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Demand for car loans in Kazakhstan has seen a noticeable decline during the first quarter of this year, according to data from the National Bank of Kazakhstan. This shift suggests a change in consumer behavior regarding vehicle purchases.

Shifting Loan Conditions

Several factors are contributing to this downturn. A primary reason is that car dealerships are no longer offering loan terms as attractive as they once were. This makes financing a new vehicle less appealing for potential buyers.

Price Adjustments and Alternatives

Additionally, a decrease in the prices of new cars has provided some consumers with the opportunity to purchase vehicles without a loan or with a significantly smaller loan amount. This price adjustment is making outright purchases or smaller financing options more viable.

Key Statistics on Loan Applications

The impact of these changes is evident in the application numbers. The total number of applications for car loans dropped by 20% compared to the previous quarter, reaching 1.2 million. Despite the decrease in application volume, the average loan amount has increased by 12%, now standing at 7.2 million tenge.

Looking Ahead to 2025

Despite the current dip, projections indicate a potential growth in car loan issuance by 2025. This suggests a possible rebound in the market as economic conditions or financing offers evolve.

Context from the Previous Year

To provide context, at the end of last year, car loans were on par with mortgage loans in terms of issuance volume. Data from the Association of Financiers of Kazakhstan revealed that Kazakhstani citizens had taken out car loans totaling 2.4 trillion tenge, marking an approximate 30% increase compared to 2024.

This information was reported by Infohub.kz.