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While encouraging the trade-in of old cars for new ones, China has clarified that the ratio of self-use car loans can be as high as 100%.

In order to promote the “trade-in” of automobile consumption, the People’s Bank of China and the State Administration of Financial Supervision of China recently jointly launched and issued a new policy “On Adjustment in Automobiles”.loan“Information on Relevant Policies”, the maximum disbursement ratio of self-use auto loans will be increased to 100%. Analysts believe that this policy may increase people’s desire to buy cars.

The notice stated that financial institutions, subject to compliance with laws and regulations and controllable risks, may determine the maximum loan disbursement ratio for self-use conventional electric vehicles and self-use new energy vehicles based on the credit status of the borrower. Are. repayment capacity, etc.

Xinhua news agency quoted industry insiders as saying that the People’s Bank of China and the former China Banking Regulatory Commission issued documents in 2017 stating that self-use traditional electric vehicles and self-use new energy vehicles The maximum loan distribution ratio is 80% and 85% respectively. The new rules have been extended again, and up to 100% of the price of the purchased car can be paid. However, commercial traditional electric vehicles, commercial new energy vehicles,used carThe maximum loan disbursement ratio remains unchanged at 70%, 75% and 70%.

Furthermore, the notice calls upon financial institutions to strengthen innovation in financial products and services based on fragmented scenarios such as new cars, second-hand cars and car trade-ins and appropriately reduce losses due to prompt settlement of loans. Or even encourages giving discounts. During the car trade-in process.

Economic Information Daily reported that Dong Zimiao, chief researcher of the China Merchants Union, said that it is clear that the proportion of self-use car loans is determined by financial institutions and can reach 100%. This policy can further improve the ability of people to buy a car with the help of car loan; This encourages financial institutions to appropriately reduce or waive the losses incurred due to early settlement of loan during the car trade-in process, which can help reduce the burden on people. To promote people’s willingness to buy new cars and consume cars through trade-in.

CITIC Construction Investment Research Report once pointed out that total support policies such as “old for new” are gradually being implemented, which will have a positive impact on the supply and demand of the automobile industry. According to estimates, even if policy support is not taken into account, based on the overall replacement life of Chinese cars, China will still be in the peak period of domestic car sales and purchases from 2024 to 2025, which is about 6 to 8 years. Is. ,

China’s State Council recently launched the “Action Plan for Large-Scale Equipment Updates and Promotion of Consumer Goods Trade”, which clearly states that “banking institutions should reduce the down payment ratio of passenger car loans. are encouraged to appropriately reduce and determine the term and amount of car loans and loans based on compliance with laws and regulations and controllable risks.”

Chinese Commerce Minister Wang Wentao in China this yearnational two sessionsThe National People’s Congress and the Chinese People’s Political Consultative Conference have said that China will focus on two things to boost consumption this year: one is to promote the replacement of old consumer goods such as automobiles, home appliances and home decorations, and the other is to promote . To promote service consumption.

China (TagstoTranslate) Loans (T) Used Cars (T) National Two Seasons

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