Cars are essential to how we move from one point to the other. They are no longer a point of elevation of social standing as they were before. In fact, they are slowly creeping into the need category of our daily lives.

However, cars can be expensive to buy. To our relief, there are many car loan options available for us to fulfil this need.

Today there are many companies and banks that offer customized and competitive car loan deals. One such bank is HBSC, where you can get a reasonable loan and for a good rate. Read on to find out more about this particular car loan.

Why Consider a Car Loan with HSBC?

The first aspect that you should look at while applying for any loan is the interest rate. So if the rate that HSBC proposes works for you, you must consider these other features and benefits, as well.

Free Overpayments

With some institutions, you have to pay a fee if you make an overpayment. With HBSC, however, you can make overpayments on your loans free of charge.

That means that if you have extra cash on your hands, you can safely use it without being worried about being penalized.

Quick Disbursement of Funds

With loans, you want one that will disburse the funds at the earliest possible time. That’s what you get when you go with HSBC to secure a car loan.

With quick disbursement, you won’t have to worry that the car you like would be gone by the time you secure the loan. In fact, if you’re a HSBC account holder or credit card holder, the amount can be available to you almost instantly.

Credit Amount

You need a bank that will offer you an amount that will settle your car needs. That’s what you get with HSBC. With this lender, you can get a loan of up to £25,000.

APR and Fees

With HSBC, you get an interest rate that is not intimidating. Here, you can get an APR from as low as 3.3%. Your credit score, overall, determines how much APR you get from the car loan.

The max APR offered is 21.9%. You can use the HSBC website to get a personalized quote.

Some fees associated may be incurred in extenuating circumstances, such as the requirement to pay reasonable costs and expenses for taking action to obtain payment, including legal costs if you miss a repayment.

For more exact info on loan fees, contact a bank representative.

Repayment Plan

When taking a loan, you have to consider how much time you’ll have to repay it. HSBC is a bank that gives you ample time to replay. You have at least 1 to 5 years for you to take care of your loan.

The longer the loan period, the higher the APR you’ll have for the loan.

No Extra Fees

When taking out a loan, the worst potential aspects are hidden charges. However, that is not the case with HSBC. Whatever you agreed upon is exactly is what you pay in your loan term.

How to Apply for a Car Loan with HSBC

Apart from the obvious requirements of age and earnings, you also have to be a HSBC customer for you to take out a car loan. You then have to be a UK resident in order to secure a loan with the bank.

For the ease of application, you can use the online platform to apply for the loan. Simply click the loans menu on the HSBC website and then click on the car loans section. On the next page, click on the ‘Log on and apply now’ button and begin your process.

The whole process is quite straightforward and doesn’t need any technical know-how to accomplish. You can also jump straight to the loan form on the site.

Contact Information

You can get in touch with a representative from HSBC to find out more about your car loan at 000 44 1226 261010. The bank’s head office is at 8 Canada Square, London, E14 5HQ GB.

Conclusion

HSBC’s car loan features are well rated and competitive. With their features like free overpayment, convenient repayment plans, and no hidden costs, one can definitely keep HSBC on their radar for loan options.

Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.