Car companies compete to launch ultra-long low-interest loans; a 7-year interest of 26,000 is half of what banks charge.

Recently, several automakers have launched “7-year ultra-long-term low-interest” products. The reporter visited multiple company-owned dealerships, and an employee from a domestic brand automaker told the reporter that their SUV model, priced at about 200,000 yuan, with zero down payment and a 7-year loan, has a monthly payment of approximately 2,700 yuan, with total interest around 26,000 yuan, about half of the bank loan interest. However, the reporter also learned that these types of loans differ from traditional bank loans; some automakers require a 3-year repayment period before the loan can be fully paid off early in a single payment. (First Financial)