Chinese car sales were up 15% last year, with more than two million new cars hitting the streets every month.

Some growth has been spurred by government incentives, which are set to expire. But as the Wall Street Journal reports, auto financing is finally picking up steam in a market where it was previously unavailable.

Though China’s auto-financing penetration numbers can’t compare with those of the US (80%) or Japan (50%), the more than one third of car sales that receive financing compares with zero just a few years ago.

The pace may be a little too fast, though, as default rates are edging up.