VTB explained the impact of lower loan rates on the car market

The weighted average interest rate on new car loans reached a two-year low in June, falling below 13.6% per annum. As the press services of the largest Russian banks told Izvestia on July 18, this dynamic had a positive impact on demand, but support from automakers continues to play a key role.

"Lowering rates will have a positive effect on demand. Programs subsidized by manufacturers account for a significant share of the disbursements for new cars. After the key rate cut, the cost of funding for many banks decreased, and some manufacturers increased subsidies locally. As a result, credit rates, primarily for short—term loans, have decreased," the VTB press service said.

At the same time, VTB assessed the impact on the used car market as multidirectional. On the one hand, affordable new cars may attract some buyers. On the other hand, interest in the "secondary" remains, especially among those who are looking for more affordable options.

Sberbank has confirmed that the weighted average interest rate on car loans has indeed dropped to its lowest level in two years. However, the key influence on this factor is an increase in the share of subsidized loan programs from automakers, rather than external factors.

"Therefore, further demand in the market will be determined not so much by fluctuations in the weighted average rate as by the number and conditions of specific subsidized programs," the press service of Sberbank noted.

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The Ministry of Industry and Trade informed Izvestia that in the first quarter of 2025, over 36 thousand cars were sold under demand incentive programs (preferential car loans and preferential leasing). The ministry clarified that more than 25.3 thousand cars were sold under the preferential car loan program, and more than 10.7 thousand cars were sold under the preferential leasing program.

At the end of last year, it became known that 36 billion rubles have been reserved in the budget for the preferential car loan program in 2025.