1,495 car loans were granted in Tatarstan in May 2022. This is 57.5% more than in April when their amount was 949, reads data from the National Credit History Bureau.
Tatarstan ranks fourth among Russia’s top 30 regions in the number of car loans issued in May. Moscow proved to be a leader where citizens took out 2,202 loans last month to buy a car.
Moscow Oblast — 1,836 auto loans in May — is second, St. Petersburg (1,577) is third. Bashkiria completes the top 5 where citizens took out 1,290 car loans last month.
The largest increase in the number of car loans granted in May 2022 among the 30 leading regions in this segment of loans to individuals was recorded in the oblasts of Kaluga (+98.1%) and Tula (+91.7%) . At the same time, a total of 321 and 439 such loans were contracted respectively. Strong growth was also observed in Altai Krai (+73.8%), Khanty-Mansi Autonomous District (+67.6%) and Volgograd Oblast (+61.8%).
“First of all, a cut in the Bank of Russia’s key interest rate and the subsequent fall in market rates explain the significant increase in loans in May compared to April. The increased demand for loans also confirms this. Compared to the previous month, citizens applied for car loans almost a third more in May, ”explained marketing director of the office Alexey Volkov.
Overall according to 4,000 creditors who send data to the bureau, 29,500 loans for new cars and used cars were granted in Russia in May 2022. This is 53.5% more than in April when they amounted to 19,200.
Compared to May 2021, the number of car loans granted this month of May fell by 66.7% at once. According to the office, Russians took out 88,500 loans to buy a car in the last month of last spring.
The National Credit History Bureau reports that the number of car loans in Tatarstan in January-April 2022 fell by 39.9% compared to the same period last year, it was 8.2 billion rubles. At the same time, the republic was fifth among the top 30 regions of Russia in the number of car loans in the first four months of the year.