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Mainland Reportedly Tightens Low-Interest "Auto Loans"; Multiple Carmakers' Loan Promotions to End by Month-end
2026-04-24 07:36:19 At the start of 2026, the mainland auto market launched ultra-long-tenor low-interest auto loan promotions. Carmakers including Tesla, Xiaomi Auto, XPeng, Li Auto, Geely Galaxy and Voyah successively introduced "seven-year low-interest" financing schemes, breaking the traditional one- to five-year tenor convention for new car loans. According to a report by 21st Century Business Herald, the seven-year ultra-long-tenor loan business has recently been tightened. Several carmakers have confirmed that the relevant financing policies will only be extended until this month, with no conclusion yet on whether they will be renewed thereafter. The report cited a Xiaomi Auto salesperson who showed an internal notice indicating that, following a policy adjustment notification from the banking side, six- to seven-year loan products may be suspended from acceptance at any time (an industry-wide event), with the latest possible date being April 30. Another person in charge of bank-related operations at a new energy vehicle startup revealed that the bank had previously offered the seven-year low-interest product for a period before suspending it, although other banks are still providing low-interest loans at present. In addition, the report quoted an auto finance professional at a joint-stock bank as saying that while banks are suspending seven-year auto loans, some financing leasing companies have also reportedly been asked to halt such lending. (ta/w)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |