According to lenders reporting information to the National Bureau of Credit Histories (NBKI), in the first half of 2024, car loans worth RUB 1,146.1 billion were issued. or 2.15 times (or 115.2%) more than in the same period last year.
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Such a significant increase compared to the same period last year is explained by the low base effect due to the shortage of new cars in the first half of 2023.
In January-June 2024, a record number of car loans were issued – 799.8 thousand units, which is almost 2 times (or 97.0%) more than in the same period last year (in January-June 2023 – 406 ,0 thousand units).
The largest volume of issued car loans in the regions of the Russian Federation in January-June 2024 was noted in Moscow (88.92 billion rubles), Moscow region (75.02 billion rubles), St. Petersburg (55.81 billion rubles). ), the Republic of Tatarstan (52.11 billion rubles) and the Krasnodar Territory (50.46 billion rubles).
Compared to the same period last year, in January-June 2024, the most serious growth dynamics in the volume of issued auto loans (among the 30 leading regions in this type of retail lending) were demonstrated by the Rostov region (+206.1%), the Chuvash Republic (+159.5 %), as well as Samara (+151.0%), Voronezh (+143.7%) and Belgorod (+135.8%) regions. In Moscow and St. Petersburg, car lending volumes increased by 75.6% and 66.2%, respectively.
“After the resumption of mass deliveries of new cars in mid-2023, the issuance of car loans began to grow. Recently, high rates of issuance are due, first of all, to expectations of an increase in rates in the future, and therefore a further increase in the cost of car loans for new cars. It is also worth highlighting promotions and discounts from distributors who are trying to reduce the overstocking of their own warehouses, as well as subsidized rates from automakers. At the same time, car loans continue to be provided mainly to those borrowers whose Personal Credit Rating is at an acceptable level,” commented NBKI Marketing Director Alexey Volkov .
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