In June 2025, Russians took out 41% fewer car loans compared to the same period last summer, according to data from the National Bureau of Credit Histories, as reported by the Prime agency.
While the 41% decline is significant, it aligns with the current economic climate and reflects the responsible approach of both the banking system and borrowers, says Alexei Ivanov, owner of the Alliance Trucks commercial vehicle dealership network. Rising car prices and higher interest rates, he notes, are leading Russians to make more balanced and deliberate decisions when purchasing new vehicles.
On the one hand, steep bank rates and increasing car prices have reduced access to credit, thereby dampening demand for car loans. This trend helps lower the overall credit burden on households while mitigating risks to the financial system. On the other hand, the situation is fueling growth in the used-car market, prompting manufacturers and dealers to explore new ways to support customers and enhance service quality, Ivanov explains.
He also highlights a positive aspect: government policies aimed at strengthening financial discipline, stabilizing the banking sector, and controlling household debt levels are helping prevent excessive lending while maintaining economic stability. Over time, these measures could create more reliable conditions for the automotive industry’s expansion and improve the quality of car loan offerings.
“In this sense, today’s declining demand for car loans reflects a healthy trend – greater financial literacy and responsibility, which ultimately supports economic stability and fosters a more sustainable automotive market,” Ivanov concludes.