At the end of October 2023, Russians issued 79.4 thousand loans for new and used cars, the National Bureau of Credit History (NBKI) reported. This is 4.2 percent less than in September of this year, when their number was 82.9 thousand. The number of loans issued has been declining for the third month in a row, which is explained by stabilization after continuous growth in the first half of 2023.
Compared to 2022, Russians are still taking out much more car loans. Thus, in October 2022, 56.1 thousand such contracts were executed – that is, 41.6 percent less than in October 2023. This is due to the “low base” in the market last year.
Moscow leads in the number of borrowers, where 5.18 thousand loans were issued for the purchase of cars in October. In second place is the Moscow region with 4.54 thousand, in third place is St. Petersburg (4.04 thousand). The Republic of Tatarstan (3.82 thousand) and the Krasnodar Territory (3.48 thousand) close the top five.
It is noted that the number of loans has been decreasing for the third month in a row, although before that it had been growing for several months due to market saturation and the resumption of the preferential car loan program. Now the demand for loans is stabilizing.
Previously, the government expanded the preferential car loan program. Citizens with disabilities can now receive loans on preferential terms. The discount on electric cars has increased: now it is not 25, but 35 percent.
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