After the results of June in Russia, the interest rates of the loans for the purchase of automobiles, which were given for more than 3 years, decreased. writes about it writer “Kommersant” with reference to Central Bank data.
For the first time since December 2021, interest rates on such loans fell below 14% to 13.91%. In June last year, the average auto loan rate was 15%.
The downtrend in March 2023 coincided with the record recovery rate in the auto loan market.
The decline in rates comes against the backdrop of a significant increase in demand for car purchases on credit. According to the analytical agency Frank RG, citizens received 113.6 thousand loans from banks in July, 37% more than in June 2023 and 114% more than in July 2022.
The high performance in the car loan market is observed against the background of the application of pent-up demand from car buyers, market saturation for Chinese cars and the fear of the population that car prices will increase further.
Formerly Japanese Honda reported about earnings growth for the quarter.