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Up to 50% of Chinese car buyers will use loans by 2020

来源:China Daily 作者: 2016-02-05 10:32:26

  Shoppers inspect a SUV at a mall in Yichang, Hubei province.(Photo/China Daily)

  The penetration rate of automotive finance in China is likely to increase from the current 25 percent to 50 percent by 2020, according to senior professionals in the industry. It means half of Chinese automobile buyers will use loans to buy a vehicle.

  Chen Guiqiong, vice president of Ford Automotive Finance (China) Ltd, said: "In 2005 only 5 percent of Chinese consumers bought cars through loans. The percentage has increased year after year and is about 25 percent today. But China's auto finance market still has huge growth potential, compared with an 80 percent penetration rate of auto finance in Europe and the United States."

  He expects auto sales in China to reach 23.5 million to 25.5 million this year. The figure was 24.6 million last year, according to the China Association of Automobile Manufacturers.

  Auto finance companies are exploring diversified financing channels, such as issuing asset-backed securities and financial bonds.

  Yu Yarui, general manager of Shanghai-based SAIC-GMAC Automotive Finance Company Limited, said the company raised 5 billion yuan ($760.5 million) through financial bonds on January 20. So far, the company has issued three financial bonds and five asset-backed securities. It is planning to issue another asset-backed security during the first six months of this year.

Keywords: loan,automotive finance

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