After a complete stagnation in the spring, the auto loan market is reviving, and at a rather impressive pace. Why did this happen? Are current credit arrangements beneficial to motorists? And are there really a lot of car loans issued in Russia? With these questions, the oldest and most authoritative automotive publication “Behind the Wheel” turned to experts.
“Demand for car loans in Russia remained at an extremely low level in March-April 2022 due to high bank interest rates and rising car prices. The average cost of a new car has reached almost 2.3 million rubles this year. Since May, after the cut in the key rate of the Central Bank of the Russian Federation, car loans have become popular again among Russians,” the press service of the Avtodom group of companies reported.
In this case, the loan allows you to fix the price of the car. The demand for car loans is also boosted by the state’s preferential car loan program: you can buy a car with a discount of up to 20%, but this offer only applies to new domestic cars. Still, according to the source, in August the volume of car loans issued in the country increased by 16.8% compared to July.
At the same time, since the beginning of the year, Russia has provided car loans worth 433 billion rubles, 40% less than in 2021, Avtodom said. Currently, on average, up to 80% of car loans are provided by banks for the purchase of used cars, although in previous years a significant part of the loans was for new cars.
- We have compiled a complete list of the currently valid benefits when buying a car.
- “Behind the wheel” can be read in Odnoklassniki.