Enjoy a trouble-free application process and a quick turnover of funds with an HSBC car loan.
The main draw of this loan is that it is unsecured. This means that it is available to more people who wish to get into their ideal vehicle. Since you do not need to offer an asset as security with this loan, more people can consider this loan as an option for their personal loan needs. It also helps that HSBC is straightforward about the product on offer. HSBC makes all the information you need easy to find and understand.
|Product Name||HSBC Car Loan|
|Interest Rate (p.a.)||From 9.5% (fixed)|
|Comparison Rate (p.a.)||10.06%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
Things to consider about an HSBC car loan
This loan is an unsecured personal loan. This means that you don’t have to put forward an asset, such as a new or used car, as security. However, this means that the rates are higher. The fixed interest rate that applies to this loan is 9.5% p.a. and the comparison rate is 10.06% p.a.
Features of the HSBC car loan
- Competitive interest rates. The fixed interest rate available on this loan is 9.5% p.a. and the comparison rate is 10.06% p.a.
- Large loan terms. Loan terms for this loan are between 1 and 5 years.
- Effortless 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.
- Offers 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 fund turnover. Once you have been approved, you will receive the funds within two to five business days.
- Large loan amounts. The minimum loan amount is $5,000 and the maximum amount is $50,000.
- Straightforward fees. The fee information on an HSBC car loan is accessible and easy to understand, so you will know exactly what fees HSBC will charge you.
- Annual fee. There is no annual fee on this account, but there is a monthly fee of $5. This monthly fee will cost you $60 a year.
- 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.
All of these fees will be charged to your loan account.
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.
- Proof of identity.
- Address details.
- Show details of your income and employment.
You will need to provide the following documents:
- An Australian driver’s licence or a passport to prove your identity.
- A rate notice or utility bill to prove your address.
- Your most recent payslip, a current bank statement or your last tax assessment if you are self-employed to prove your income and employment status.
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.