Shanghai: Appropriately relax the application conditions for automobile consumer credit and reduce the down payment ratio of automobile loans

On July 20th, according to the Shanghai Municipal People's Government, the Shanghai Municipal Commission of Commerce, the Shanghai Municipal Development and Reform Commission and the Shanghai Municipal Bureau of Finance recently jointly issued the "Shanghai Municipal Action Plan for Accelerating Automobile Renewal Consumption (2024-2027) ". The action plan will be implemented from July 19, 2024, and the valid period will end on June 30, 2027. It is mentioned that the Financial Institution Group is supported to < b > appropriately relax the application conditions for automobile consumer credit under the premise of controllable risks, reduce the down payment ratio of automobile loans, extend the loan period, reasonably determine the credit limit, and lower the threshold for automobile consumption . Insurance companies are encouraged to launch extended quality assurance insurance products for used cars. Encourage insurance institutions to provide short-term compulsory traffic insurance services for second-hand cars to be exported according to the actual needs of second-hand car export enterprises. Give play to the role of export credit insurance, and support commercial banks and insurance institutions to carry out policy financing business for qualified second-hand car export enterprises.