Car companies have launched a seven-year car loan intensively, but banks are not very interested in entering the market.

Since the beginning of this year, car manufacturers such as Tesla, Xiaomi Motors, and Ideal Motors have launched a series of seven-year car loans with low interest rates and low monthly payments to reduce the threshold for purchasing cars, triggering a hot trend in the automotive finance market. These products are divided into bank loans and financing leases, with significant differences in ownership, risk control, and costs. In this trend, banks are cautious in entering the market due to risks of depreciation of collateral and default. Experts suggest that consumers should calculate total expenses, understand the nature of the contracts, and guard against risks of long-term loans.