Chinese consumers take credit for car loans boom

Beijing

CHINESE households, traditional savers with an aversion to debt, are rapidly warming to the idea of borrowing to buy a car, as carmakers push financing deals to boost sales and margins in an increasingly competitive market.

Nearly 30 per cent of Chinese car buyers bought on credit last year, up from 18 per cent in 2013, according to analysts from Sanford C Bernstein and Deloitte, helping a rebound in the car market after a sticky 2015.