June 2022 data from the National Bureau of Credit Histories (NBKI) shows Russian banks issued 39,000 car loans, up 27.9% from May. This figure underscores a rebound in consumer lending for vehicles, following a sharp market contraction in March. In March, car borrowing stood at 17.2 thousand, making the June results part of a broader recovery trend.
Despite this rebound, the sector has not yet returned to the levels seen before the crisis. For perspective, car loans reached 87.7 thousand in June 2021, and 72.3 thousand in February 2022, just before sanctions intensified. The June increase signals renewed demand, supported by policy changes and improved financing conditions rather than a return to prior volumes overnight.
In June 2022, Moscow led the way in car loan issuance with 2.78 thousand loans, followed by the Moscow region with 2.24 thousand, St. Petersburg with 2.06 thousand, and Tatarstan with 1.95 thousand, while Bashkiria issued 1.64 thousand. These regional leaders illustrate how demand has reasserted itself in major urban centers and economically active regions across the country.
Compared with May, almost all regions of the Russian Federation recorded higher car loan issuance in June 2022. The most notable gains occurred in Voronezh (+43.2%), Rostov (+39.2%), the Stavropol region (+39.1%), as well as in Omsk (+31.6%) and Kaluga (+30.2%). This broad regional uptick points to improved consumer confidence and access to affordable credit across diverse parts of the country.
Within the June loan portfolio, roughly 48% of approvals fell into the mid to high-price range of 1–3 million rubles, and about 53.7% of loans funded used cars. The observed shift aligns with a standard pattern where affordability favors slightly lower monthly payments and broader depreciation coverage as buyers opt for second-hand vehicles when financing terms become more favorable.
The revival of car lending is closely linked to the easing of monetary policy. After the Central Bank of Russia raised the policy rate to 20% at the end of February, the rate has since eased to 9.5%, helping decrease monthly payments and tighten credit conditions. This easing supports both lenders and borrowers by improving terms without compromising risk controls.
Analysts expect continued growth in the car loan segment, aided by the July resumption of a state program offering preferential auto loans. Such a program typically provides favorable terms or subsidies that stimulate demand and help borrowers manage financing costs more effectively.
NBKI stands as Russia’s largest credit bureau, systematically aggregating data from around 4,000 creditors. This breadth of reporting reinforces NBKI’s role in reflecting broader lending trends and shaping lender risk assessments across the market.
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