In August, Russian banks issued vehicle loans in the amount of 157 billion rubles; that’s more than double the result for the same month last year, and about 1.5 times the record year in 2021. At the same time, according to the press service of VTB, the bank gave car loans to customers in the amount of 27 billion rubles last month and became the leader in the car loan market with a share of 17.3%. country.
According to the research firm Frank Research Group (FRG), Russian banks made vehicle loans worth 157 billion rubles in August; that’s more than double the result for the same month last year, and about 1.5 times the record year 2021. Last month, VTB issued auto loans to customers in the amount of 27 billion rubles and, as noted in the press service of the bank, became the leader in the auto loan market in the country with a share of 17.3%. .
Analysts say that since the beginning of the year in general, automobile loans in Russia have reached about 928 billion rubles, 30% above the figure for the whole of last year.
During this period, more than 90,000 borrowers received funds from VTB for the purchase of vehicles, and the total transaction volume exceeded 116 billion rubles. The bank said that this is almost 3 times more than the result achieved in the same period of 2022, and 85% more than in 2021.
The main interest of borrowers is still concentrated in the used car segment. According to the bank, Russians handled about 70% of transactions last summer; leaders used Kia, Hyundai and Toyota. At the same time, the share of domestic and Chinese brands continues to increase: they accounted for 48.5% of total automobile sales.
According to VTB, most auto loans are located in the Moscow region, St. Petersburg and the Krasnodar Territory. Tatarstan and Bashkortostan are also in the top 5. The average size of a car loan increased by 11% compared to the beginning of the year, reaching 1.3 million rubles.
According to VTB Board Member Svyatoslav Ostrovsky, the main drivers of increased demand for vehicle loans among Russians are the realization of deferred demand, the growth in the share of dealers in the secondary market, the strengthening of Russian and Chinese brands, as well as the gradual expansion of product offerings.
“Especially the high growth dynamic in payments was achieved with the development of our new product, cash vehicle loans. Today this program accounts for more than 40% of the bank’s total loans,” said Ostrovsky.
The press service of the bank added that the company expects sales of a record amount of credits in Russia at the level of 1.5 trillion rubles by the end of the year. In this case, the result will be 2 times higher than the result of last year and a third of 2021, when the maximum interest on car borrowers was observed.