In December 2024, Russians began receiving approval for car loans much more frequently. According to the UCB, the volume of approved loans increased by 137% compared to the requested amounts.
In the second and third quarters of 2024, the car loan market experienced a real boom: issuance volumes updated historical highs. But in the fourth quarter, the situation changed dramatically, and the indicators returned to the level of mid-2023.
In addition, at the end of the year, the opposite situation was observed in other segments of retail lending, although issuance volumes were also low there. According to the United Credit Bureau, the total ratio of issued mortgage loans to requested amounts was 106% against 111% in November. In the cash loan segment, this figure decreased to 113.5% at the end of December against 117% in November.
According to experts, bankers tried to boost demand by adding additional expenses to loans, but reducing interest rates.
VTB did not notice an increase in approved amounts. This is due to changes in the policy of the Central Bank. However, UCB data show that in December, the amount of applications decreased to 54.3 billion rubles, and issued loans — to 74.5 billion rubles. Both indicators are lower than in November, when 91 billion rubles were issued.
In December, clients receive bonuses, thirteenth salaries, and other payments and, if possible, try to direct them not only to deposits, but also to large purchases.
Experts note that many borrowers do not take into account additional expenses, such as insurance, alarm systems, and car accessories, when requesting a loan.
Banks are used to financing such services through the loan principal.
Earlier in Russia, more and more people cannot pay car loans on time. As of November 2024, 31.4 thousand people have overdue payments of more than 90 days. The reason for the overdue payments is the hype in the issuance of funds.
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