Automobilhersteller bieten gemeinsam Kredite mit einer Laufzeit von 7 Jahren an.

At the beginning of 2026, a new term emerged in the automotive market: the 7 - year special low - interest credit offer. Tesla fired the first shot. Since January 6th, when it first launched a 7 - year special low - interest credit offer, various automakers have followed suit. This "financial war" marks the official evolution of the Chinese automotive market from competition over "price" to a new phase of competition over the "lever". In the face of these financial instruments with an extremely long term, consumers must thoroughly reconsider their actual needs: If you plan to drive a car for more than 10 years, a 7 - year credit is an option to reduce cash - flow pressure. However, if you want to buy a new car after 3 to 4 years, you'd better not take out a 7 - year credit, because it's possible that the selling price of the car at that time won't even be enough to pay off the remaining debt at the bank.

01

Is the 7 - year special credit offer profitable?

BYD, which has been at the top of the domestic electric vehicle market for years, could not remain untouched by the 7 - year special credit offer offered by its competitors. On February 25th, BYD Marine Network officially announced a 7 - year special low - interest credit offer, but this action seemed a bit sudden. Several salespeople at BYD 4S dealerships in Beijing told "Caixin Global" that they were not well - informed about the details. They didn't know exactly how the offer would be implemented and what the interest rates would be. They only knew that the down payment must be at least 33% of the invoice price.

The models for which the 7 - year special low - interest credit offer is available are usually the main sales models of the respective manufacturers. For example, Fangchengbao offers the 7 - year special credit offer for the Titanium 7 and the Leopard 8. The sales of the Titanium 7 in the last five months accounted for almost 80% of the brand's total sales. Tesla covers the Model 3, Model Y, and Model YL. Brands like Li Auto, XPeng, and IM Motors cover their entire vehicle line - ups.

According to the 7 - year special credit offers published so far, there are significant differences between different manufacturers. Some manufacturers can offer a "zero - euro approach" for the 7 - year special credit offer, such as Landu, Jetour, GAC Aion, and GAC Hyper. For some manufacturers, individual models may be interest - free in the first few years. For example, the Li Auto i8 and the MEGA can be used interest - free for the first three years for a limited time. The GAC Hyper HT and the GT are also interest - free in the first three years.

Overall, the down payment for most manufacturers starts at 15%. Regarding the interest rates, the annual interest rates of the 7 - year special low - interest credit offer range between 0.49% and 2.5%. Most manufacturers offer financing offers from third - party financial institutions. Only a few partners are banks, such as Tesla and NIO. Dongfeng Nissan and GAC Toyota are special because they have directly extended the term of the low - interest credit to 8 years.

Regarding the 7 - year special credit offer, the most important thing for consumers is whether it is worthwhile.

According to rough calculations using the "financial calculator" in the Li Auto app, if we assume the Li L6 Pro with a guide price of 249,800 yuan, the down payment at a minimum of 15% is 37,470 yuan. The credit amount is 212,330 yuan. At an annual interest rate of 2.50%, the total interest is 37,166 yuan. The monthly payment is estimated to be 2,971 yuan. If we calculate with the interest rate of banks like the Bank of China at 1.99%, the total interest for a 60 - month term and a 15% down payment is 21,148 yuan. The monthly payment is estimated to be 3,892 yuan. Without considering early repayment, the 7 - year special credit costs about 16,000 yuan more than a 5 - year credit.

The 7 - year special credit offer doesn't save money. Its biggest advantage is the low monthly payment, which reduces the monthly repayment pressure. However, due to the higher number of repayment terms, the total price is higher.

02

Why do automakers rely on the 7 - year special credit offer?

In recent years, it has been an effective method for automakers to stimulate sales by directly offering various subsidies. When the purchase price for consumers decreases, sales naturally increase.

In December last year, the State Administration for Market Regulation issued an announcement for public consultation on the "Draft Guidelines for Regulating Pricing Behavior in the Automotive Industry" (hereinafter referred to as the "Guidelines"). It pointed out the irregular price quotations, price fraud, and irrational competition in the automotive production and marketing areas, which seriously disrupt the market economy. The "Guidelines" have warned automakers, and all automakers have immediately responded with explanations.

Some analysts believe that the most important significance of the "Guidelines" is to deny the legitimacy of "sales below cost" from an institutional perspective. This corresponds to a clear red line for the price war and has a strong deterrent effect and is practical.

Caixin Global visited several auto dealers offering the 7 - year special credit offer and found that many models now do not offer cash subsidies. The official guide price or the "fixed price" of the vehicle is the actual selling price. However, there are still some discounts on options or gifts for options, which are suitable for users with individual needs. Overall, the intensity is significantly reduced compared to previous direct cash subsidies and price cuts.

