Russian borrowers are actively acquiring automobile loans, with the country’s vehicle loan market approaching the 2 trillion rubles mark. This figure is reported by RIA News, citing Maxim Osadchy, the head of BKF Bank’s analytical department.
Earlier in the spring, Russian banks approved auto loans totaling 1.82 trillion rubles. The analyst noted that loan volumes have grown roughly 1.5 times over the past year, signaling a robust upswing in consumer credit for vehicles.
Osadchy stressed that the auto loan sector in Russia is in a genuine boom phase. He suggested that the current momentum could be linked to a cooling of the mortgage market, which may be redirecting demand toward vehicle financing.
The average price of cars used as collateral for vehicle loans exceeded 1 million rubles for the first time in 2024. Several factors contribute to the rising average collateral value, including a general uptick in the prices of second‑hand vehicles. In the first quarter, the cost of pre‑owned cars in Russia rose by 1.55% compared with the previous quarter.
Earlier commentary from a banker noted that loan demand in Russia shows resilience despite broader economic shifts. This perspective helps explain why lenders continue to see steady volumes in auto lending even as other credit segments face softer demand.