The Bank of Russia (Central Bank of the Russian Federation) has lowered the key rate from 18% to 17% per annum. Experts consider this a positive signal for the car market, but a further reduction is necessary for a significant part of it, RIA Novosti was told by surveyed car dealers.
The "Rolf" company expects an increase in consumer sentiment and demand for credit products.
"Avtodom" noted that the cost of car loans is unlikely to change in the near future due to the slowness of banks in reducing rates.
According to "Avilon" specialists, the key rate should fall by another 3–4% for the car market to recover noticeably.
The head of the Central Bank of the Russian Federation, Elvira Nabiullina, emphasized that there has been a revival in car lending and passenger car sales in recent months.
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Interest rates on loans for used cars have decreased to 26.4% per annum