VW launches China car finance

Volkswagen began offering car loans through its China financing unit, saying the launch would help drive future sales and help it retain first place in China's auto sector. Financing now accounts for only 10% of car purchases in China, as against 70-80% in developed car economies. According to VW projections, car financing will eventually account for half of its China sales. According to rules set by the People's Bank of China, Volkswagen is allowed to finance up to 80% of a car's purchase price on loans running up to 60 months.