Chinese banks ramp up year-end auto finance incentives to boost sales

With the year-end car-buying peak underway, Chinese banks are aggressively expanding auto finance incentives to boost car sales. Postal Savings Bank, Ping An Bank, and ZhongYuan Bank are offering zero-interest loans, subsidies up to Yuan 4,500 ($635.6), and instant online approvals, aiming to lower costs, simplify financing, and capitalize on rising demand driven by seasonal and policy-supported consumption.

From November 16 to December 31, Postal Savings Bank of China (PSBC), one of the country's largest state-owned lenders, is offering exclusive discounts on the newly launched Beijing Auto BJ40 extended-range model. Customers using the bank's auto consumer loans can receive financial subsidies of up to Yuan 4,500, with annualized