Always on the lookout for the perfect car loans that will allow you to buy the car, you so need and prefer? Check out what HSBC has to offer and you are sure to find the right loan offer for you.
HSBC Online Car Loan Features and Benefits
HSBC makes getting a car loan a worthwhile feat. As a borrower, you are given easy access to a hefty fund so that you can finally buy the car of your dreams. Your loan amount can range from GBP 1,000 to GBP 25,000, payable within 1 to 5 years (for GBP 15,000 or less) or 8 years (for over GBP 15,000).
If you are planning to make overpayments, you will be glad to know that there are no overpayment fees, so you can settle in full or make additional payments anytime. Think about it, you can lower down the interest you will pay by paying early!
Getting an HSBC Online Car Loan
Applying for this loan is pretty straightforward. First, you need to make sure that you have a bank or building society account complete with a Direct Debit facility. Aside from this, you must be more than 18 years old and a legal UK resident. Additionally, you must have GBP 10,000 and above annual income or pension before tax deductions.
Take note that this car loan cannot be used for purchasing property in the UK or abroad, buying a joint share in properties, mortgage deposits and paying out solicitor’s fees. Moreover, this loan cannot be used for gambling, business purposes, share dealing and others as per the bank’s advice.
The best thing about the HSBC Online Car Loan is even customers who are non-HSBC current account holders get to enjoy this offer. Unfortunately, customers from Channel Island and the Isle of Man are required to have an HSBC current account.
Interested customers can apply via HSBC website, mobile app, or branch visit.
HSBC Online Car Loan Fees and Charges
Before you go and send in your applications, you might want to know what you are getting into. This is where the fees and charges come in. When you get the HSBC Online Car Loan, you are expected to pay interest. The bank offers a representative annual percentage rate of 3.3%, whilst the highest they will assign a client will be 21.9%.
Just keep in mind that you can only enjoy this representative APR if your loan is between GBP 7,000 and GBP 15,000. So, if you borrow GBP 10,000 payable over 36 months, your APR will be 3.3% with monthly repayments of GBP 291.92. This means that the total repayable amount is GBP 10,509.12.
It is important to note that the bank will evaluate your financial and credit situation combined with your loan amount and term to arrive at a suitable APR for you.
Nothing beats having the funds to buy an essential investment and a car is certainly a worthwhile one. HSBC Online Car Loan is your best choice in getting funding for your prospective vehicle so start your application today.