Preferential car loans program is extended in Russia

Rozaliya Valeeva

UFA, 31 July 2018. /Bashinform News Agency, Rozaliya Valeeva/ translated by Tatiana Aksyutina/. Prime Minister of the Russian Federation Dmitry Medvedev signed a decree extending the program of preferential lending for cars purchase for 2018-2020. The document, published on Monday on the Government's website, also approves additional benefits for car owners for residents of the Far East.

"The program of preferential car loans was extended for 2018-2020. In order to increase the availability of Russian-made cars for residents of the Far East, the discount provided under the social programs "First Car" and "Family Car" in the Far Eastern Federal District has been increased to 25% of the cost of the car purchased", it is stated in the document. The total amount of funding for the program is 15 billion rubles. More than 45 thousand cars will be sold under this mechanism.

"This will allow achieving an approximate cost parity of new Russian cars and used cars," the document says.

Under this program, which has been in effect since 2015, credit institutions provide a discount on the initial payment of a loan at a rate of 10% of the car's cost, followed by reimbursement of expenses from the federal budget.

#dmitry medvedev #preferential lending #cars

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