HSBC car loans – Drive your dream car as soon as you want
If you’re planning to finance your next set of wheels, you probably have many options you qualify for. So, why would you go with an HSBC car loan? For starters, HSBC is one of the world’s largest financial services organisations. This makes it a top option for most borrowers.
Additionally, you can borrow up to $50,000 for a new or used car and get a personalised rate that matches your credit score. Here’s more information to bring you further up to speed with HSBC car loans.
HSBC car loans at a glance
- Loan amounts. $5,000 – $50,000
- Loan terms. 1 – 5 years
- Interest rate range. From 8.50% to 16.99%
- Interest rate type. Fixed
- Security. Unsecured
- Pros. You can get pre-approved finance to boost your negotiating power when buying your car. You can also get a rate estimate before applying.
- Cons. Limited range of options.
- Best for. Borrowers with a good or excellent credit score who are looking for a fairly priced car loan.
Which loans are offered by HSBC?
- Car loans. In a nutshell, HSBC car loans offer between $5k and $50k, which is repaid over a maximum of 5 years. They are suitable for both new and used cars.
- Personal loans. HSBC personal loans also offer up to $50K and have fairly flexible loan terms of 1-5 years. They are handy for anything from buying a car to a holiday, wedding, or home renovation.
Features of HSBC car loans
- Personalised interest rates. When applying with HSBC, you can get your rate estimate without affecting your score. Knowing the rate you prequalify for gives you a better idea of whether to apply. But keep in mind that once you apply, HSBC will carry out a hard credit check which can affect your score.
- Easy online application process. Once you have your rate estimate in hand, the application process can be completed in as little as 10 minutes. The good news is you only have to wait for 60 seconds before getting a response.
- Fast funding. Once your car finance application gets the green light, HSBC will credit your nominated account within 2 or 3 business days. The quick turnaround time is all part of HSBC’s promise to have you driving the car you want sooner.
- Flexible repayments. Besides tailored interest rates, you can also tailor your repayments to your pay cycle by choosing a weekly, fortnightly, or monthly repayment schedule.
- Pre-approval. HSBC says it allows you to get your car loan sorted first before you start talking to car sellers. This speeds up the process since you are aware of your spending limit, not to mention the confidence boost when negotiating.
Rates, fees and charges
HSBC car loan rates range from 8.50% to 16.99%. You’re more likely to get a lower rate if your credit score is in excellent shape. Otherwise, the loan might not be as competitive as you like. Additionally, HSBC charges an establishment fee of $150, a monthly servicing fee of $5, and an early termination fee of $199. These fees will be included in your fixed monthly repayments.
The early termination fee only applies in the last six months of the term. Still, this can be a downer if you’re looking to clear your debt sooner than that, especially since other lenders don’t charge this fee.
You’re eligible to apply if you:
- Are at least 18 years of age
- Are a permanent Australian resident
- Earn at least $40,000 per year
- Have a good credit rating
During the application process, you’ll need to provide your ID, address, and offer details about your income and employment.
How to apply online for an HSBC car loan
Once you decide to apply for an HSBC car loan, simply click “Go to Site” in the table above. On HSBC’s website, use the following 4-step process to receive the funds you need to hit the open road:
- Get a personalised rate. HSBC has partnered with Equifax and the tailored rate you get is based on the Equifax score band. Enter your details in the short form provided to get started. The good news is this involves a soft credit check which won’t lower your credit score.
- Start the online application. Enter the amount you want and submit the information.
- Verify your identity. Upload the required documents online.
- Get your funds. Once you accept the loan offer, HSBC will transfer the money to your account within 2-3 business days.
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