Wondering whether HSBC’s car loan offer is right for you? Find out all the key information and compare car finance deals with Savvy today.
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As one of the largest multinational banks in the world, HSBC has expanded its operations to Australia in the past decades to offer products relating to banking, investing, borrowing and more.
When you’re out looking for products to help you finance your next car purchase, it’s always crucial to approach them with a clear understanding of how they work and what their key features are.
You can find out all about HSBC car loans with Savvy to help inform your decision. By applying with us, you’ll gain access to our wide panel of lenders and help from our expert consultants to ensure the application runs smoothly for you.
*Please note that HSBC does not currently offer a secured car loan product. This page is reflective of its unsecured personal loan product, for which Savvy does not represent HSBC. All information in this article is correct as of 10 April 2024.
Your car loan interest rate with HSBC will start from a minimum of 12.99% p.a. (13.54% p.a. comparison), although this will depend on your individual profile also.
You can choose whether to purchase a brand-new or used vehicle as part of your car loan, providing a wide array of potential options to choose from during the process.
You can tailor your term length to your own income needs, ensuring your weekly, fortnightly or monthly repayments are consistently affordable for you.
By locking your interest rate in from the beginning of your car loan term, you’ll be able to budget with more accuracy and know exactly what you’ll be contributing into the future.
You won’t have to leave the comfort of your home to complete your application, as the whole process can be done online (as is the case when you apply with Savvy).
If you’d like to pay more than the required amount during your loan term, you can do so (albeit will be liable to pay a fee if your loan is completed before the last six months).
Also unlike car loans, your finance deal can be multipurpose, such as purchasing a car with most of the loan amount and using another portion to consolidate outstanding debts.
You’ll receive the outcome of your car loan, as well as the indicative interest rate, in around 60 seconds after you apply, with no effect on your credit score.
There are no secured car loan options on offer with HSBC, meaning you’ll have to stick to an unsecured deal which is likely to cost you more in the long run.
You’ll have to pay an establishment fee of $150 and ongoing charges of $5 per month with this loan, on top of a $199 early repayment fee if you pay it out ahead of schedule before the final six months.
There’s a lower cap when it comes to the maximum loan amount you can be approved for, with $50,000 potentially preventing you from accessing 100% finance for your chosen vehicle.
Just because the application process for your chosen lender is a simple one doesn’t mean you shouldn’t make yourself aware of it before you start preparing your information. By anticipating the steps along the way, you can avoid any surprises and, most importantly, delays in getting the funds to you so you can purchase your vehicle sooner. The HSBC car loan application process is as follows:
Submit your application online
The application you provide is relatively fast and easy to do. It should only take you around ten minutes to complete this and send it off to HSBC, after which you can receive a near-instant outcome.
Get an outcome and rate
You’ll receive a response in around 60 seconds confirming whether your initial application was successful. You’ll also receive an indicative interest rate as part of this process. It’s important to note that this won’t impact your credit score.
Upload your documents
If successful, you can proceed with the application and upload all the required documentation. This will involve identity documents and those pertaining to your financial situation (such as payslips and bank statements).
Sign your contract and receive your funds
After everything has been checked over and signed off on, you’ll be sent a loan contract to sign, which confirms the details of your agreement. You can do this online and return it to the lender, who can then advance the funds directly into your account.
You can simplify things even further for yourself by applying directly with Savvy. With more than 25 lending partners from around the country and a dedicated team of consultants, we take the hard work out of comparing and applying for your car loan. You can even use our car loan calculator for HSBC or any of our partnered lenders to find what’s the most affordable loan deal for you. Apply with us today to maximise your chances of approval for the best car loan available to you.
There are several key criteria to meet as part of your HSBC car finance deal. It’s important to always check this before applying, as there’s little point in applying for a loan you’re guaranteed to be rejected for due to not reaching their requirements. The criteria you’ll be required to meet include:
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