Car loan disbursements fell to a two-year low

In February, banks issued 62.3 thousand car loans to Russians for 76.7 billion rubles, which is the minimum since the spring of 2023, the United Credit Bureau (OKB) told Izvestia. Compared to the same period last year, the issuance decreased by one and a half times, the Scoring Bureau confirmed.

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Banks are also talking about a strong decrease in disbursements compared to the previous year. In VTB, they fell by half, in OTP Bank — by three times, in Sovcombank — by one and a half times, the press services of the organizations reported.

Banks issue fewer car loans, as the Central Bank consistently pursues a policy of "cooling" this market, said Oleg Lagutkin, CEO of the Scoring Bureau. In mid-2024, the regulator imposed restrictions on financial institutions to issue car loans to borrowers who spend more than 50% of their income on debt servicing. This measure has led to a tightening of banks' risk policies and significantly narrowed the number of potential customers.

However, the main reason for the collapse of the car loan market can rightfully be considered an increase in the recycling fee. It is paid by the sellers, but all costs are included in the cost of the car. The recycling fee is paid by importers and manufacturers for each car sold in the Russian Federation. But this amount is returned to domestic companies in the form of subsidies. Therefore, the growth of recycling mainly affects foreign cars. Since October 1, 2024, the indicator has increased by 70-85% at once, depending on the parameters of the car, for example, engine volume. Since January 1, 2025, it has been increased again, this time by an average of 10%.

Read more in the exclusive Izvestia article:

They've gone downhill: car loan disbursements have collapsed to two-year lows