BofA prefers four-wheeler stocks over two-wheelers on risk-reward, warning that rural pressures and tighter lending could weigh on vehicle demand over the next few quarters. The brokerage has buy ratings on Hyundai, Mahindra & Mahindra, Ashok Leyland and TMCV.Passenger vehicles are relatively protected from financing pressures because buyers rely more on banks and face lower loan repayment risks, the brokerage said in its latest note. Auto demand remains healthy, but uneven rainfall, low reservoir levels, rising farm input costs and weakening affordability could slow growth, according to BofA.Maharashtra, Andhra Pradesh, Odisha, Karnataka and Madhya Pradesh together account for roughly 35–40% of industry volumes. Some non-bank lenders have tightened lending in rainfall-deficient areas, the brokerage said.Tractors face the most direct risk, with volumes already declining. Two-wheelers are also vulnerable: rural markets contribute more than 55% of sales, while non-bank lenders provide about 70% of financing.Lenders Turn CautiousBofA cited tighter lending checks at L&T Finance, lending adjustments in stressed districts at Mahindra Finance and selective credit tightening at Shriram Finance.Festive registrations do not yet show a broad two-wheeler slowdown. However, registrations fell in Madhya Pradesh and Odisha, while Karnataka and Rajasthan recorded negligible growth, the brokerage said. It also noted that comparisons with year-earlier volumes will become tougher in the second half, adding another challenge to growth.ALSO READ | Eicher Motors Arm Logs 35% Jump In October Sales On Strong Domestic Business. Check DetailsHero Faces Greater ExposureHero MotoCorp appears most exposed, with rural markets contributing 55–60% and exports offering limited diversification, BofA said. Eicher Motors has 45–50% rural exposure, although its higher-income customers offer some protection.TVS Motor has a more balanced mix, supported by exports and electric vehicles. Bajaj Auto has the strongest cushion, with exports contributing more than half its business, alongside three-wheelers and electric vehicles. These differences are the reason why BofA prefers for four-wheelers as rural financing risks build over coming quarters.ALSO READ | TVS Motor Q2 Review: Motilal Oswal Raises Profit Estimates By Up To 11%; Check Revised Target Price