During the January through May period, the share of vehicle loan users under 30 in Russia rose by 2.5 percentage points from the same window a year earlier, reaching 16.4%. This figure comes from the National Bureau of Credit Histories (NBCH).
The Bureau noted that among all borrower groups, young people showed the most notable uptick. Specifically, the share of loan recipients aged 30 to 40 stood at 36.7%, up 1.6 percentage points. At the same time, interest rates eased for customers aged 40 to 50 and those over 50. Conversely, the share of bank clients in the first and second age brackets declined by 1 point to 27% and rose by 3 points to 19.2%, respectively. This shift indicates a broader willingness to obtain auto finance across younger demographics while older segments experienced some rate relief.
According to NBKI, a growing trend is that banks are increasing online car loan approvals, a development that younger borrowers are embracing more actively. For citizens under 30, participation in government programs offering preferential car loan terms—conditions that are substantially more favorable than market rates—was also highlighted by Alexey Volkov, who serves as Director of Marketing at NBKI. This suggests a synergy between digital channels and targeted government incentives in shaping borrowing behavior among the younger population.
NBKI data for the first five months of the year show that Russian banks originated auto loans totaling 390.5 billion rubles, a figure NBKI reported in June. This amount marks a 58.3% increase compared with the same period in the previous year, signaling strong momentum in vehicle financing amid shifting consumer preferences and macroeconomic conditions.
In parallel, the Scoring Bureau indicates that the average car loan size in Russia rose in April, reaching a record 1.3 million rubles. This represented a 7.1% increase versus April 2023, underscoring a trend toward larger loan amounts as credit availability improves and vehicle pricing dynamics evolve.
There were earlier indications that loan interest rates could rise in Russia, a factor that lenders and borrowers alike are watching closely as the year unfolds. These developments collectively frame a landscape where younger borrowers are increasingly active in auto finance, while loan sizes and terms respond to ongoing market and policy influences. Citation: NBCH and NBKI market reports and notes from the Scoring Bureau provide the basis for these observations.