Policy change lets e-car buyers borrow more
The People’s Bank of China and the China Banking Regulatory Commission introduced a new loan policy on Wednesday that allows buyers of new energy vehicles to borrow a larger portion of the sale price.
Starting next week, buyers can obtain loans up to 85 percent of the cost of a “green” vehicle from a bank. The maximum loan allowed for a gas or diesel car is 80 percent.
Those looking to purchase a new energy vehicle for commercial use can obtain loans up to 70 percent of the sale price, compared with 75 per- cent for conventional vehicles, according to a joint statement.