As providers of the 7-year low-interest financial plans, what is the difference between financial leasing companies and banks?
The 7-year low-interest financial plans are provided by Xiaomi's official partner institutions such as Shanghai Pudong Development Bank (SPD Bank). Among them, SPD Bank, CITIC Bank, and Bank of Ningbo provide loan products, while Shanghai Xiaomi Financial Leasing Co., Ltd. provides financial leasing (sale and leaseback) services. However, this is not "car rental" in the traditional sense; the motor vehicle registration certificate (commonly known as the "big green book") and the driving license are both registered under the customer's own name;
It is worth mentioning that building a diversified financial service system by collaborating with banks, auto finance companies, and financial leasing companies is a standard practice for most automakers, aiming to allow more customers to enjoy car purchase financial plans that better suit them. Financial leasing is a financing method stipulated by law, and the signed contract is a financial leasing contract, so the monthly repayment is called "rent." However, the vehicle is directly registered under the customer's own name, which does not affect daily use. It is only different from bank loans in terms of the model. Regardless of whether you choose a financial leasing or bank loan product, under the same plan, the financing cost borne by the customer is the same. Both are legal and compliant financial plans that have no impact on actual vehicle use, and there is no absolute superiority or inferiority between them. Online claims that the financial leasing model carries compliance risks or hidden tricks are untrue;
Regardless of the financing method, Xiaomi EV Financial Services insists on full transparency of fees and clear contract terms throughout the process, and you can apply for early repayment at any time (no penalty for breach of contract after one year of repayment). Please rest assured when applying.