Preferential car loan crisis will win

Market auto loans acquired the same symptoms as all other segments of the bank lending: contraction of the market, reducing the number of proposals to raise interest rates, tightening of the other conditions ... Car loan rates in 2009 significantly slowed the volume decreased. During the first months of the year was marked decline in bank car loan five times. Pressure on the automobile market began immediately on two fronts. The current year has been a concern not only for the banking sector, but also for the automakers. Not so long ago there was a message about the possible bankruptcy of auto giant General Motors, which could not be better illustrated by the current situation in the automotive industry. Justified the worst fears of dealers: sales plummeted. According to the European Automobile Manufacturers' Association ACEA in January was recorded drop in car sales in Europe by 27% in February - by 18,3%. Russian car "lost" even more noticeable. According to the Association of European Businesses in the first two months of 2009 Russia had sold 36% fewer cars than the same period in 2008. It is no secret that in Russia, car sales are directly dependent on the condition of the car loan market. After all, back in 2008 40-50% of cars bought on credit. Now those numbers have changed, and the loan is taken not more than 15% of the cars. Scared away potential borrowers to gradually stricter conditions on loans: a marked increase in the number of failures, the rates began to grow by leaps and bounds (in some banks, interest rates rose in 1,5-2,5 times), disappeared offer "no down payment." The possibility of buying cars on credit lost its appeal for the Russians, and the market began to wither on the background of weakening demand. Last Hope - on the newly created program of preferential car loan, designed to revive the domestic auto industry. The state has promised to compensate the two-thirds of the refinancing rate, which now stands at 13%. Thus, preferential rates on auto loans is less than the initially set at 8.6%, and ... ... The borrower has a chance to save up to 40 thousand rubles. However, experts do not believe that soft lending will return the car industry and car loans as a whole to continue to pre-crisis levels. First, the program is designed only for a year and a preferential subsidies will cease in December 2011. Secondly, the terms of the bank that issued such auto loans, narrowed down to three - Sberbank, VTB and Russian Agricultural Bank. Third, the loan on favorable terms could be taken only from a particular machine by the Government of the list. Nevertheless, the government program, which Putin said at the end of last year, began its work. Moscow has already issued its first loan to buy a car for 2 two years at an interest rate that was almost twice lower than usual, told Vesti. The first preferential car loan issued VTB24. Sberbank and Russian Agricultural accept applications until a week later, as planned, and will distribute themselves credit. According to the program of preferential car loan will be sold to 150 thousand cars, Industry and Trade Ministry forecasts. And if the plan is implemented, the Russian automotive industry will receive significant support in not the easiest period.