In October, car loans began to be taken out for more than 5 and a half years

November 27th. /MEDIA TALK/. According to the National Bureau of Credit Histories, in October 2024, Russians began to take out the longest car loans compared to all previous months of the year. This figure now averages 5.57 years, which is almost 8% more than in October 2023.

The longest term of car loans in October was recorded in Khanty-Mansiysk Autonomous Okrug (5.84 years), Tyumen Region (5.8), Perm (5.77) and Krasnodar (5.77) territories, and in the Volgograd Region (5.76). The shortest terms are in Moscow (5.23 years), St. Petersburg (5.32), Crimea (5.36), Moscow region (5.39) and Tatarstan (5.4).


Photo: ru.freepik.com

As noted in the NCBI, the increase in repayment periods of car loans is associated with a general increase in prices. The organization believes that increasing the terms of loans makes it possible to make the amount of monthly payments more comfortable for the consumer.

We have already told you that car loans declined in October following mortgages and consumer loans.