The scale of over 150 billion used car loans these "funny" you have to prevent

If you buy a used car, you choose the full amount or loan? Maybe someone will have to ask next time, buy a second-hand car can also buy loans?

Yes, the current scale of personal consumption loans for used cars has accumulated over 150 billion yuan.

Data from a number of institutions show that from the second half of 2016, various types of financial companies specializing in second-hand car loans have experienced explosive growth, and some used-car finance companies have grown by 200%. At present, among the 10 million used car transactions in the country, the proportion of personal loan purchases may be close to 15%, and the number of used loans may exceed one million.

At the same time, the data provided by several domestic mainstream specialized second-hand car finance companies, such as First Auto Loan, Yixin, Murray, and spare tires, also showed that the accumulated loan scales of the above companies have exceeded 80 billion. And like the online trading platform Youxin used car, melon seeds used car, etc., its second-hand car loan scale is more than that of the above few.

In this regard, an analyst of a used car finance company expressed to NBD (micro-signal: NBD-AUTO): "For the surge of used car loans, it may be divided into two aspects. Auto finance is the key to driving the development of the used car market. Boosters: On the one hand, ABS (project financing methods) and various investment and financing products have entered the market, inventory financing needs of used car dealers are better satisfied, and therefore more intensive car sources are available; on the other hand, for consumers In terms of financial products and services, the demand has also been better released."

However, while the rapid development of the second-hand car loan business, various types of illegal operations and “cutting” car loan promotion models have also occurred frequently, which has laid a huge hidden danger for the future development of second-hand car loans, and some “dirty” you have to prevent.

According to NBD Auto, the current interest rate for second-hand cars is basically between 4% and 7%, which is not as outstanding as the new car loan interest rate. However, some unscrupulous financial companies have made fuss about the three points of “procedure, loan interest rate, and loan advancement rate” to attract consumer loans and pose risks to the used-car loan business.

"Most consumers want to be able to get loans with lower interest rates quickly and easily. They are reluctant to spend too much energy and time on loans. Therefore, the commitment to these loans is more incredible in the three aspects. The more consumers need to guard against the risk that may exist behind this," said Mao Wenfeng.

At present, all kinds of used-car retail channels use the cooperative relationship with second-hand car finance companies to carry out bundled sales, and collect fees ranging from thousands to 10,000 yuan. In the near term, the used car market has emerged with products such as "car loan", that is, if you are a car owner, you only need to mortgage the vehicle and do not need to trade, you can get loans through a number of second-hand car loan agencies. The second-hand car loan finance company transformed itself into a private lending company.

At present, the "Administrative Measures for Auto Loans" stipulates that the amount of loan for self-use vehicles shall not exceed 80% of the price of the car purchased by the borrower; the amount of loans for commercial vehicles shall not exceed 70% of the price of the car purchased by the borrower; The amount of the car loan must not exceed 50% of the price of the car purchased by the borrower.

The introduction of the "Decision on Amending the "Auto Loan Management Measures" (Draft for Solicitation)" has a certain degree of flexibility in terms of the maximum proportion of loan issuance, which has a positive impact on the prosperity of the used car financial market.

“According to institutional risk capabilities to determine the loan starting point, this is in line with market rules, but it will also make many non-standard financial companies take advantage. Therefore, consumers must keep their eyes open when selecting second-hand car loans, not to cope with temporary convenience. He suffered a big loss.” Luo Lei, deputy secretary-general of the China Automobile Dealers Association, said to the NBD.

From the second half of 2016, a large amount of funds has entered the personal consumption loan market for used cars.

A general manager of a financial company that was used to second-hand car loans revealed to the media that they had carried out rough calculations based on their own trading data for many years. The risk of second-hand car loans was four times that of new cars, but it was for new car finance companies currently entering the market. It is said that the relevant repayment overdue data cannot support financial companies to make an accurate assessment of risks. This means that the explosive growth of used car loans is also risky for financial companies engaged in second-hand car loans.

However, financial companies are still rushing to use second-hand car loans. Rapidly rising used car traffic is the reason why capital flows into the market. Data show that from January to May this year, the nation’s used-car trade has exceeded 4.8 million vehicles, an increase of nearly 21%. According to forecast, by 2020, the nationwide used car transaction will be close to 20 million, and the used car market has become the most potential market for the automotive market.

A number of international agencies have forecast that the penetration rate of used car finance has already exceeded 50% in developed countries in Europe and the United States. However, China's used car finance is still in its infancy, and entering this market to be developed has become the top priority for many auto finance companies. selected. Some institutions have even issued forecasts that if they are at the current pace of development, used car finance may soon become a large market of trillions of dollars.

However, one issue that deserves vigilance is that used cars are a highly mobile consumer product. All kinds of illegal car loan operations will lead to huge car loan risks in the later period.

“Before there was no policy to encourage the use of second-hand car loans, financial institutions are not very familiar with this field, and the number of financial institutions involved in second-hand car loans is small and the scale of operations is not very large. Now the market demand is increasing. More and more financial companies have entered the second-hand car loan market, but as far as the existing second-hand car loan market has not yet formed a complete system, in this context, it will inevitably lead to mixed situations of good and bad, as well as some illegal actions. Businesses took the opportunity to drill the loopholes.” Luo Lei, deputy secretary-general of the China Automobile Dealers Association, said to the NBD.