Russians are taking increasingly more car loans, including those for used cars. Loans are taken for expensive foreign cars with top configurations.
In the first half of 2019, the number of new car loans grew by 12%, and used car loans by 33%, Avilon car dealership reports. According to Kommersant daily, used cars loans are giving a boost to the development of car loans on general.
Experts at Avilon say that the growing number of car loans is related to the recent car price hike. At the same time, more attractive loan offers have emerged on the market, while interest rates dropped almost by half. The average price of a car for loan has grown in the mass segment by 18.6%. The most popular are Hyundai Creta and Hyundai Solaris.
According to the Autostat analytics agency, used car loans have grown in monetary terms by 25%, which they also connect to the increased car prices.