Reducing the key rate of the Central Bank influenced the growth of demand for car loans in July

According to preliminary estimates of VTB, in July, Russian banks provided the population with about 164 billion rubles for the purchase of new cars and used cars. This volume is 23 % higher than June of this year, but 31 % less than in July 2024.

Since the beginning of the year, the total sales of car loans in Russia has reached about 798 billion rubles. This is 44 % lower than the result for 7 months of last year.

The main activity of borrowers is still focused on the market of new cars, thanks to the action of state support and subsidized programs of manufacturers. The vast majority of transactions in this segment fall on Chinese and Russian brands, the share of brands from other countries, according to VTB statistics, is only about 1 %.

“The growth of the issuance of car loans in July is directly related to the correction of their value, which followed the decrease in the key rate. As a result, some customers who previously postponed the purchase returned to the idea of purchasing a car, ”said Alexei Khundorzin, senior vice president, head of the VTB retail business department.