- It is reported that car loan granting in Q3 did not reach the level of the same period last year, having dropped by almost 40%
According to TASS, Russia's state-owned news agency article published on October 31, 2022, auto loans (for new and used cars) worth 184.9 bln rubles ($2.9 bln) were extended in Russia in Q3 2022, up by 66.9% quarter-on-quarter (110.8 bln rubles, or $1.8 bln, in Q2 2022), and down by 39% year-on-year (303.1 bln rubles, in Q3 2021), the National Bureau of Credit Histories reported on Monday.
"In the third quarter of this year the extension of car loans notably recovered following a dip in April-June. Meanwhile, a substantial increase in extensions compared with the second quarter was due to the low base effect, as well as the reduction of the key rate of the Bank of Russia and the contraction of market rates. Moreover, the extension of car loans in the period was seriously affected by the state program for subsidized auto lending resumed in July 2022. That said, car loan granting in Q3 did not reach the level of the same period last year, having dropped by almost 40%," Marketing Director at the National Bureau of Credit Histories was quoted as saying.
