Kazakhstan has seen a significant decline in demand for auto loans in the first half of 2026. The number of applications from citizens fell by 9% compared to the same period last year, while a year earlier there was a 50% increase. This is reported by the website infohub.kz.
According to a review by the Association of Financiers of Kazakhstan (AFK), new lending for car purchases decreased by 24%, amounting to 886.6 billion tenge over six months. This decline was more pronounced than in retail lending overall, where the decrease was only 3.6%.
Experts attribute this trend to a combination of factors: market saturation (many who planned to buy a car on credit have already done so), stricter lending conditions, and reduced marketing programs by dealers. Additionally, auto loans have become significantly more expensive: the average rate rose from 18.8% to 24.4%, shifting demand toward borrowers who can service loans at market rates without subsidies.
The approval rate for auto loans fell from 17.6% to 16.8%, and the number of approved applications dropped by 13% to 449,700, after a 68% increase a year earlier.
As a result, the auto loan portfolio grew by only 5.2% compared to 23.2% last year. Auto loans now account for 16.3% of the total retail portfolio. More than 90% of loans are issued in the range of 5 to 20 million tenge.
The AFK notes that in the second half of the year, the market may partially recover due to a growing customer base and expansion of domestic car production, which will increase supply. Support may also come from the resumption of partnership programs and a possible reduction in the cost of borrowed funds.
Earlier it was reported that mortgage lending in the first half of the year grew by 12.4%, despite an overall contraction in retail lending of 3.6%.