On April 3rd, the People's Bank of China and the State Administration for Financial Supervision and Administration issued a notice allowing financial institutions to independently determine the maximum loan ratio for self use vehicles. The new policy has been launched for a week, and the market has reacted quickly. Reporters have found that many car companies have launched "zero down payment" or "zero interest" in the form of limited time promotions. It is widely believed in the industry that the promotion of low down payments or even zero down payments will greatly benefit the automotive market, and consumer demand is expected to become even stronger. Previously, the maximum loan disbursement ratios for traditional and new energy self use vehicles were 80% and 85%, respectively, in order to attract consumers with limited time zero down payment. After the introduction of the new policy, consumers can achieve a maximum of "zero down payment" when purchasing cars. Under favorable policies, car companies have quickly followed up. At Tesla's Yaojiayuan store, reporters saw that many consumers were consulting with staff about the recently launched discounted financial plan. "If you trade the old for the new, you can basically achieve 'zero down payment', with 3 to 5 years of 'zero interest' or ultra-low interest, which is very cost-effective." The staff explained. At a FAW Toyota 4S dealership in Wufangqiao, the salesperson said that multiple models in the store can be purchased with zero down payment, but with interest. Taking the Asian Dragon model as an example, if you choose to purchase a car with zero down payment from a financial institution designated by the manufacturer, you can repay it in 5 to 8 years, with an annualized interest rate of about 6%. Calculated based on a loan of 200000 yuan, the annual interest is 12000 yuan. According to incomplete statistics, FAW Toyota announced multiple discounts, including a maximum of 8 years of "zero down payment" and 36 periods of "zero interest rate", which will continue until April 30th; Dongfeng Nissan has launched a "zero down payment, zero depreciation" policy, offering a maximum discount of 60000 yuan for all models of the old for new; Tesla launches limited time discounts such as a down payment for old cars and a maximum of 5 years of "zero interest"; Dongfeng Honda has launched a "zero down payment" policy and a maximum subsidy of 20000 yuan for some models, with a limited time discount until April 19th. Car buyers are more concerned about the high and low interest rates. However, during interviews with reporters, it was found that due to the short launch time of the new policy, most brand manufacturers and dealers are still observing the "zero down payment" policy. At a Mercedes Benz 4S store in Chaoyang District, the salesperson stated that the store has not yet launched a "zero down payment" financial plan, and the current minimum down payment ratio is 20%, with an annualized interest rate of about 4%. At the NIO Blue Harbor store, the sales consultant also stated that the minimum down payment ratio for each model is currently 15%. However, the store has launched a lower interest rate discount plan, with an annual loan interest rate of 2.79%. Many consumers are also cautious about purchasing cars with zero down payment. "Although 'zero down payment' reduces the pressure of one-time capital expenditure, it also depends on the overall interest rate situation. If the repayment interest is high, the pressure still feels quite high, which is not cost-effective," said Xiao Wang, a consumer with a recent demand for cars. The reporter consulted several banks in the Beijing area, all of which stated that they have not cooperated with automotive companies to launch a "zero down payment" loan plan. Currently, some automotive financial institutions have issued a "zero down payment" loan plan. A bank staff member revealed that due to various factors such as processes, interest rates, and profits, the banking industry is still in a wait-and-see state regarding whether to follow up with the new regulations on car loans. The penetration rate of automotive finance is expected to increase. Although the market is still exploring, many experts believe that the new policy of "zero down payment" for automobiles is undoubtedly beneficial for automobiles
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