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Car loan interest rate is about to increase?
On December 10, the central bank announced that the interest rate on the lending of financial institutions has been increased, which has aroused speculation among the auto industry that the interest rate on car loans will soon rise. Jia Xinguang, a senior researcher at the China Association of Automobile Manufacturers, believes that the interest rate of bank loans has been raised, but whether it will adjust in the near future may not be clear. However, some people in the industry believe that the market structure of car loans will not be affected in the short term. Consumers who want to buy cars through installments will not have to worry about banks raising their car loan interest rates.
Positive opinions
Banks need to increase interest rates to avoid risks
Jia Xinguang, a senior researcher at the China Association of Automobile Manufacturers, believes that in order to spread risks, banks used more cooperation with insurance companies to avoid bad debts through insurance companies providing consumers with guarantees. Now, insurance companies do not take over auto insurance business. Appropriately raising the car loan interest rate by the bank will help raise the bad debt reserve to avoid risks. Therefore, some market participants believe that the bank does not rule out the possibility of raising the car loan interest rate in the near future.
However, other industry sources believe that the recent interest rate will not increase. According to a person in the auto industry in Guangzhou, the relaxation of the governance of commercial bank lending rates allows for more space for auto loans, which will benefit the development of the auto industry in the long run. However, in the short term, the loan interest rate range Floating will not have any substantial impact.
Anti-party opinions
Banks worry that raising interest rates will lose market
The person analyzed that the current pattern of the auto loan market is that most banks are trying to compete for car loan cakes and are striving to expand their market share. The newly promulgated Regulations for Automobile Financial Companies has introduced new competitors: In automotive companies' automotive finance companies, although these companies have not yet officially started operations, they obviously want to be the main force in the auto loan market and have caused pressure on banks, so banks are afraid to raise interest rates easily. Second, because China has not formed a relatively strong car loan bank, some bank brands still cannot achieve relative monopoly, which determines that the current car loan competition is still in the stage of price competition. The personage inside course of study said that although the bank has the idea of ​​increasing the interest rate of car loans, there is competition in the car loan interest rate in the Guangzhou market. Banks actively raise the loan interest rate, which may cause loss of market share. Therefore, they want to buy cars in phases. Consumers do not have to worry about banks raising their car loan interest rates for the time being.
Long-term effects
Banks will get higher profits
Judging from the current status of the international automotive industry, profits are shifting from manufacturing to service industries. The proportion of auto credit business in some developed countries is constantly rising. In China, a few years ago, auto finance companies have been engaged in actual business of similar auto loans. After the enactment of national laws and regulations, those companies with strong financial strength and good brand reputation are expected to obtain the status of formal auto finance companies. Under the lure of such market profits and pressure from competitors, banks must constantly improve the quality of their car loan business and face the challenges of auto finance companies. Although these auto finance companies are "impetitive" in terms of financial services, they have an advantage that banks do not have, which is a deeper understanding of the automotive industry and more professional services. All kinds of banks must compete with auto finance companies that have a background in the automotive industry. They must improve their strength and brand in a targeted manner.
Industry analysts pointed out that in the long run, with the maturity of China’s auto industry, auto loan business is also beginning to face consolidation and diversion. Some of these banks with good services and risk control may form their own car loan brands and they must Monopoly in the region. Under this premise, the central bank's policy is particularly important for bank car loan business, because it means that banks with a car loan monopoly can obtain higher profits from car loan business. Reporter Chen Fu
- Background
Central Bank raises interest rate floating limit
The central bank decided that from January 1st next year, the range of interest rates for commercial banks and urban credit cooperatives will be expanded from the previous 30% to 70%, and the range of interest rates for rural credit cooperatives will be expanded to double the benchmark interest rate. The allowed floating space reaches 100%. Taking the one-year benchmark loan interest rate of 5.31% as an example, the commercial bank loan interest rate can go up to 9.03%, which means that banks can increase the interest rate of auto loans to a greater extent.