HSBC Car Loan

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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, updated on April 10th, 2024       

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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.

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The features and benefits of HSBC car loans

HSBC car loan rates from 8.50% p.a.

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.

Buy new or used

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.

Repay over one to five years

You can tailor your term length to your own income needs, ensuring your weekly, fortnightly or monthly repayments are consistently affordable for you.

Fixed interest

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.

Online application process

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).

Additional repayments available

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).

Pros and cons of an HSBC car loan


Buy any vehicle you wish

Because the loan you’re taking out is an unsecured personal loan, there are no restrictions on the age or type of car you can purchase, whether it’s a Toyota, Nissan, BMW or anything else.

Use your loan for non-car purposes

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.

Instant outcomes

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.


No secured HSBC car finance available

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.

Various fees charged

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.

$50,000 maximum loan amount

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.

HSBC car loans explained further

How do I apply for a car loan with HSBC?

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.

What eligibility criteria will I have to meet with HSBC?

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:

  • You must be over 18 years of age
  • You must be an Australian citizen or permanent resident
  • You must be earning at least $40,000 annually
  • You must show a strong credit history and a good rating

Frequently asked questions about car loans

Is it better to take out a car loan or a personal loan?

When choosing between a car loan or personal loan, it's important to understand the differences between the two. Secured loans tend to come with much higher borrowing ranges and typically have lower interest and fees.

Unsecured personal loans don’t offer the same benefits in this respect, particularly given the comparatively high HSBC interest rates available. However, if you want to buy a very old vehicle or one in poor condition, a personal loan is likely to be the only finance option for you.

How long does it take for my car loan to be approved?

The time it takes to approve your car loan depends on which lender you apply with and the nature of your profile as a borrower. When applying with Savvy, though, you can receive online car loan approval within one business day and have the funds deposited directly into your account or that of your vehicle seller in as little as 48 hours.

Should I opt for a novated lease instead?

A novated lease may be the best option for you depending on your circumstances, but it’s important to know how they differ from car loans. The primary benefit offered by novated leasing relates to how it impacts your income tax, with lease payments coming out of your pre-tax income instead of post-tax. You can also have your car’s maintenance costs included in your lease payments. However, you don’t own the car throughout your term and the agreement is limited to workplaces which specifically offer novated leasing.

Can I include my car’s on-road costs in my loan sum?

Yes – if you’re applying with HSBC, you can borrow above the cost of your vehicle because it’s unsecured. However, even when applying with Savvy, we can help you get your car’s on-road costs included in your secured car loan, so you don’t have to worry about stumping up a significant amount upfront.

How can I improve my chances of approval for my first car loan?

Showing your lender that you’ve demonstrated positive credit behaviour in the past, such as repaying other loans, credit card debts and household bills on time, will be the biggest help when it comes to getting approved for your first car loan. Additionally, having savings in the bank (and potentially contributing a deposit) will help your chances of approval, as will taking care to only apply within your means. You can use Savvy’s car loan calculator for HSBC or any other lender to determine what you might end up paying overall.

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