Vehicle loans in Russia have become much more expensive, their dynamics may decrease due to high interest rates by the end of 2024. It’s About Real Time reported Yegor Lopatin, Director of Financial Institutions Rating Group of NKR Agency.
“We expect a decrease in the dynamics of auto loans both in the first quarter of 2024 and at the end of the year. Traditionally, January-February are weak months for the automobile market, and this year high interest rates on automobile loans will also be added to this. “If these rates remain in the segment until the end of the year, there will be a 20-25 percent cooling compared to last year,” he predicted.
Lopatin added that the segment could receive support if the preferential vehicle loan program is extended to 2024-2026. According to him, if this had not happened, loan issuance would have fallen even further.
Automotive expert Igor Morzharetto previously aforementionedHe said that Russians who want to buy a car on credit should not give up this idea despite the high rates. He stated that loan interest rates will most likely start to fall in the second half of the year. At the same time, car prices may also increase during this period when many lucrative offers are offered to Russians.
Russians before said About the main advantages of Chinese cars.