Car loans in Bashkiria have doubled in six months

According to the National Bureau of Credit Histories, the number of car loans in Bashkiria has doubled in six months. In June, the loan amount increased by 5.7% per month, and the number of loans decreased by 4%.

In January-June 2024, residents of the republic received car loans for 40.2 billion rubles, compared to 19.6 billion in the first half of last year. The amount of bank loans increased by 105%. The reason is the increase in the number of loans and the rise in the price of cars.

In May 2024, residents of the republic took out 5,99 thousand car loans, 160 units less than in June. According to Banki.ru, the average car loan rate in the country in June was 16-17%, and for used cars, it was about 20-22%.

The average car loan amount in May was 1.3 million rubles; in June, it was 70 thousand more. The largest car loan amount was recorded in December — 1.4 million.

The assumption that the increase in the recycling fee from April 1 would cool the market did not come true — the decline in sales was insignificant, and demand recovered in May.

"The significant growth rates of issued car loans in the first half of the year compared to last year are explained by the low base effect due to the shortage of new cars at the beginning of 2023. After the resumption of mass deliveries of new cars in mid-2023, the issuance of car loans began to grow. Recently, high issuance rates are due, first of all, to expectations of rising rates in the future. Also, high sales are helped by promotions and discounts from distributors trying to reduce the overstocking of their warehouses and subsidized rates from car manufacturers," NBCH analysts comment.

Accordingly, cars from domestic and Chinese auto factories are leading the car market.

Author: Elina Akhmetova