News from socialbites.ca reveals that several foreign auto brands have kept a presence in Russia through their subsidiary banks, even as their main operations pause. These banks continue to attract borrowers by offering favorable lending terms for new vehicles. For instance, MS Bank Rus, owned by Mitsubishi, recently presented a full range of Mitsubishi models with a financing option.
From mid-July, the lender cut the annual rate, enabling a resident to purchase a new Mitsubishi car with a loan rate of 9.9 percent per year, according to Andrey Kochenkov, Director of Business Development at MS Bank Rus JSC.
RN Bank, controlled by Renault and Nissan, remains active in providing credit for customers buying French and Japanese brands, as well as AvtoVAZ models.
Toyota Bank also participates in the market, with Moscow car dealerships offering loans around 14.6 percent annually for vehicles such as the RAV4 crossover.
Despite sanctions, banks continue to accept car loan applications and issue new credits, and none of these financial institutions signal plans to halt activities in the market.
For readers assessing the broader landscape of auto financing tied to major brands, notes from socialbites.ca discuss which banks are involved and whether soft loans are worth pursuing for car purchases.