The automotive market in Russia may shrink by 8-10% due to the Central Bank's decision to restrict car loans.
The idea is that from July 1, banks will issue fewer car loans to Russians who spend more than half of their income on other loans. Alexey Grigoriev, Vice President of the "Russian Automotive Dealers" association, noted that people with a maximum debt burden in the banks' borrower assessment program will be assigned a "stop" sign. And the loan application of such clients will be rejected even at the initial stage of consideration.
The expert believes that the number of car loans issued after July 1 will decrease by at least 10%. Those Russians who want to use the services of a bank to buy a used car will be especially affected.
Thus, according to Grigoriev's forecasts, interest rates on loans for new cars will increase from 19% to 24%, and on used cars - from 22% to 27%.
Maxim Davidenko, Head of Product and Service Development at Alfa-Leasing Group, emphasized that 27% of Russians take out loans to buy used foreign cars, 24% - for new Chinese cars, and 3% of Russians take out loans to buy cars imported through parallel imports. The expert does not exclude that the number of transactions may decrease in these segments.
Earlier, www1.ru wrote that the head of AvtoVAZ, Maxim Sokolov, warned Russians about problems with lending.
