Experts informed what caused the boom of used cars lending

According to the data of the agency "AUTOSTAT", for two months of 2023, the number of loans issued for used cars increased by 32%, and the amount of funds issued in money increased by 55%. On the eve of the 5th annual auto business forum "FinAuto - 2023. Financial instruments of the car market", which the agency "AUTOSTAT" will hold on April 20th in Moscow, experts told what caused the boom of used cars lending. As the executive director of the analytical agency "AUTOSTAT" Sergei Udalov notes, if a few years ago, out of all issued car loans, used cars had about 10%, then in some months of last year this share reached 50%. It should be borne in mind here that the ratio of sales of new cars to used cars has noticeably changed for the last year.

So, today for 1 new sold car, there are 8 used ones. However, first of all, such dynamics is associated with an increase in sales of used cars through dealers, because banks, as a rule, issue car loans not directly, but directly at car sales points. If we talk about used cars, then we are talking about relatively "new" cars - under the age of 10 years. "With sales of new cars falling, many buyers were forced to reorient themselves to the used car market. The shortage of new cars has driven up the cost of both new and used cars. This, in turn, led to the fact that more consumers began to apply for a loan, as their own funds were not enough for the purchase," says Vitaly Kostyukevich, Director of the Retail Products Department of Absolut Bank.

According to Marina Dembitskaya, head of Otkritie Auto (auto business unit of Otkritie Bank), the obvious advantages of a used car buying on credit are increased sums and terms of loans, lower interest rates, the widest possible product line that will allow you to choose a loan product suitable for a particular client to the car.