On April 10th, according to domestic media reports, several automakers have now followed the "new car policy," introducing financial car purchasing plans with 0 down payment and low down payment options.
Media analysis shows that many automakers, including FAW Toyota, Tesla, Dongfeng Honda, and GAC Toyota, have chosen to follow the "new car policy" and launched financial plans with 0 down payment and 0 interest rates.
For instance, FAW Toyota has introduced a financial plan called "Up to 8 years, 0 down payment, 36 months with 0 interest, 505 flexibility," significantly reducing the threshold for purchasing cars.
Furthermore, a salesperson at an SAIC MG 4S dealership revealed that the down payment for purchasing a car at their store has reached an unprecedented low. Taking the popular model MG5 as an example, consumers now only need to pay 888 CNY for the down payment, with a monthly installment of just over a thousand CNY.
In the conventional automotive finance market, the down payment ratio typically ranges from 20% to 30%.
It is reported that on April 3rd, the People's Bank of China and the China Banking and Insurance Regulatory Commission jointly issued a notice titled "Regarding the Adjustment of Policies Related to Auto Loans," which stated:
"The maximum loan-to-value ratio for loans on self-used traditional fuel vehicles and self-used new energy vehicles is determined independently by financial institutions, with the maximum loan-to-value ratio reaching up to 100%."
Industry insiders believe that lowering the down payment threshold for loan-based car purchases is expected to boost consumption vitality in the automotive market.
