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Car loan extension in Russia up 58% year-to-date, 2021 level not reached

Auto loans worth 390.5 bln rubles ($4.4 bln) were extended in Russia in the first five months of 2023

MOSCOW, June 29. /TASS/. Auto loans worth 390.5 bln rubles ($4.4 bln) were extended in Russia in the first five months of 2023, up by 58.3% year-on-year (246.7 bln rubles in January-May 2022). However, the amount of car loans extended has not reached the level of 2021 (436.3 bln rubles in January-May 2021) yet, the National Bureau of Credit Histories reported on Monday.

"The amount of car loans extended in the first five months of this year rose substantially compared with the same period in 2022. This is largely related to the low base effect due to a decrease in extensions in March-April of last year, after which the situation in this segment of retail lending stabilized. In turn, the situation on the car market stabilized due to the state program for subsidized auto lending that functioned with pauses last and this year," Marketing Director at the National Bureau of Credit Histories Alexey Volkov was quoted as saying.