China Banking and Insurance Regulatory Commission: Encouraging appropriate reduction of down payment ratio for car loans, and reasonably determining the term of car loans

The China Banking and Insurance Regulatory Commission issued a notice encouraging the reduction of down payment ratios for car loans, the reasonable determination of loan terms and amounts to promote car consumption. The notice supports the promotion of new energy vehicles, the electrification of urban public transportation, and encourages car finance companies to increase financing support for municipal transportation enterprises. At the same time, it encourages the enrichment of car finance products, waiving prepayment penalties, supporting the development of the used car market, and enhancing consumer experience