Throughout the third quarter the car loans were gathering pace. From the beginning of September the financiers started fighting the recession that occurred in the car market within May-August, when the demand for car loans dropped by 10-15% and coincided with the antipathy attack on the bankers – due to insufficiency of resources they more often refused to provide financing to the drivers. As the result, the total volume of car lending over the summer declined by 20-25%. To reverse this trend in September the banks took two measures. They extended the lending period from three-five to five-seven years and decreased the minimum down payment requirement from 20-40% to 10-40%. Even several propositions with zero down payment were introduced. Nevertheless, the bankers did not manage to please the customers with decline in car lending cost (car lending rate plus related fees), as they grew significantly from 24-28% to 30-32% per annum.
In the survey of TOP 15 Car Lending Propositions by Banks Leads the Proposition by FUIB – “Simple” Car Loan
Full article is available in “Delovaya Stolitsa” weekly, issue No 47 of 19.11.12, page 7, special section “Bankomania”.
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