Car loans soar
By Zhang Fengming |
June 4, 2010, Friday
|
Print Edition
Print Edition
AUTO loans at China Merchants Bank surged in Shanghai on rising demand on leverage for auto purchasing.
The bank extended 400 million yuan (US$58.6 million) of auto loans in the first five months of this year, almost doubling the credit a year ago.
Auto dealers are more willing to team up with banks on offering loans to leverage their sales on a slowdown of sales growth, the lender said.
The sixth-biggest lender in China has offered zero-interest credit on high-end brands including BMW, Audi and Infiniti to auto buyers, with the interest cost taken by dealers to boost auto sales.
The bank extended 400 million yuan (US$58.6 million) of auto loans in the first five months of this year, almost doubling the credit a year ago.
Auto dealers are more willing to team up with banks on offering loans to leverage their sales on a slowdown of sales growth, the lender said.
The sixth-biggest lender in China has offered zero-interest credit on high-end brands including BMW, Audi and Infiniti to auto buyers, with the interest cost taken by dealers to boost auto sales.
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