After the central bank raises interest rates, the car loan is still "Hong Kong"

After the central bank raises interest rates, it is naturally inevitable that the car-loan market for “face” and “eat” monetary policy will be affected.

After the People's Bank of China raised the RMB deposit reserve ratio of deposit-taking financial institutions by 0.5% on January 20, this month the market again reported news of the recovery of liquidity. On February 9, the People's Bank of China decided to increase the benchmark deposit and lending rates of financial institutions. The one-year benchmark deposit and lending rates of financial institutions were raised by 0.25 percentage points respectively.

After the central bank raised interest rates, did the interest rate of car loans increase? Recently, the central bank frequently sneezes to see whether the car-loan market of “face” and “eat” monetary policy follows a cold? Since the beginning of the year, the central bank has frequently regained liquidity, and the monetary contraction will surely restrict the ability of various commercial banks to lend. How large will this affect the auto financial market this year?

The financial company announced the rate hike on the second day after the central bank announced the increase of the benchmark interest rate. Ford Financial Co., which has been actively developing auto loan business, adjusted the car loan interest rate closely following the changes in the current situation. "Usually when the Central Bank adjusted its interest rates, the interest rate of Ford Finance's car loan also changed. So on February 10, Ford Financial Co., Ltd. issued a notice that the company's car loan interest rate has increased by 0.25 percentage points from the previous date. Interest Rate Adjustment After that, if the customer applies for a loan of 80,000 yuan through the company, the interest for the three years will increase by approximately 1,000 yuan.” The manager of the financial department of Changan Ford Motor Co., Ltd. introduced that the interest rate of Ford’s basic car loan products was adjusted to the pace of the Central Bank. However, there is no change in the interest rate for products that require vendor discounts.

"General Financial has adjusted interest rates two times ago. From December 25 last year, the three-year mortgage rate was adjusted from 9.99% to 10.49%, and on January 15 this year it increased to 10.99%. This interest rate is higher than that of some commercial banks. To be higher, I heard that the company recently launched some promotional policies to enhance its competitiveness, and it is estimated that there will be no increase in interest rates.” A salesperson at Shanghai GM Buick Guangdong Motors, who is responsible for finance, said that the GM’s car loan interest rate should be There will be no change.

Another major automotive finance company, Toyota Finance’s car loan policy, has not changed for the time being. “Toyota Finance has always been more cautious. The company will carefully analyze the central government policy and formulate new policies based on market conditions. Usually the response to rate hikes will not be fast. It is estimated that there will be no interest rate adjustment within this month.” A GAC Toyota dealer said that the company has not communicated with the dealers about raising interest rates recently.

The commercial bank or the intent owner who did not follow up on the intention to buy a mid-size car through mortgages recently went to Changan Ford, FAW Toyota, GAC Toyota and other brand dealers to understand the details of car loans, and unexpectedly discovered that the car loan business of various commercial banks remained The loan interest rate before the implementation of the Spring Festival.

“At present, the interest rates for car loans of various commercial banks have not changed compared with those before the Spring Festival.” The sales staff of Dongguan FAW-Volkswagen Jetta has introduced. The Southern Capital reporter learned from the bank on Friday that China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China Construction Bank and other commercial banks have not yet issued a notice on the adjustment of car loan interest rates.

A manager of a financial department of a German department car dealership in Guangzhou introduced the manager of the company. In the year of the Lunar New Year in the Year of the Tiger, some commercial banks have adjusted the car loan interest rate. In the past, the credit card mortgage business of China Banking, Industrial and Commercial Bank of China and Construction Bank had an annual interest rate of 3%, 6% in two years, and 9% in three years. Now the car loan policy of China Construction Bank has not changed. The annual interest rate on car loans has become 4%, 7%, and 11%. ICBC branch branches still implemented the original car loan policy, and some branches adjusted the car loan interest rate for 1-3 years to 3.6%, 7%, and 11%.

“The central bank’s upward adjustment is the benchmark exchange rate. Commercial banks can formulate the bank’s financial policy according to the actual situation. The time and scale of adjustment need not be consistent with the central bank. This is the same as the oil price change, the NDRC provides the official guidance price, each Oil companies can still carry out various promotions on this basis.” According to one industry source, at present, the head offices of the three commercial banks of ICBC, China Construction Bank, and Bank of China have not issued notifications to all branches and sub-branches to raise interest rates on car loans. As many commercial banks had increased interest on auto loans before the year before, commercial banks' car loan interest rates should not change until March.

Car loan business is still the bank's "Sweet potato"

Talking about the impact of interest rate hike on the auto loan market, a salesperson from Yongfu Motors introduced that, compared with mortgages, the loan amount of car loans is not high and the loan time is basically within 3 years, so after the interest rate hike, the customer The monthly increase is often less than 100 yuan. Customers are not sensitive to this, but the central bank frequently recovers liquidity and still has a certain negative impact on the market. "Some customers who don't know much about car loans will mistakenly believe that the cost of buying a car has increased significantly, so they gave up their intention to buy a car."

An insider of an automobile finance company, Chen Xing, who is responsible for automotive financial products, said that the basic products of financial companies are now less competitive than commercial banks, and financial companies mainly rely on zero interest rates and other discount coupons. These promotions Policy interest is borne by the manufacturer or distributor. When the central bank raises interest rates, the financing costs of auto finance companies will also increase. Once financial companies raise interest rates to manufacturers, they will pass on part of their costs to customers. This means that the discount rate consumers receive has diminished.

However, compared to raising interest rates, dealers are more concerned about the bank's annual credit line. Since the beginning of the year, the central bank has repeatedly pushed back the policy of liquidity in the market, which has obviously affected the ability of the banks to lend. The car loan business of many banks before the Spring Festival has therefore suffered a bit of an injury. After the holiday, many car dealers stated that they must carry out car loan business according to the financial partners' full-year credit plan.

Fortunately, from the current situation, the car loan business is still the eye of the bank. “After the Spring Festival, many banks are responsible for business development personnel to take the initiative to come to negotiate business. During the talks, we learned that the head office requires all branches and branches to actively develop car loan business this year,” said Lin Jian, general manager of GAC Toyota Yuanfeng Phoenix Store. This statement has been affirmed by the insiders of the bank. ICBC Guangzhou Branch has internal sources, this year by the national macro-control policies, the bank has significantly increased the threshold of development loans (ie, the business of lending to developers), the main flow of funds Personal consumption loans, of which car loans will become a key business.