Finance a new or used car and benefit from a personalised interest rate with the HSBC Car Loan.
HSBC offers a competitive and flexible personal loan that allows you to finance either a new or used car. You can apply for up to $50,000 and receive a personalised interest rate based on your Equifax score band.
Before you apply, you can receive an estimate of your interest rate without it affecting your credit score. Find out more about this loan and if it's right for you in this review.
|Product Name||HSBC Car Loan|
|Interest Rate (p.a.)||From 8.5% (fixed)|
|Comparison Rate (p.a.)||9.06%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max Loan Amount||$50,000|
Main points to consider with the HSBC Car Loan
This loan offers a personalised interest rate starting from 8.5% p.a. You can get an estimate of your interest rate, which is based on your Equifax credit score, before you apply and without it affecting your credit score.
You're able to finance a new or used car with this loan. If you decide to proceed with the application, you're able to apply in about 10 minutes and you'll receive a response in 60 seconds. If approved, you will receive your funds in a few days. You can apply for up to $50,000.
Features of the HSBC Car Loan
- Personalised interest rates. The fixed interest rate available on this loan starts from 8.5% p.a. The rate you receive depends on your application and your Equifax credit score band.
- Loan terms. Loan terms for this loan are between 1 to 5 years.
- Application process. You can complete the application process online in about ten minutes. You can upload all of the relevant documents online and you will have a response within 60 seconds of submitting.
- Full approval. There is no conditional approval, which puts you in a position of power when it comes to negotiating as you will have full financing for your car.
- Quick turnaround. Once you have been approved, you will receive the funds within two to five business days.
- Loan amount. You can apply for between $5,000 and $50,000 to purchase your car.
- Flexible repayments. You can choose whether you want to make weekly, fortnightly or monthly repayments with this loan.
Fees and charges
HSBC will charge you the following fees throughout the loan term:
- An establishment fee of $150.
- An early termination fee of $199. This will not be charged during the last six months of your loan-term contract.
- A return fee of $35
- A monthly account-servicing fee of $5
- A duplicate-statement fee of $7
- A late-payment-reminder fee of $30. This is payable on your loan if you don't make the full repayment within three days of the due date
How to apply for the HSBC Car Loan
To apply for this loan online, click on "Go to Site" and ensure that you meet the following criteria:
- Be over the age of 18
- Earn at least $40,000 per year
- Have a good credit rating
You will need to provide the following documents:
- Identification using a current passport and/or your Australian driver's licence
- Address details in the form of a driver's licence, rates notice or utility bill
- Details of your income and employment with a recent payslip, bank statement or last Tax Assessment Notice if you are self-employed
This unsecured car loan offered by HSBC is an option to consider while looking for car loans that meet your needs. Make sure you compare car loans before making a final decision.