Rates on used car loans began to decline in August 2025 after several months of stability. The average total cost of credit (TCC) fell to 26.4% per annum — the lowest level since October 2024, according to the UCB (United Credit Bureau). At the same time, rates on new car loans stabilized at 13.8% per annum.
The decrease in rates on used cars is due to the cheaper funding of banks and expectations of further easing of monetary policy. In June-July, the Bank of Russia reduced the key rate by 3 percentage points to 18%.
The new car segment lived on low rates thanks to manufacturer subsidies and preferential programs, so further reduction is almost impossible, while in the secondary market there is room for rates to move down
The increased availability of used car loans is confirmed by an increase in the share of approved applications to 28% in August, while for new cars this figure decreased to 39%. Banks are more likely to refuse borrowers with high checks due to the maximum debt burden, so some customers are reorienting themselves to used cars.
Despite the decrease in rates, analysts note that by the end of the year, loans for the secondary market are unlikely to fall below 22–23% per annum. Macroprudential measures, the availability of liquidity and the actual cost of money for banks are affecting this. For a significant increase in demand, a rate of about 10–12% per annum is still required.
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