and other sub-scenarios, and appropriately reduce or exempt the liquidated damages generated by the early settlement of loans in the process of car trade-in, so as to reduce the economic pressure of consumers in the process of car trade-in.
The notice also proposes to encourage financial institutions to strengthen the innovation of financial products and services in combination with new cars, second-hand cars, car trade-ins and other sub-scenarios, and appropriately reduce or exempt the liquidated damages arising from the early settlement of loans in the process of car trade-in.
In the next step, the People's Bank of China and the State Administration of Financial Supervision and Administration will continue to guide financial institutions to implement the notification requirements and increase financial support to better meet consumers' reasonable automobile consumption needs.
It is worth mentioning that Tesla China officially announced the launch of a limited-time low-interest replacement policy for Model 3/Y models, and launched a preferential policy of "zero interest" installment purchase for the first time. If the two policies can be effectively combined, its potential impact will be far-reaching, and it is very much expected that the preferential policy of "zero down payment and zero interest" will be implemented in the automotive industry, which will have a positive impact on consumers, car manufacturers and the entire automotive industry.
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