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Car Loans on the rise in China.

According to wife-tales, rumours and traditional thoughts, China as a nation likes to buy items with cash – especially cars. Now though, it seems the winds of change are blowing through the world’s largest auto market.

According to wife-tales, rumours and traditional thoughts, China as a nation likes to buy items with cash – especially cars. Now though, it seems the winds of change are blowing through the world’s largest auto market. New reports seem to suggest that the Chinese car buyers are opting for car loans and finance, rather than buying their new car with paper cash.

Li Ya Dong, vice general manager of Anbo Auto Sales, a Ford dealership in Chongqing, states: “They don’t want to spend all their money on the car. They can afford to pay cash - but they don’t want to,” says Mr Li, noting that there has been “not one” case of a car loan default, in his or nearby dealerships. “For Chinese people, credit is so important.”

It seems the whole world is coming around to car finance as a viable means to purchase a car. And if the Chinese – who are the kings of cash – can do it, then so can everyone else.
 

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