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OREANDA-NEWS. According to preliminary estimation of AUTOSTAT analytic agency, only 30% of new cars were sold on credit in Russia in the first half of 2015.70% of vehicles were bought for cash. We should remind that in 2014 the share of credit sales accounted for 40.5% of the total market. At the same time, after government preferential lending program was launched in April, car lending market shows clear signs of recovery, analysts report.

"Thus, in the first quarter of 2015 the share of credit sales did not exceeded 20%,  in the second quarter it came close to last year's 40% level," - director of AUTOSTAT agency Sergey Tselikov said. According to him, the program provided both lower interest rates for lax credits and stimulus for banks to lower interest rates for all other credit offers, due to competition. Moreover, planned reduction of Central Bank key rate from 17% to 11.5% during the first half of the year favoured car credit market.

We should remind that over 63,000 passenger cars were sold under preferential car lending program from April to June 2015.  In general, 1.5 billion roubles are assigned for this program to subsidize interest rates for the purchase of 190,000 passenger cars and 10,000 commercial vehicles this year.