Govt extends preferential car lending program until 2020

MOSCOW, Jul 30 (PRIME) -- The Russian government has extended a 15 billion ruble preferential car lending program until 2020, according to a relevant ruling released on the government’s website on Monday.

Under the program launched in 2015, credit organizations provide a discount for payment of an initial instalment on the loan at 10% of the cost of the purchased car with a subsequent reimbursement of costs from the federal budget.

The government also decided to raise the discount for citizens of the country’s Far East under the First Car and Family Car programs to 25% to raise availability of Russia-made cars.

A total of 45,100 cars are projected to be sold under the preferential car lending program in 2018, including 5,800 units in the Far East.

(62.9726 rubles – U.S. $1)

End