Auto finance is gradually entering the daily life of Chinese consumers. According to the prediction of China Association of Automobile Manufacturers, by 2025, China's auto finance industry will have a market capacity of 525 billion yuan. The auto financial market has a vast space and the conditions for its development have become more mature. In this context, what is the current level of acceptance of auto finance by Chinese consumers? What are your preferences? JD Power, the world's leading consumer insights and satisfaction assessment agency, today released the “2018 Survey on Consumer Cognition and Satisfaction of Chinese Consumer Car Financeâ€. The survey shows that while auto finance has covered the entire automobile industry chain (manufacturing, sales, consumption, leasing, and used cars), at present, Chinese consumers are most familiar with loan purchases. Banks, auto finance companies, and online financial platforms are the three types of loans for buying financial institutions that consumers know best. With the rise of the mobile Internet, online financial platforms represented by flowers, ants, and so on are increasingly gaining popularity among Chinese consumers. When there is no financial loan, will consumers buy their favorite car? According to the survey, 35% of the respondents are still “purchasingâ€, more than half (54%) “will buy, but reduce the allocation†and another 11% “abandonedâ€. Financial loans have indeed played an important role in promoting "consumption upgrades" for consumers in buying cars. Without financial loans, consumers may abandon their purchases or reduce their allocation. Source: JD Power 2018 Consumer Finance Cognition and Satisfaction Survey of Chinese Consumers What are the most important promotional tools for supporting consumer loans and buying cars? According to the survey, “zero interest rate for loansâ€, “low down payment/low monthly paymentâ€, and “provided discounted car prices for car loans/finance lease vehicles†are the three most attractive to consumers. According to the "China's passenger vehicle market price index" jointly issued by the China Association of Automobile Manufacturers and JD Power (Jundi) before, the Chinese auto market will continue its slow growth in 2018. In addition, due to factors such as the cancellation of purchase tax preferential policies for small-displacement vehicles, the sales of automobiles this year are not optimistic. It can be expected that under such circumstances, the support of auto finance policies will increase in 2018, which is undoubtedly a good news for consumers who are buying loans. The survey also showed that before the purchase of cars, most consumers had a certain degree of understanding of the financial loan information they wanted to purchase. Over 60% (62%) of the surveyed consumers “have a little understanding†and nearly 30% (27%) said “knowâ€. Among the consumers who are preparing to buy a loan, 62% of consumers have already thought about their own vehicle's financial lending program. This shows from the side that auto finance, especially loan buying, has already received a wider range of acceptance in the minds of Chinese consumers. In addition, as the marketing environment changes and develops, the channels for consumers to obtain financial loan information are also diversified. The survey found that the three most important types of auto financial information acquisition channels for Chinese consumers are: the auto portal, the official website of the automaker/WeChat public number, and the advertisements of offline 4S stores, such as the banner in the store, and the Labao, Licensing, car stickers and so on. In addition, some new Internet auto trading platforms, friends/colleagues/relatives referrals, and car sales staff introductions are also important channels for consumers to obtain loan information. From the survey results, it can be seen that the large-volume vertical automotive portal site still has a very important position for consumers. In addition, it is worth noting that, although there are various car channels, new forms such as “car supermarkets†and “online buying cars†are emerging, but the vast majority of consumers surveyed (82%) still choose to buy cars at “4S storesâ€, claiming that The proportion of respondents who wish to buy a car on the Internet auto trading platform is only 7%. Although there are various channels for car purchases, 81% of consumers surveyed tend to purchase cars in 4S stores, and only 7% claim to purchase cars on internet car trading platforms. Source: JD Power (“Jundiâ€) “2018 Chinese Consumer Car Finance Cognitive and Satisfaction Survey Xue Xiao, general manager of JD Power's financial and service industry division in China, pointed out: “Chinese consumers’ awareness of consumption in auto finance is increasing rapidly, and the penetration rate of loans for buying cars is increasing year by year. Continuously innovative auto finance will help more effectively. Consumers opt for car purchases and upgrades.In addition, 'finance lease' vehicles are also attracting the attention of young consumers. They have low doors and can often change cars. This is especially true for young people who like freshness. Great attraction." Valentine's Day Gifts And Decoration
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Xue Xiao, general manager of JD Power’s financial and service industry division in China, said: “The gradual enrichment of auto finance channels gives consumers more choices. With the further development and penetration of auto finance, it is believed that Chinese consumers will Auto finance companies and online financial platforms will have more open and positive attitudes." 