In August 2023, the average loan size for new and used cars reached a record 1.49 million rubles, marking a 2.5% rise from July’s 1.45 million rubles. This upward trend has continued for seven straight months, a pattern documented by the National Bureau of Credit History (NBKI). The data highlight not only the expanding appetite for auto credit but also the shifting landscape of regional lending power across Russia.
NBKI’s regional breakdown shows Moscow leading with an average vehicle loan of 1.99 million rubles in August. Close behind are the Moscow region at 1.81 million rubles, St. Petersburg at 1.78 million rubles, the Khanty-Mansi Autonomous Okrug at 1.67 million rubles, and the Leningrad region at 1.66 million rubles. These figures underscore how metropolitan centers and wealthier regions continue to account for a large share of car financing activity, reflecting both stronger demand for newer vehicles and greater access to credit in these areas.
The month also recorded notable gains in loan sizes in several other regions. The Omsk region posted the highest growth rate, surging by 8.5%; the Khanty-Mansi Autonomous Okrug increased by 7.4%; the Irkutsk region rose by 7.3%; the Perm Territory by 6.4%; and the Udmurt Republic by 6.3%. In St. Petersburg and Moscow, average loan bills rose by 1.9% and 1.7% respectively, signaling continued momentum even in traditionally stronger markets.
When compared with August of the previous year, the average car loan amount climbed by 27.3%, reaching 1.17 million rubles. Across the country, lenders issued a total of 86.4 thousand vehicle loans in August, a figure that represents a 53.7% year-over-year increase from August 2022. On a month-to-month basis, issuance was 2% lower than in July, which had marked the strongest monthly issuance since early 2022. These dynamics paint a nuanced picture: higher average loan sizes amid rising demand, yet a slight cooling in new loan originations as dealers and buyers navigate pricing and credit conditions.
For car dealers and buyers in Russia, the August data carry practical implications. The trend toward larger loan amounts means buyers may be stretching financing more often to acquire newer or higher-end models. At the same time, the moderation in monthly issuance suggests tighter lending conditions or a cautious stance from lenders after a period of rapid growth. Overall, the picture is one of a market balancing stronger price points with careful credit assessment and shifting regional variations in access to auto credit.
Analysts note that the ongoing rise in average loan sizes does not necessarily translate to a uniform improvement in affordability. In markets where incomes align with higher vehicle prices, borrowers may experience manageable debt service given favorable terms. Conversely, regions with slower wage growth or tighter credit standards could see borrowers more constrained, even as loan sizes increase in some pockets of the country. The NBKI data serve as a barometer for both credit availability and consumer confidence in automotive purchases as the year progresses.