Eligibility requirements:
- You must be over 18 years of age and a UK resident.
- You must have an annual UK taxable income or pension, before tax, of at least £10,000.
- You must hold a UK bank or building society account with a Direct Debit facility.
- The HSBC Car Loan is not available to customers with a Basic Bank Account.
- For joint loan applications, you must apply by phone; joint loans are not available online or via the HSBC Mobile Banking app.
- The loan is subject to status, and HSBC will assess your personal financial circumstances before making an offer.
HSBC Car Loan application steps:
- Use the HSBC Car Loan calculator on the official HSBC UK website to estimate your monthly repayments based on your desired amount and term.
- Choose how much you would like to borrow (between £1,000 and £30,000) and the repayment period that suits your budget.
- Get a personalised quote without affecting your credit rating, available to both HSBC customers and non-customers.
- Submit your full loan application online, via the HSBC Mobile Banking app, or by visiting a branch.
- If you are an existing HSBC current account holder, receive an instant credit decision; otherwise, expect a response within 2 to 5 working days.
- Once approved, sign the loan agreement to gain access to your funds, instantly if you are an HSBC current account customer.
Frequently asked questions
How long does it take to get approved for an HSBC Car Loan?
Existing HSBC current account holders receive an instant credit decision. Non-HSBC customers should expect a response within 2 to 5 working days after submitting their application.
Is it required to explain why credit is being used?
When applying for the HSBC Car Loan, the purpose of the loan is considered. However, HSBC does not permit the loan to be used for property purchases, gambling, or business purposes.
Do I need to have a good credit score to be approved for an HSBC Car Loan?
There is no stated minimum credit score, but HSBC assesses your personal financial circumstances. A stronger credit profile generally improves your chances of securing a better rate.
Can I apply for a loan if I am self-employed?
Yes, self-employed applicants may apply, provided they meet the eligibility criteria, including having an annual UK taxable income of at least £10,000 before tax.