Experts told how the key rate cut will affect the cost of car loans

In the middle of June, the Central Bank reduced the key rate to 9.5% again - that is the level that was before the emergency increase in the key rate up to 20% at the end of February. Experts interviewed by AUTOSTAT agency told how this affected the affordability of car loans, and how interest rates will change in the future. "We initially predicted an imminent rollback of the increased rate to its original values and even lowered rates for clients beforehand without waiting for the actions from the Central Bank. Both in lending and in leasing, there is now a return to the previous rates ... ", comments Lilia Markova, General Director of Gazprombank Autoleasing.

According to Alexander Potapov, deputy leader of Autofinance Otkritie Avto tribe, more and more customers are considering a car purchasing, including with car credits, again. The gradual reduction of the refinancing rate and the stabilization of prices for both new and used vehicles played their role. In this situation, auto loan financing is reviving, as credit rates are getting more convenient for the Russian customers. According to the Managing Director of Sovcombank Artem Yazykov, as for the vehicle purchasing at the current time, the amount of the monthly installment is the main indicator for making a decision.  If it is convenient for the buyer, there is no reason to postpone the purchase, as the uncertainty in the automotive business will continue for quite a long time.