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Car loan in 2015. What awaits the consumer?

by newsgary

The unexpected fall of the ruble course at the end of 2014 provoked a number of negative consequences that affected almost all sectors of the Russian economy. The consumer car loan sector in this list was no exception.

In an effort to hold the ruble of the Central Bank, he decided on cardinal measures, increasing the key rate to 17%, which automatically entailed the growth of interest rates for all consumer loans issued by banks, including car loans.

Two factors spilled the market

According to the data provided by the Association of Russian Car dealers, already at the beginning of 2015, the average interest rate on consumer car loans was 23%. But this is not all the evil that the collapse of the Russian currency.

Due to the rapid fall of the ruble, the prices of many automobile components, which automakers buy for dollars, in ruble terms of steel “mildly” high. The result is an increase in the cost of cars produced and, as a result, the rise in the cost of the car itself.

The two main negative factors played a key role in reducing activity in the Russian car loan market at the end of 2014 and the continued market drop in the first quarter of 2015.

Auto -producer “put on the knees”

This situation has forced many banks to suspend their activities in the field of issuing loans for the purchase of cars and take a wait -and -see position. Given that literally every second new car in our country is bought by attracting credit funds, the crisis situation has practically “put on your knees” all automakers.

According to analytical agencies supervising the automobile market, at the end of the first quarter of 2015, the number of new cars purchased on credit was significantly reduced and amounted to about 20%. The indicators for the same period in 2014 were 2 times higher – as much as 40.5%.

Preferential car loan program – return

The only salvation for both automakers and banks was to be supporting the state in the form of subsidizing a rate on car loans. The Government of the Russian Federation promptly responded to the deplorable situation in the car loan sector and from April 1, 2015 launched a program of preferential car loan, allocating 1.5 billion for its provision. rubles. This amount is planned to be evenly distributed for subsidizing the purchase of about 200,000 cars.

The resumption of the program of preferential car loan significantly revived the market and at the beginning of the second quarter of 2015 the percentage of new cars purchased by attracting credit funds increased to 35%. Car market experts hope that state support will continue to increase customer demand in the car loan sector.

Preferential car loan program – criteria

As part of the program, Russians can purchase both a passenger car and a light commercial vehicle with a permitted mass of up to 3.5 tons. Car can be both Russian production and foreign brands, but produced in the Russian Federation.

The cost of the car purchased according to the preferential program should not exceed 1 million. rubles, and the loan term is 36 months. In order to fully use the preferential car loan program, the consumer must introduce (as an initial contribution) at least 20 % of the cost of the car. On these conditions alone, the loan rate will be up to 2/3 from the key rate of the Bank of Russia. The issuance of loans on a preferential program will be carried out before the end of 2015.

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