The preferential car loan program has ended

The state program launched by the Russian government in March 2009 to provide preferential car loans and support the Russian car market ended on January 1, 2012. And judging by the results of the project, it was completed successfully: last year, subsidized loans accounted for a third of the total volume of car loan services.

According to the terms of the program, the government compensated part of the interest rate on car loans to banks participating in preferential lending, so they offered borrowers more optimal conditions. The subsidy amount was two-thirds of the Central Bank's refinancing rate, which currently stands at 8 percent. Preferential terms of car loans were extended only to domestic-built cars. Initially, a subsidized loan could only be taken from VTB, Sberbank and Rosselkhoznadzor, and the price of a car purchased under a preferential program should not have been more than 350 thousand rubles. Then the list of banks participating in the program expanded, and the amount of the allowable cost increased to 600 thousand rubles.

In the first year of the preferential program, 71.6 thousand car loans were issued. In 2010, this figure reached 165.7 thousand, and last year it exceeded 263 thousand. At the same time, it was originally planned to provide no more than 200 thousand. Sberbank issued the most preferential loans last year – 73 thousand. This is followed by Rusfinance Bank (with 52.4 thousand), VTB24 (36.2 thousand, respectively) and Rosbank (19.9 thousand).

According to analysts, it was the state program of preferential car loans that made it possible to increase the total volume of loans for cars. In 2009, only 16.8% of cars were sold on credit, and the total sales volume was $29 billion. A year later, the share of car sales on credit reached 25.1 percent of $ 40.3 billion, and last year there was a return to pre-crisis levels: total sales in the car market increased to $ 61.5 billion, of which 28% of cars were sold on loans.

The maximum activity in the car loan market was recorded in December 2011. Trying to take advantage of subsidies before the end of the program, motorists applied for loans en masse. So, during the last month of the program, 41.3 percent of 4.7 thousand cars were sold to Rolf Finance credit insurance company, and Rosbank issued car loans by 25 percent more than in November.

But, as experts predict, car sales on credit will decrease this year. And this will be due not only to the termination of the government's concessional lending program, but also to an increase in interest rates, which in turn is associated with a lack of liquidity. Universal banks have already begun to increase the cost of loans at the end of the past, and banks owned by automakers are likely to join them in the near future. However, as some analysts hope, there will not be a sharp decrease in the share of cars sold on credit in total sales. 1XBET VIP bonuses - up to €1950 + 150 free spins on casino and 100% up to €130 on sportsbook. Use promo code for 1xbet for registration form to get a 100% first time deposit welcome bonus. Enter this code in the registration form to get a 100% welcome bonus up to 130$. The customer gets a free bet, free spins or free bonus money, while the website gets more customers.