Issuance of car loans in Russia increased in June

In June of this year, the number of car loans issued for new and used cars amounted to 88.5 thousand units, an increase of 7.8% compared to May. However, by June last year, a 41.1% drop was recorded, the National Bureau of Credit Histories (NBKI) reported on July 23.

The volume of car loans issued amounted to 116.1 billion rubles, which is 11.1% more than in May and 47.3% less than in June 2024. The largest number of car loans among the regions last month was issued in the Moscow region, Moscow, Tatarstan, St. Petersburg and Krasnodar Territory.

In the second half of 2024, the issuance of car loans fell due to rising market rates and recycling, now the situation has stabilized. This is due to cheaper car loans due to a change in the market structure in favor of more budget-friendly cars, as well as subsidized rates from automakers, said Alexey Volkov, NBKI Marketing Director.

The sharp decline in car loans compared to last year is explained by the unavailability of car loans for some citizens: in the middle of last year, macroprudential restrictions were imposed on the issuance of car loans to borrowers with a high debt burden (more than 50%).

Not everyone will survive: every tenth car dealer may leave the market by the end of the year.

Low sales and internal competition reduce profitability

Earlier, on July 22, analysts said that you can get a preferential car loan for a car in Russia with an income of 79 thousand rubles, and for an electric car — from 267 thousand rubles. The monthly payment for a preferential car loan, depending on the region, will average 44 thousand rubles for a car with a conventional internal combustion engine and 196 thousand rubles for an electric car.

Prior to that, on July 21, it became known that by the end of June, the share of refusals for car loan applications decreased by 2.6 percentage points (percentage points) compared to May and amounted to 82.2%.