As of January 1st, 2026, the vehicle tax for electric vehicles changed from "full exemption" to "tax halving". Automakers hope to offset the impact of the policy withdrawal through some financing methods and continue to stimulate consumers.

Although most automakers have set a clear end date for their 7 - year special credit offers (mostly the end of March 2026), they are actually in a waiting position. The so - called end date is not the end date of the 7 - year special credit offer, but the adjustment point of the specific policy.

A salesperson from Xiaomi Auto told Caixin Global that the Xiaomi YU 7 offers two 7 - year special low - interest credit offers. Offer A requires a down payment of 99,900 yuan and an annual interest rate of 0.8%. Offer B requires a down payment of 49,900 yuan and an annual interest rate of 0.99%, provided that the order is placed by 24:00 on February 28th. In March, the annual interest rates of the two offers were increased to 1.33% and 1.99%.

It's not just Xiaomi, but also manufacturers like Tesla, XPeng, NIO, and Landu, which basically maintain this approach and will adjust the down payment and annual interest rates later.

More importantly, there is a political orientation behind the 7 - year special credit offer. In March 2025, the National Financial Regulatory Administration, in its "Notice on Developing Consumer Credit to Promote Consumption", required that "for customers with long - term consumption needs, the term of personal consumption loans from credit institutions can be temporarily extended from a maximum of 5 years to a maximum of 7 years". Automakers rely on the 7 - year special credit offer to respond to the state's call to stimulate consumption.

03

Most are financial leases

The introduction of the 7 - year special credit offer has triggered a heated discussion among consumers. Some believe that it actually lowers the purchase threshold for cars and reduces the repayment pressure, which is suitable for people with long - term plans. Others think that if one can only finance a car with a 7 - year credit, it may exceed personal financial capacity, which can be regarded as irrational consumption.

In contrast to the previous 5 - year auto loans, which were usually granted by banks, most 7 - year credit products are based on cooperation with third - party financial institutions. For example, Xiaomi Auto's partners are Shanghai Xiaomi Financial Leasing and Shanghai Changtu Financial Leasing. Li Auto's partner is Yixin Group and Tianxiada Financial Leasing. The partners of brands under BYD are Fudi Financial Leasing.

Financial leasing is a common model in automotive financing. It is divided into the direct leasing model and the sale - and - leaseback model. In the first case, the car is registered with the financial institution, while in the second case, it is registered with the consumers. It should be noted that financial leasing is essentially a "lease". Although the car is registered with the consumers, the ownership remains with the financial institution. In the vehicle management system, usually "financial leasing" or "pledge registration" is noted. Consumers cannot privately transfer the car until the rent is fully paid and the pledge is lifted.

The financing offers offered by manufacturers are usually transparent. For example, Li Auto clearly states in its app that for the financial leasing products offered by Yixin Group, the car is registered with the users, and consumers will obtain the ownership of the car after the lease contract expires. For the financial leasing products offered by Tianxiada Company, the car is registered with the subsidiary of Tianxiada Financial Leasing, and consumers will obtain the ownership of the car after the lease contract expires.

Some financial institutions require the pledge of the vehicle registration certificate, such as the partners of Xiaomi Auto and Fangchengbao. A salesperson from Fangchengbao said that when choosing the 7 - year special credit offer, the car is registered in the name of the vehicle owner, but the ownership lies with the Fudi Financial Leasing Company. At the same time, the vehicle registration certificate must be pledged. "When making the last repayment, a repurchase fee of 1 yuan must be paid to Fudi Financial Leasing. Only after the vehicle pledge is lifted can one obtain full ownership."

Since it is a vehicle pledge, some manufacturers charge fees for changing vehicle data. For example, the financial leasing partner of XPeng Auto clearly states the fee structure. The fee for color change is 120 yuan per order. For an urgent order, an "urgent fee" of 50 yuan per order is charged.

Just like the traditional bank loan model, early repayment can also be made in the financial leasing model. Caixin Global found through visits that third - party financial institutions usually allow early repayment only after 1 to 3 years, but the penalty payments for violations are higher than in the bank loan model.

In addition, the approval of the 7 - year special credit offer is stricter because the longer term also increases the risk of financial institutions. A salesperson from Tesla said that the review for a 5 - year credit is relatively easy, while the requirements for personal qualifications for a 7 - year credit are higher.

Although the 7 - year special credit offer is currently a hot - topic, Caixin Global found that salespeople usually do not offer the 7 - year special credit offer as the main offer. Usually, they only offer this option when consumers ask. Some salespeople even do not recommend the 7 - year special credit offer. "The longer the loan term, the higher the interest rate." An auto salesperson said that most consumers would not choose the 7 - year special credit offer and would rather prefer the traditional bank loan model.

Regarding electric vehicles, attention must also be paid to the depreciation rate of new cars. The "Report on the Depreciation Rate of Chinese Cars in 2025" published by the China Automobile Dealers Association shows that...