‘Local car loan market is developing at a very fast pace, and we are constantly on the lookout for the new bank offers which we look into very closely prior to signing a cooperation agreement. Auto shows usually cooperate with four to six banks that offer low interest rate and no monthly commissions. Banks that are not capable of adapting to their clients’ needs are not normally among them,’ says Natalia Aristova of Okami Motors car center.

Russian banks issued some $7.5 to $8 billion worth of loans in 2006, which comes to 40% of all new cars bought in the country, whereas the figure only amounted to $4 to $4.5 in 2005. The auto loan portfolio of Russian banks was estimated at $10 billion at the beginning of 2007, with the share of cars bought on credit coming to 35% to 40%. Provided this trend is continued, every other car sold in Russia will be bought on credit this year, says the marketing report referred to as Developmental Prospects of Russian Car Market in 2007-2010 that has been drawn up by Automobile Statistics at the end of December 2006.

‘We have been considering express loan offers and are going to recommend the service to our clients soon,’ Ms Aristova noted.