The amount of loans secured by a car in Russia increased by 17%

The average amount of a loan secured by a car in the first nine months of 2024 increased by 17% year-on-year and amounted to 368 thousand rubles. This was reported to "Izvestia" by the fintech service CarMoney, which analyzed a database of more than 30 thousand car pledges.

Among all loans secured by a car, the most rapidly growing amount of loans received for car repair. Thus, from January to September, Russians began to request for these purposes by 25.8% more funds - Br263 thousand. When applying for secured loans, Russians began to borrow more money for apartment repairs and large purchases (by 18.4% and 24%, respectively). The average amount of loans for recreation increased by 4.4%.

Requests for the amount of loans in consumer categories are growing much faster than in the segment as a whole, due to the dynamic growth of prices for auto parts, large household appliances, building materials, as well as for services of car service centers and builders, according to the authors of the study.

The average amount of an auto loan taken to solve business problems amounted to Br507 thousand (+14.7%) in the first nine months of 2024. As a rule, these are loans with the largest check compared to other purposes, they are issued by entrepreneurs against the security of a personal car. They can be secured by expensive cars and special equipment. Under such collateral, the borrower can get up to 1 million rubles for up to four years, while the rate on such a loan is much closer to the level of bank loans than in the MFI segment, the analysts pointed out.

"The growth of the average loan amount is associated with both the increasing demands of borrowers and the growing cost of cars serving as collateral, as well as the growth of a higher-quality audience of borrowers, owners of more expensive cars. The flow of such audience to the collateral segment is largely due to the increase in interest rates on unsecured loans, the growth of the Central Bank rate, as well as the introduction of stricter regulation in this area," - said the commercial director of fintech service CarMoney Tatiana Blagoveschenskaya.

Expensive mileage: used car loans take a year longer to pay off than new ones

The timing difference has reached an all-time high

December 4, the head of AvtoVAZ Maxim Sokolov said that the increase in the key rate and tougher lending standards made car loans for Russians almost unaffordable. In recent weeks, a number of macroeconomic factors that negatively affect car sales in Russia have worsened, we are talking about the key rate of the Central Bank, lending standards and the ruble exchange rate, he said.

On November 28, it was reported that in the first 10 months of 2024 in Russia were issued car loans worth 2.02 trillion rubles, which is 79.8% more compared to the same period last year. In January - October, 1.4 million car loans were issued in Russia, year-on-year growth amounted to 75.7%.