Past-due car loan payments go up 22% in Russia

14 October 2015 (09:36)

UrBC, Moscow, October 14, 2015. The overall amount of past-due car loan payments went up by 22% since the start of the year and came to 64.1bn RUR, Sequoia Credit Consolidation reports.

The figure mainly increased because of a dramatic rise in interest rates (up to 30% a year in January-March). The rates are now back to 17%-19% a year, yet new car loans are still hardly affordable.

Experts don’t think any substantial decrease in interest rates very likely, as Russia’s macroeconomic situation remains unstable. In the United States, in the meantime, interest rates remain under 4% (and under 5.5% and 5%-7% in Germany and France, respectively).

Lada, Kia, Hyundai, Ford, Renault proved the best-selling brands throughout January to September, since these cars meet the state loan scheme requirements.

The average loan period came to 2.4 to 3 years on October 1.

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