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VTB has doubled car loans in the Far East since the beginning of the year
VTB in the Far East in January and February 2021 increased car loan sales to 125 million rubles. In comparison with the same period of last year, the bank's issuances have doubled.
In general, according to the results of January-February 2021, the volume of loans issued in the Russian car lending market may reach 124,5 billion rubles. According to the data of the VTB auto business, the growth compared to the same period last year will be approximately 20%. In March, according to the bank's experts, the market will continue to grow in relation to February by 5-6%.
“In February, the car loan market continued to grow and is already outstripping pre-pandemic sales. This was largely influenced by the deferred demand of the population - many clients were waiting for the resumption of the state support program from January this year. According to the results of this February, VTB provided 7,9 thousand loans to residents of Russia for the purchase of cars worth more than 8 billion rubles, which is 13% more than in January and 61% more than in February 2020. The total volume of loans issued since the beginning of the year exceeded 15 billion rubles, - said Vladimir Vysotsky, head of the car loan sales organization - vice president of VTB.
According to Vladimir Vysotsky, several factors influence the growth rates of car loans in Russia. “Firstly, due to vaccination, a new lockdown is not expected this year, so dealers will not have a massive stop in sales and a shortage of cars. The second, no less important factor is that we are counting on the extension of the state program. Thirdly, the positive dynamics will depend on the offers of banks for loans for used cars and, as a result, an increase in demand for cars in this segment, ”he stressed.
The fourth factor, according to the expert, may be the digitalization of car loans. According to the bank's forecasts, in 2021, every third application to VTB will be submitted online. This becomes possible thanks to the launch of convenient digital services for approving and issuing a car loan (without visiting a bank office), as well as transferring the process of buying a car using a loan completely online.
The largest volume of car loans issued in January and February is noted in Moscow and the Moscow region (4,7 billion rubles), St. Petersburg and the Leningrad region (1,5 billion rubles), the Krasnodar Territory (619 million rubles), the Republic of Tatarstan (542 million rubles ), and the Republic of Bashkortostan (447 million rubles).
The total size of the average check on a VTB loan for a car in February 2021 increased by 27% compared to last February, exceeding 1 million rubles. In terms of the number of car loans issued, the most popular brands among customers are LADA, Hyundai, KIA, Volkswagen and Skoda.