Car loans have reached a record – Kommersant FM
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The average size of a car loan in Russia has reached a record. In October, it exceeded 1.5 million rubles, as calculated by the National Bureau of Credit History. The figure was 4.5% higher than in September and increased by almost one and a half times year on year. This took into account both loans for new cars and used cars. In general, the figure for the country has been growing almost continuously since February.
Why does the average car loan size break record after record? And what could have influenced the October values? Deputy Director of Marketing of the National Credit History Bureau Vladimir Shikin believes that the statistics were primarily influenced by the growing sales of new cars:
“The average car loan size is a derivative of the average cost of the car. And given the rise in car prices, the loan receipt also increases. The continued growth dynamics in September and October is due to the fact that when the key rate is increased by the Central Bank, end-user rates for used cars also increase.
The demand for them, accordingly, is less, and the share of car loans issued for the purchase of new cars, which, accordingly, have a higher price, increases. Therefore, there is such a mathematical effect that the average bill for loans for both new and used cars has increased.”
According to Autostat, the Russian car loan market in October compared to September grew by 17% in units and by 14% in ruble terms. However, now the indicators are gradually declining, and a reverse trend is beginning, says Oleg Moseev, head of the Automarketer project:
“For new loans, applications have been decreasing by 4% in recent weeks. Approvals have declined, although only slightly so far—by 1 percentage point. And the loan amount also decreases, because banks require a larger down payment. There is now some cooling in demand.
Manufacturers have only recently begun to launch some kind of support programs, noticing the opposite trend. Credit sales have always accounted for a significant share of the total, and people are no longer ready to take at the rates that are now on the market. It is difficult to find an offer below 14% per annum for a new car. And for used cars – less than 20%. Many are simply not ready to take out loans at such interest rates.
If we are talking about new cars, from 45% to 70% of buyers take them out on credit with different down payments and programs. In the secondary market, accordingly, this share is significantly lower. It depends on the region, but on average 25-30% of customers buy a car using credit programs.”
The largest average loan amount is over 2 million rubles. – ended up in Moscow. The top five leaders in terms of amounts also included the Moscow region, Khanty-Mansiysk Autonomous Okrug, St. Petersburg and Krasnodar Territory.
Everything is clear with us – Telegram channel “Kommersant FM”.
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