Economist Shcherbachenko: Demand for all loans except car loans will fall in Russia
Car loans will continue to be in demand among Russians. This was stated by Petr Shcherbachenko, associate professor at the Financial University under the Government. He is quoted by “Rossiyskaya Gazeta”.
He believes that consumers may become more cautious with regard to other types of loans. They will most likely postpone major purchases until better times. But as for car loans, several factors are at work here. First, deferred demand for cars. Second, car dealers’ promotions before the half-year results. Third, the upcoming increase in the recycling fee. These three circumstances work to increase vehicle sales.
Otherwise, Russians will give preference to deposits, since banks are now offering very favorable conditions.
It was previously reported that in Russia, purchasing a car with a car loan has become more expensive. Bank rates on such loans have increased to 30 percent per annum.
According to the National Bureau of Credit Histories, in June the average size of a car loan in Russia increased by four percent compared to May and amounted to 1.47 million rubles.
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