HSBC Car Loans

HSBC is a global bank which provides car loans as well as personal banking, home loans, personal loans, insurance, investments, and advisory services.

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The table below displays a snapshot of HSBC’s car loan products on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a five-year loan in NSW.

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What car loan(s) does HSBC offer?

At the time of writing, HSBC offers a secured car loan for cars and other vehicles. This loan offers the following features:

  • Full unconditional approval
  • Fast online application time
  • Funds transferred within a few days
  • Fixed monthly repayments
  • Ability to change the vehicle you’re financing after the loan is approved

Is your car eligible for a secured loan with HSBC?

To be eligible for a secured car loan with HSBC, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:

  • For personal use
  • Less than seven years old
  • A new or used vehicle

Check the PDS (product disclosure statement) for HSBC’s car loan criteria.

Does HSBC also offer personal loans?

Yes, HSBC does offer unsecured personal loans as well as its car loan product. The table below displays a snapshot of HSBC’s personal loan products on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

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HSBC FAQs

HSBC offers a minimum loan amount of $5000, with a maximum ceiling of $50,000.

HSBC offers loan terms from a minimum of 1 year up to 5 years, in increments of 6 months.

There are a number of fees to be aware of when taking out a car loan with HSBC:

  • A once-off $150 loan establishment fee
  • A $5 monthly account servicing fee
  • A $199 fee if you terminate your loan early (not applicable in the last six months of the loan term)

See this article for look at the average fees currently charged by car loan loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if HSBC’s fees are more or less what the average customer is paying.

Applying for a HSBC personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with HSBC (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • The car or motorcycle must be for personal use
  • You must be 18 or over
  • You must be a permanent Australian resident or valid work visa holder
  • Currently employed with a stable income
  • Have a solid credit rating and not be bankrupt

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for HSBC if you’re an existing member.

HSBC is one of the world’s largest financial services companies, with around 3,900 offices in more than 60 countries worldwide. HSBC first came to Australia in 1965 and began offering commercial banking in 1986; today the company has 40 branches and offices throughout Australia offering a range of consumer and institutional services. HSBC is a major sponsor of the Wallabies and Rugby Australia, as well as the World Rugby Sevens Series. The company also runs several community partnerships with Enactus, Youth Off The Streets and the Australian Indigenous Education Foundation (AIEF).

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Written by: Sam Bloom | Last updated: April 27, 2018