Russian banks issued a record volume of car loans for 10 years in April 2023

In April 2023, Russian banks approved 77,000 car loans for 109.5 billion rubles for individuals, according to data of the analytical company Frank RG.

According to RBC, the volume of loans issued for the purchase of cars not only exceeded the pre-crisis maximum - 100.1 billion rubles, reached in April 2021 - but also turned out to be a record for the entire time of observation, since the end of 2013. In compare with March, car loans grew by 14% in monetary terms and by 9% in quantitative terms. Issues in this segment are growing at an accelerated pace for the second month in a row: in March, in compare with February, their volume jumped by 21%, and the number - by 14%. At the same time, the average size of a car loan is increasing: in April, the figure reached 1.42 million rubles, breaking the maximum of February 2022 (1.4 million rubles), recorded at the peak of the crisis.

Meanwhile, according to the experts of agency "AUTOSTAT" with reference to the data of JSC "PPK" *, Russian market volume of new cars in April was 75622 units, which is 2.7 times higher in compare with the same month of 2022. Since the beginning of the year, 246,914 passenger cars have been sold in Russia, which is 15.4% lower than in January-April last year.