The most popular are credit programs at a 0.01% interest rate for 1-3 years with an initial payment ranging from 40% to 60% of the new car's value.
This was reported by Serhii Kiporenko, Head of сar loans at GLOBUS BANK.
Moreover, according to the expert, clients are additionally interested in the insurance tariff under the CASCO insurance contract and the possibility of including the insurance payment for the first year of financing in the credit amount.
In turn, when approving a loan, banking institutions pay attention to:
1) the initial down payment for the loan;
2) the borrower's credit history;
3) the client's (or spouse's) ownership of property (real estate or a car).
As of the beginning of 2024, priorities and preferences of individuals regarding the purchase of a car on credit remain unchanged. Thus, the 5 most popular "credit" car brands and models in the price range of $16-45 thousand are as follows: TOYOTA, RENAULT, VOLKSWAGEN, SKODA, BMW. Legal entities have somewhat different priorities. The most popular cars on credit for them are RENAULT, TOYOTA, VOLKSWAGEN, PEUGEOT, and VOLKSWAGEN. In the segment of affordable cars in the price range of $10-18 thousand, clients' preferences are as follows: RENAULT, BYD, CITROEN, CHERY, GEELY, FIAT, JAC, and GREAT WALL. And the popularity rating of premium cars with a value of $80-100 thousand and above looks like this: BMW, LEXUS, MERCEDES-BENZ, AUDI, LAND ROVER, and others.
"In the second half of the year, a slight decrease in credit sales of new cars is expected: compared to January-May, the decrease may be at the level of 10-20% (the expected number of new car sales on credit may average 700 units per month). However, buyers' priorities regarding the cost and car brands are unlikely to change," predicts Serhii Kiporenko.
