Russians borrowed a record 2 trillion in car loans

Banks issued a record number of car loans to citizens at the end of last year - 1.4 million such loans worth Br2 trillion were issued over the year. This follows from the materials of the United Credit Bureau (UCB), which Izvestia has.

Grant recipients: Russians spent a record amount on cars

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Indeed, the volume of car loans in 2024 was a record for all the time of observation in this segment, emphasized the National Bureau of Credit Histories (NBKI). According to their data, 1.64 million loans worth Br2.3 trillion were issued last year - 60% more than in 2023.

Major banks also confirmed to Izvestia the growth in sales. In most cases (63%) citizens took money to buy a new car, follows from the UCB materials. The average size of a car loan for the year remained at the level of 1.45 million rubles, and the average term increased by six months, to five years and nine months.

Significant dynamics of growth in the issuance of car loans last year is explained, first of all, by the effect of a low base due to the shortage of new cars in 2023, explained the marketing director of NBKI Alexei Volkov.

In addition, the growth of the key rate, the regulator's tightening of limits and the abolition of the moratorium on the maximum marginal cost of credit (MCC) made loans for cars very expensive and unavailable, said Nikolay Filippov, director of risk-methodology and data analytics at UCB. The downward trend in the market has been set in motion.

Read more in the exclusive material of Izvestia:

On the start, attention, gas: Russians took cars on credit for a record 2 trillion