Daria Timchenko: ‘We see that there is demand for car loans, and it is supported’
Over the year, the number of applications for car loans and their issuance have decreased by half. The percentage of car loan approvals has also fallen — from 11% in March 2024 to 5% in March 2025. These figures were announced by the Director of Development of the National Bureau of Credit Histories (NBCH) Alexey Zamyshlyayev at a business breakfast with representatives of the republican auto business. However, not everything is so bad. “We see that there is demand for car loans, and it is supported. Firstly, by the state programme — it is still working, it exists. And secondly, this is a direct subsidy of the car loan rate from the manufacturer,” Director of the Digital Deal Development Department at eCredit Daria Timchenko told Realnoe Vremya. Read more about the current situation on the car loan market and the profile of a borrower in Tatarstan in the newspaper’s article.
“Something unimaginable is happening”
“In fact, everything is pretty sad today. This is probably no secret to anyone,” this is how Director of Development at the National Bureau of Credit Histories (NBCH) Alexey Zamyshlyayev began his story about the current situation on the car loan market. — The number of applications for car loans has decreased by half. There were 1.2 million in March last year, and currently there are about 600 thousand. And in connection with this, we also see a very strong decrease in conversion (editor's note: from application to issue).
According to the expert, there is no need to be afraid of this — there can be not one, but up to five applications for a car loan per borrower. Such a decline occurred twice last year — in July, when the Central Bank raised the rate, and in October due to the recycling fee.
“It has grown very strongly, and therefore the conversion has also decreased. That is, purchasing power has been reduced,” the expert noted.
The issuance of loans has also fallen: 160,000 in March 2024 against 70,000 in March 2025. The percentage of car loan approvals has also collapsed — from 11% to 5% in March 2025. “Something unimaginable is happening,” the expert noted.
“Due to the fact that the level of supply is also decreasing, unfortunately, some car dealers are forced to go bankrupt. We, of course, believe in the best. Surely, someday we will have the same sunshine as outside, and we will all get going in sales, in issuing loans,” the NBCH Development Director wished the dealers.
In Tatarstan, car loans are taken out by men aged 29 to 39 for a period of 5.4 years
The leaders in issuing car loans are Moscow, the Moscow region, Saint Petersburg, Krasnodar Krai and Tatarstan.
“This is explained by the fact that not all banks correctly transmit data on the type of car for which a particular loan was issued to the credit bureau,” explained Alexey Zamyshlyayev.
The portrait of a borrower in Tatarstan looks like this: this is a man aged 29 to 39 who takes out 1.4 million rubles for 65 months (5.4 years).
“I will say right away that this is the period indicated in the loan application. As a rule, loans are repaid early,” the expert noted.
The price of a new car in the republic remained at the same level over the year, used cars decreased
According to statistics from Avto.ru, which is at the disposal of Realnoe Vremya, the average cost of a new car in Tatarstan in March 2025 remained at 2.96 million rubles. 92% of offers are cars of Chinese brands, another 7% are domestic. The top models included Lada Vesta, which displaced Lada Granta to second place, Chery Tiggo 4 Pro, Aito M5, FAW Bestune B70.
The price of used cars in the republic decreased by 3.4% compared to the figures for the beginning of 2024 — to 1.42 million rubles. At the same time, the average mileage increased (+ 14.3%, to 145,766 km) and the age increased (+ 1.2 years, to 10.5 years). Popular brands here are European (31%), domestic (21%), South Korean (18%) and Japanese (17%). Chinese brands have only 6% of the market.
“We are hoping for deferred demand, it will not go away either”
The situation on the car loan market was commented on by Director of the Digital Deal Development Department at eCredit Daria Timchenko to Realnoe Vremya.
“In the first half of 2024, we grew in volumes against the backdrop of news about an increase in the recycling fee and the cost of the car, which stimulated sales. But starting in October, all these measures taken by the Central Bank and the Russian government to reduce inflation (editor's note: we are talking about raising the key rate) led to a drop [in car loan volumes], and a colossal drop. But we see that there is demand for car loans, and it is supported. Firstly, by the state programme — it is still working, it exists. And secondly, this is a direct subsidy of the car loan rate from the manufacturer. For example, these are large major brands — Chery, Haval. They still have instalments, and the rate is very good. And this supports the demand for buying new cars. If you look at used cars, then no one supports anything there. “Milage” supports itself only by regulating prices for cars. At the same time, such cars are still taken on credit,” the expert clarified:
“But the increase in the key rate had a particularly strong effect on them. If manufacturers are trying to support themselves, then the “mileage” is falling and falling. But we are hoping for deferred demand, it will not go away either.”
As Daria Timchenko explained, the future of the car loan market will depend on the Central Bank's decision on the key rate.
“Of course, it also depends on the ruble exchange rate and on macroeconomic policy. I think that we will have to live with a high rate for some time, and yes, manufacturers will have to support [sales]. We assume that in the used car segment, dealers will try to avoid stocks and reduce prices,” she concluded.
