In Russia, renewed programs of preferential car loans

The government allocated 5 billion rubles to support the automotive industry. True, funds can run out quickly.

The Ministry of Industry and Trade announced the resumption of state programs for preferential car loans “First Car” and “Family Car”. Subsidies are designed to stimulate demand in a falling market and allow customers to save up to 10 percent of the cost of a new car of domestic production.

Meanwhile, information has already been circulated in the media that the five billion rubles allocated by the state will not be enough for subsidies throughout the year – if the demand for cars is comparable to the figures for 2019, then the targeted funds will be spent until the end of May. For comparison, last year, a total of about 9.4 billion rubles were spent on state programs “First Car” and “Family Car” – state support allowed the Russians to purchase more than 100 thousand cars.