Car loans in Russia increased by 91%

In July this year, banks issued 133.38 thousand car loans for 197.18 billion rubles nationwide. In annual terms, the number of issues increased by 61% and the volume - by 57%. In July last year, 82.94 thousand car loans for 125.70 billion rubles were issued in Russia.

The average car loan size decreased by 2%, from 1.52 million rubles in July 2023 to 1.48 million rubles in July 2024. The average car loan term increased by 9 months, from 63 months (5 years 3 months) in July last year to 72 months (6 years) in July 2024.

“811.69 thousand car loans worth 1.19 trillion rubles were issued in the first seven months of the current year. Compared to last year, the issues increased by 80% and the volume by 91%. From January to July 2023, 451.83 thousand car loans worth 622.05 billion rubles were issued,” the OKB said in a statement.

Important point. 65% of the total number and 69% of the total volume of car loans issued in July this year were for new cars. During the month, 86.61 thousand loans were issued for new vehicles worth 136.23 billion rubles. During the same period, 23.57 thousand loans were issued for used cars worth 36.84 billion rubles.

The total cost of credit (FCC) for purchasing a car in July was 20.42%. At the beginning of August, the total cost of issued car loans was 21.56%.

The top five regions by the volume of car loans issued in July were Moscow, with 8.92 thousand car loans for 17.16 billion rubles. Moscow Region, with 8.89 thousand loans for 15.48 billion rubles; St. Petersburg, with 5.86 thousand loans for 10.18 billion rubles; Krasnodar Region, with 5.69 thousand loans for 8.59 billion rubles; and Tatarstan, with 5.47 thousand loans for 8.14 billion rubles.

The most significant car loans were issued in July to residents of Moscow - an average of 1.92 million rubles, Moscow Region and St. Petersburg - 1.74 million rubles each, Yamalo-Nenets Autonomous Okrug - 1.73 million rubles and Leningrad Region - 1.61 million rubles.

Car loans with the most extended term—81 months (6 years 9 months)—were issued in July 2024 in Tuva. The shortest term was in Chechnya: 65 months (5 years 5 months).

Author: Galina Bakhshieva