Russia’s Vehicle Loan Activity in September: A Closer Look at Trends, Regions, and Prices
In September, the volume of vehicle loans issued for both new and used cars in Russia fell by 10.2 percent compared with August. NBKI, the National Bureau of Credit History, reports that a total of 78.2 thousand vehicle loans were extended in the country during the first autumn month. This snapshot fits into a broader pattern observed over the year, where lenders maintain cautious stance amid shifting demand and policy changes.
Year over year, the September loan flow shows a notable increase of 46.9 percent in comparison with September of the previous year. Analysts point to the spring 2022–2023 period as a low baseline, followed by a recovery in the market. The current rise is partly attributed to the recovery in car sales after a period of slowdown and the continued effect of promotional programs that support vehicle purchases.
Regional activity highlights that Russians continue to favor major urban centers and motor hubs. The cities with the highest activity include Moscow and the Moscow region, St. Petersburg, the Republic of Tatarstan, and the Krasnodar Territory. When compared with August, the most pronounced declines in loan issuance occurred in the Rostov region, Krasnoyarsk region, Omsk, Nizhny Novgorod, and Saratov regions. These shifts reflect a mixture of demand dynamics, consumer confidence, and the availability of favorable lending conditions across regions.
Experts from NBKI describe the two-month trend of vehicle loan issuance as a sign of market stabilization rather than a rapid expansion. Alexey Volkov, marketing director at NBKI, notes that the 2023 figures show a rebound in the number of vehicle loans issued compared with last year. This rebound aligns with rising sales of both new vehicles and used cars from international markets, alongside the resumption of a state program offering preferential automotive loans at the start of the year. The combination of these drivers suggests lenders are adjusting risk assessments while consumers regain borrowing appetite.
Another notable data point is the average loan size. In August, the average vehicle loan amounted to around 1.49 million rubles, indicating continued appetite for higher-value purchases even as overall loan volume fluctuates. This metric helps explain consumer behavior, with borrowers balancing upfront outlays against long-term financing terms as automotive offerings diversify in the market.
In related market observations, discussions around vehicle safety and value continue to influence consumer choices. Some brands and models experience varying levels of perceived reliability, which can affect lending decisions and debt service expectations. In this context, lenders weigh factors such as residual value, maintenance costs, and expected depreciation when structuring loan products and approving credit lines. The evolving landscape includes ongoing monitoring of policy measures and international trade conditions that affect the availability of vehicles and financing options for Russian buyers.
Overall, the September data from NBKI paints a nuanced picture: a year-over-year surge in loan activity against a backdrop of month-to-month declines, regionally uneven dynamics, and a gradual normalization of lending terms as the market adapts to changing economic conditions. For policymakers, lenders, and consumers, these trends underscore the need to track both macroeconomic movements and the specific incentives that shape car purchases and credit access during the current cycle.
Source notes: National Bureau of Credit History NBKI, market analyses of automotive lending trends in Russia. Attribution: NBKI reports and market commentary provide the basis for the figures and regional observations cited above.