Controlling the risk of default on these loans can be difficult in China, where there isn't a reliable credit rating system for individuals comparable to the U.S., said Yale Zhang, managing director of consultancy Automotive Foresight in Shanghai. The Chinese , who historically were savers with an aversion to debt, are rapidly warming to the concept of borrowing to buy a car, resulting in automakers pushing financing deals to boost sales in the country. Nearly 30% of cars bought in China 2015 were on credit, up from Nearly 30% in 2013 , according to Bernstein and Deloitte , which has boosted the car market after a disappointing last year . This is also welcome news to the China government which is encouraging its people to borrow and spend more so as to shift the nation's slowing economy.
The Chinese , who historically were savers with an aversion to debt, are rapidly warming to the concept of borrowing to buy a car, resulting in automakers pushing financing deals to boost sales in the country. Nearly 30% of cars bought in China 2015 were on credit, up from Nearly 30% in 2013 , according to Bernstein and Deloitte , which has boosted the car market after a disappointing last year . This is also welcome news to the China government which is encouraging its people to borrow and spend more so as to shift the nation's slowing economy.