The amount of issued car loans in Russia has exceeded Br2 trillion since the beginning of the year

In the first 10 months of 2024, car loans worth Br2.02 trillion were issued in Russia, which is 79.8% more than in the same period last year. This was reported by the National Bureau of Credit Histories (NBKI) on November 28. In January-October, 1.4 million car loans were issued in the Russian Federation, the year-on-year growth amounted to 75.7%.

The largest volume of issued car loans was recorded in Moscow (160.3 billion rubles), Moscow region (134.2 billion), St. Petersburg (100.5 billion), the Republic of Tatarstan (94 billion) and Krasnodar Krai (90.6 billion rubles). The Republic of Crimea, the Rostov and Samara Regions, as well as the Chuvash and Udmurt Republics showed the highest growth dynamics.

According to NBKI marketing director Alexei Volkov, the growth dynamics is explained by the effect of low base due to the deficit of new cars in 2023. At the same time, after the "record" issuances of March-September of this year in October, this indicator has significantly decreased.

"After the introduction of macroprudential restrictions in auto lending in the middle of the year, the decline in growth rates in this segment became obvious. And in many respects it is connected with the fact that the most borrowed borrowers started to leave car lending. Nevertheless, compared to last year, the rate of issuance of car loans remains at a fairly high level," - said Volkov.

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The day before it was reported that in October 2024, the average term of auto loans for new and used cars amounted to 5.57 years, which is 7.9%, or five months, more than in October of the previous year. Increasing the term of car loans makes them more affordable by reducing the size of monthly payments: the "longer" the loan, the smaller the size of monthly payments and, accordingly, less debt burden of the borrower.

November 18, it became known that the volume of car loans in October decreased by 37% compared to the previous month. In total, more than 86 thousand loans for Br123 billion were issued. The average level of full cost of auto loans in October exceeded 23%, noted in the UCB. The average term of a car loan increased to five years and 10 months, while its average size - up to Br1.44 million.