New credit service for local car buyers
3/4/2003 15:28
Locals in good financial circumstances can now get car loans without going
through complicated and time-consuming procedures, the Shanghai Evening Post
reported today.
Credit agencies specializing in car loans, which have
recently appeared in Shanghai, are using a credit evaluation system to extend
car loans quickly and with a minimum of fuss.
The system, common in
developed countries, establishes the maximum loan amount and down payment on the
basis of the buyer's financial status, with the minimum down payment as low as
600 yuan (US$72), said an industry analyst.
Some local car sales
companies are following suit.
"We are doing credit evaluations in
Shanghai now using credit evaluation software," said a spokesman with the
Zhejiang Changxing Car Sales Co Ltd.
The software, used in Zhejiang
Province for more than 10 years, evaluates a person's financial status on the
basis of his income, property assets, working experience and academic
credentials, the spokesman said.
The local branch of the China
Construction bank is considering whether or not to adopt the system as
well.
"The evaluation system is similar to that used in developed
countries, but we have to wait and see whether it is suitable to be used in
Shanghai or not, said a spokesman with the branch.
Wendy Zhang/ Shanghai Daily news
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