The average size of a car loan in Russia has grown record high
The average loan receipt for the purchase of a car exceeded 1.5 million rubles and set a new historical record. Over the past year, it has increased by 42 percent. According to Igor Lisyansky, Director of Products and Marketing at Scoring Bureau, the reason was the growing popularity of the secondary market, where cars of a higher price category are sold.
In October, Russians borrowed 122.7 billion rubles (plus 110 percent in annual terms), and the number of loans issued increased to 79.8 units (plus 50 percent). As industry representatives noted, almost two-thirds of all loans were issued for used cars. In November, market representatives are waiting for a reduction in the trend due to the expectation of upcoming New Year discounts and promotions.
"In October, there was the highest demand of borrowers this year. Against the background of the expectation of another increase in the key rate and a change in the ruble exchange rate, customers sought to purchase vehicles before the change in interest rates on loans and the cost of cars," said Alexey Bocharnikov, head of the VTB Auto Lending department.
Since the beginning of 2023, Russians have accumulated car loans worth 1.03 trillion rubles, 88 percent more than in the same period a year earlier. This volume turned out to be a record for the industry in the entire history of observations, the National Bureau of Credit Histories (NCBI) reported. The top 5 regions with the maximum volume of loans issued included Moscow (93.3 billion rubles), the Moscow Region (72.3 billion), St. Petersburg (61.5 billion), Krasnodar Krai (47.5 billion) and Tatarstan (45.9 billion).