Car loans in 2024: they will take out more and for longer

For most Russian citizens, car loans are the only way to purchase new equipment. Therefore, many are probably interested in how things are going in the country with loans for the purchase of passenger cars: how much a Russian borrows on average, which regions are leading in this direction.


Last year, the Central Bank constantly increased the interest rate and the last time this happened in December. Now it is 16%. Obviously, this policy of the Central Bank caused an increase in the price of loans. Are they starting to take them less?

Common numbers

The first month of this year surprised analysts: Russians took out car loans by 2023% (42 thousand) compared to January 58,36. And in money terms, the total amount increased by 77% (RUB 88,35 billion)! The average loan bill also increased by 24%, amounting to 1,51 million rubles (for the entire 2023, the average was 1,22 million rubles).


The figures for this January exceed similar figures not only in comparison with last year, but with previous ones. But at the end of the 2010s and the very beginning of the 2020s, there were much more new cars for sale in the country. For example, in 2022, when Western auto giants were still selling their products in Russia, the volume of auto loans amounted to 62,86 billion rubles. (prices, however, were lower then), 48,96 thousand cars were sold.

Where do they get more loans?

The leaders for the past January are, as one would expect, Moscow and its region: 5020 and 4640 loans were issued for the purchase of cars, respectively. This is followed by St. Petersburg (3110), Krasnodar Territory (2580) and Tatarstan (2630). But at the same time, the greatest increase in monetary amounts for the second winter month is observed in the Novosibirsk (134%), Ryazan (125%), and Sverdlovsk regions (111%).


What about the average loan amount, which has also increased? When compared with December, the greatest growth was shown by the Chelyabinsk, Volgograd regions and Udmurtia - 39%. But the largest loans were issued in the capital (average bill 2,02 million rubles). In second place is the Moscow Region - 1,84 million rubles, St. Petersburg closes the top three - 1,76 million rubles.

Loan terms

This is also an interesting moment when compared with previous years. In January 2024, a Russian takes out a loan for an average of 70 months, i.e. 5-7 years. This has never happened before, judge for yourself. In January of last year, this figure was 59, in 2022 – 55, and in 2019 – 42 months: i.e. the growth is obvious.

Situation by region

They extend loan payments for as long as possible in the Krasnodar Territory and Khanty-Mansiysk-Yugra Autonomous Okrug. Here last January, people borrowed money to buy a car for an average of 74 months. The growth dynamics in the number of loans compared to December amounted to 30% and 35%, respectively.


Moscow expects to pay off its debts the fastest: the term of car loans in January 2024 was 67 months - the shortest in Russia. Following the capital are St. Petersburg, Tula, Belgorod, and Irkutsk regions. Here they turn to banks for money to buy cars for an average period of 68 months.

What brands of cars are taken on credit?

If we take the secondary market, which is more stable, then the situation there has not changed much. The top five for the past year (according to Otkritie Bank: most likely, here is information from showrooms selling used cars) were Kia Rio, Hyundai Solaris, Lada Granta, Vesta and Toyota Camry. If we take new cars, then there are “adjustments”.


In 2022, loans were issued for the purchase of the Russian Lada (1st place), Hyundai, Kia, Chinese Haval and French Renault. Let us remind our dear reader: at that time, cars from China had just begun to actively conquer the Russian market. Moreover, it was very successful: last year Haval was in second place after Lada, Chery was third, followed by Kia and Jeely. Of the “non-Chinese”, only a foreigner from South Korea remained. By the way: in December he safely dropped out of the “five”.


Where do new cars of foreign origin come from? In this regard, the PRC is the leader: from there, 76,1% of the total volume of auto imports came to the Russian Federation last year. Kyrgyzstan takes second place – its share accounted for 17,4% of the total. Obviously, the main share of these cars are “gray”. The remaining percentages are insignificant and occur in other countries of the former USSR and the West.

Car loan for the average Russian in 2024

It is worth considering, using a specific example, what conditions car dealerships offer today when an ordinary citizen purchases a new car. To do this, let’s take one of the most purchased cars on credit: as follows from the statistics above, they are made in China. Let it be the Belgee X50 - a version of the Geely Coolray, which is assembled in neighboring Belarus. Let's assume that we have 700 thousand rubles saved up in our pocket for a down payment and we want to take out a car loan for a period of 3-5 years.

What awaits the borrower?

If you're lucky, they'll offer you basic equipment. But in this case it turned out to be a car worth 2,4 million rubles. A discount of 270 thousand rubles was immediately announced, “remaining” 2,13 million rubles. Then everything is also not bad: with a term of 3 years, the loan rate is 15,4%, which is less than the key one. But then came the “but”. The first thing you need to do is buy CASCO for a year for 130 thousand rubles, which can be “integrated” into the loan. As a result, monthly payments will amount to 55 thousand rubles. Total overpayment – ​​400 thousand rubles. True, CASCO for the 2nd and 3rd years will be only 15 thousand rubles.


A loan for a period of five years implies monthly payments of 38 thousand rubles, but then the overpayment will increase to 720 thousand rubles. (rate 15,9%). What if you take out a loan for seven years? Then everything looks sad. The monthly payment will not change much and will amount to 33 thousand rubles, and the overpayment will rise to 1 million 245 thousand rubles - well, almost like a mortgage! This is more than half the price of the car itself. As a result, repaying the loan will turn into long-term bondage.

About foreign cars

Yes, today many car dealerships offer discounts; the era of blatant imposition of “extras” seems to be over. However, the price reduction is associated with banal overstocking and is temporary. Everything else has not changed: the ruble is not growing, customs tariffs are not falling: the cost of delivering cars is high. Localization is not proceeding at a fast enough pace: if we talk about passenger cars, AvtoVAZ and UAZ are in the leading positions, with the production of Haval in Tula in third place. Therefore, it is not surprising that the bulk of foreign cars are imported into the country, rather than produced in it.


The partial ban on “gray” imports at the legislative level was not as effective as expected. This state of affairs simply leaves no room for sellers to reduce prices in the near future. All hope lies in the Russian auto industry and its government support.

What are the conclusions?

Lending volumes have increased, but repayment terms have increased. At the same time, the Central Bank still maintains a high interest rate of 16% (the next possible change is 22.03.2024/50/XNUMX). Taking out a loan to buy a new car in such conditions makes sense if the loan term does not exceed five years, or better yet, three. When you have the opportunity to pay XNUMX thousand rubles monthly, then taking a loan may be even more profitable than trying to save money.


In the latter case, it is necessary to take into account not only inflation: the political situation in the world should also not be forgotten. As for loans, before you take out a profitable “short” loan, weigh your strengths: the situation, both in your life and in the country, can change very quickly.