MOSCOW, August 6. /TASS/. The amount of car loans extended on the Russian market increased by 60% in seven months of 2021 compared with the same period last year, whereas in July the growth reached 15%, according to calculations provided by VTB analysts.
"The amount of auto loans provided on the Russian market exceeded 633 bln rubles ($8.6 bln), up by over 60% compared with the same period in 2020. VTB clients concluded 50,500 transactions worth over 53.7 bln rubles ($734 mln) in the reporting period, up almost 1.5-fold compared with last year," VTB experts said. In July the market of car loans sales added 15% compared with July 2020, according to VTB.
Mixed factors, among them high demand for cars and the shortage of new cars supply, which is mainly related to the lack of microchips and components, are starting to have an even stronger influence on the Russian market, VTB analysts noted.
"Considering high sales rates in the second half of 2020 it will slow down the market in coming months. Meanwhile we expect a certain improvement of the situation with supplies of new cars closer to the end of the year, which in our view will result in the growth of the market by around 5% by the end of 2021," VTB Capital analyst Vladimir Bespalov said.