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A brand new individual credit program allowing consumers to acquire loans ahead of car purchases was initiated here Sunday by the Xiamen branch of the Bank of China.
Having received their credit, consumers had three months to fulfill their auto transactions, said a spokesman for the branch in east China's Fujian Province.
Compared with other programs which make auto purchases a precondition for loans, he said the new scheme would allow car buyers to enjoy the benefits in a lump sum, quicken the capital turnover of auto companies, help enlarge the city's auto market and simultaneously improve the bank's credit balance and proceeds.
Meanwhile, the bank would provide complimentary insurance worth 200,000 yuan (24,096 US dollars) to all car buyers who had applied for the service between Feb. 9 and Mar. 9.
Since the branch started individual credit for auto consumption in June 1999, nearly 400 million yuan (48.2 million US dollars) has been extended in loans, about one third of the city's total auto consumption credit for individuals.
(Xinhua News Agency February 10, 2003)
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