In the field of automobile consumer finance, auto loans and financial leasing, as the two mainstream models, are profoundly affecting consumers’ car purchase decisions and market structure. The differences between the two in transaction structure, ownership, cost composition and applicable scenarios reflect both the innovation direction of financial instruments and the diversified evolution of consumer demand. This article will analyze from three dimensions: market status, core differences and consumer choice logic.
Dual-track parallelism and structural differentiation
The penetration rate and structural changes in the auto finance market provide a macro background for understanding the competitive situation of the two models. According to data, as of 2022, the penetration rate of new car finance in China has reached 58%, among which auto loans (including credit card installments) occupy an absolute dominant position, with a market share of nearly 85%, while financial leasing accounts for less than 15%. The formation of this pattern is not only due to the deep roots of traditional financial institutions such as banks in the loan field, but also closely related to the “high cost” label of the financial leasing model in consumers’ cognition.
However, the outbreak of the new energy vehicle market has provided an opportunity for financial leasing to break through. In 2022, the amount of new energy vehicle loans surged by 90.68% year-on-year, and the balance of financial leasing also increased by 29.45%, far exceeding the average growth rate. This trend shows that in the context of shortened vehicle renewal cycles and enhanced skill attributes, consumers’ acceptance of “right to use” rather than “ownership” is increasing. For example, the “10% down payment + 48 installments” plan launched by platforms such as Dangeche has successfully attracted young customers and sinking market users by reducing the initial capital pressure and providing insurance and maintenance all-inclusive services.
From transaction structure to risk sharing
The essence of auto loans is a loan relationship. Consumers obtain vehicle ownership after paying the down payment, and subsequent repayments only involve creditor-debtor relationships.
Financial leasing, on the other hand, presents a “three-party two-contract” structure: after the financial leasing company purchases the car from the dealer, it signs a lease contract with the consumer, and the vehicle ownership belongs to the former during the lease period.
This difference directly affects the boundaries of consumers’ rights: car buyers with loans the right to dispose of the car freely, while financial leasing users need to transfer ownership by paying the balance or renewing the lease after the lease period ends.