Car loans in Russia fell to a two-year low

Reportedly. Banks also report a strong decline in issuances compared to the previous year. The press service of VTB reported that they decreased by half, in OTP Bank – three times, and in Sovcombank – one and a half times. According to the general director of Scoring Bureau Oleg Lagutkin, banks issue fewer car loans due to the fact that the regulator consistently pursues a policy of “cooling” this market. In the middle of last year, the Central Bank for financial institutions to issue car loans to borrowers who send more than 50% of their income to service debts. “This measure led to a tightening of the risk policy of banks and significantly narrowed the number of potential customers,” Lagutkin explained. But the main reason for the collapse of the car loan market can be considered the growth of recycling fees. Yes, of course, it is paid by sellers, but all costs are included in the cost of the vehicle. Importers and manufacturers transfer recycling fee for each car sold in Russia. This amount is returned to domestic companies in the form of subsidies. Therefore, the growth of scrap collection mainly affects foreign cars. According to Izvestia, from October 1, 2024, the indicator increased immediately by 70-85%, depending on the parameters of the machine. From January 1, 2025, it was increased again – this time by an average of 10%. As previously estimated by the National Bureau of credit histories (NBKI), the average size of the loan in December 2024 by 1.4% in monthly terms to 1.28 million rubles. This is the lowest figure in the last year. In November 2024, according to the NBKI, the average size of the car loan was 1.3 million rubles.

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