NBKI: in January-February 2024, Russians collected car loans
In January-February 2024, Russians acquired car loans worth almost 273 billion rubles. About this with reference to data from the National Bureau of Credit Histories (NBKI) reports “Russian newspaper”.
In January, Russians issued loans for 118, and in February – for 154.7 billion rubles. The average loan size increased from 1.23 to 1.5 million rubles compared to last year’s figures. The volume of car loans issued has doubled in the context of high rates due to the low base effect due to the shortage of new cars, said Alexey Volkov, NBKI Marketing Director.
The growth in car purchases on credit was ensured by gradual adaptation to high prices and the desire to upgrade the car, noted the Expert RA rating agency. The trend was largely influenced by the support of dealers from manufacturers – throughout the year there were various promotions on the market, subsidized loans and discounts from automakers, which led to an increase in sales, added Renat Tyukteev, deputy general director of Avilon AG.
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As NBKI previously reported, at the end of February, the total number of car loans issued in Russia reached a three-year record of more than 104 thousand loans. Previously, such record figures were recorded in April 2021. Over the month, the volume of loans issued increased by 29.1 percent.
The Central Bank is already thinking about cooling the issuance of loans in amounts of more than a million rubles. According to the head of the Central Bank, Elvira Nabiullina, some gap is necessary between the execution of the agreement and the issuance of money, and its size needs to be discussed. “We need to extend the norm, which has not yet worked, will work in July – a cooling period – to large loans,” she explained.
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