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CN Tightens Low-Interest Car Loans; Multiple Carmakers' Loan Promotions to Close by End-Apr: Report
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At the start of 2026, China's auto market was abuzz with ultra-long-tenor low-interest car loan promotions launched by carmakers like Tesla, Xiaomi, XPeng, Li Auto, Geely Galaxy, and Voyah. Their seven-year low-interest financing schemes broke the traditional one- to five-year tenor convention for new car loans. According to a report by 21st Century Business Herald, however, the seven-year ultra-long-tenor loan business has recently been tightened. Several carmakers have confirmed that the relevant financing policies will only last until this month, with no conclusion yet on whether they will be renewed thereafter. The report quoted an internal notice given by a Xiaomi Auto salesman as saying that six- to seven-year products, as indicated by a policy adjustment notice from the bank's side, will be available up to April 30 and may cease to be accepted at any time (as an industry-wide event). Auto-translated by AI AASTOCKS Financial News |
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