The number of applications for car loans in October fell by 29.8% compared to the same period last year. This was reported by the National Bureau of Credit Histories. The reason is that banks are increasingly refusing clients due to their high debt burden.
Rather, we can say that people are more likely to take out loans that have already been approved for them.
In October, Russians took 42.5% of approved car loans, while during 2025 this figure fluctuated at the level of 23-35%. On average, a new car will cost 2.8 million rubles. Borrowers borrow about 2 million rubles from banks. The first installment, according to eCredit, for the period from October 6 to November 2, amounted to about 33% at a lending rate of 11%.
In the segment of new cars, the term of a car loan is often associated with marketing offers from brands. Therefore, the term for such car loans can range from 1 year to 3 years.
According to the expert, the average interest rate on loans for used cars is currently 26-28%. Borodavin emphasizes that with a loan amount of up to 1.3 million rubles, the difference in overpayment of 3-5% is not as noticeable as in the case of a mortgage.
Clients continue to take out car loans at current rates.
