Tatarstan did not enter the top three leading regions of car loans
In June of this year, residents of Tatarstan took out 1,946 loans to buy a car. This is 26.3% more than the previous month – in May their number was 1,541.
In terms of the number of car loans issued in June, Tatarstan ranked fourth in the ranking of the 30 leading Russian regions in terms of loans issued for the purchase of a car. Moscow (2,775), Moscow region (2,240) and St. Petersburg (2,060) are in the top 3, according to data from the National Bureau of Credit History.
The largest increase in the issuance of car loans, compared to May, was recorded last month in Voronezh Oblast — by 43.2%. In Rostov oblast the increase was +39.2%, in Stavropol Krai — 39.1%, in Omsk and Kaluga oblasts — 31.6% and 30.2%, respectively.
“The significant increase in issuance in May-June is mainly due to the reduction in the Bank of Russia’s key rate and the subsequent reduction in market rates. In addition, the level of approval of auto loans increased significantly in June, amounting to 28% of the total number of requests (in May — 20%, in March — 13%)”, explained Aleksey Volkov, marketing director of NBKI.
Recall that in May, Tatarstan also ranked 4th among the top 30 regions of Russia in terms of issued car loans. The top three also included Moscow, the Moscow Region and St. Petersburg.
However, it is too early to talk about restoring auto loans to pre-February sanction levels. Lending in this segment slumped noticeably after the start of the special operation in Ukraine and subsequent anti-Russian restrictions by the West, many of which are on the anti-Russian list.
According to NBKI, in Tatarstan, in January and February 2022, residents took out more than 3,000 loans to buy a car. In the next two months, the number of car loans did not exceed one thousand. In March, residents of Tatarstan took out the minimum loans for a car for the first half of the year — 686.
“The driving factor behind the fall in auto loan issuance in March was the rise in rates under sanctions pressure. At the same time, in addition to the sanctions, the reduction in auto loan issuance was also affected. by the shortage of new cars and spare parts for them that has lasted for many months,” explained Aleksey Volkov.
Car loans in Tatarstan began to recover in late spring. In May, residents of the republic have already issued more than 1.5 thousand loans for the purchase of a car. In June, their number almost reached the two thousand mark.