Toyota to boost auto financing business in China

Shanghai, July 28 (Gasgoo.com) Toyota's auto credit division, Toyota Financial Services Corp., will boost its auto loan business in China where auto sales are growing rapidly, President Takeshi Suzuki said in a recent interview, reported Kyodo News on Sunday.

Suzuki said his Nagoya-based company, which offers loans to buyers of Toyota cars, hopes to increase the number of its outlets to about 30 from the current 12 in China in order to expand its service coverage to the entire country early next decade.

The ability to get financing is likely to be one of the factors deciding what cars customers buy in China in future, and with Toyota aiming to sell around 1 million units per annum in the region in future, the maximum exposure of this service is likely to be required.

Toyota Motor Corp sold 285,000 cars in mainland China in the first six months of 2008, up 34 pct from a year earlier.