HSBC Auto loans review

HSBC Auto Loans review

HSBC Auto Finance is part of the HSBC Group. They offer new auto loans as well as refinancing of existing auto loans. They offer loans to people with varying credit ratings, within the United States. You don't necessarily need to have perfect credit to get an auto loan from HSBC Auto Finance. As is the case with all other auto finance companies,the better your credit rating, the lower the interest rate applicable on your loan.

Instant Approval

The best part of HSBC Auto Finance is that most people are approved instantly when they apply. Some cases require review and you'll probably get their decision within an hour, if you've applied during their business hours which are Monday - Friday 6:00am - 7:00pm, Saturday and Sunday 7:00am - 7:00pm Pacific Standard Time.

After the HSBC loan approval comes through:

A HSBC account specialist will get in touch with you after yor loan is approved. If you decide to go ahead with the loan, the account specialist will mail you a loan package including a TurboCheck® that you will be able to use at any approved franchised dealership to buy your vehicle.Eligibility for the HSBC auto loan

Current residence:

You must be at your current residence for at least one year or be able to show that you have lived in the area for at least three years. If you have a transferable job and have moved around while staying employed with the same company, it would be treated as continuous residence for purposes of meeting this requirement. A proof of relocation would be required.

Employment requirements:

You need to have atleast a one year history of continuous employment with no more than two jobs and with not over a 30 day gap between the two jobs.

Minimum income requirement:

You need to have a minimum gross income of $2,000 gross per month for purchase applications and $1,600 gross per month for refinance applications.

Documents required for getting an auto loan:

For documentation purposes you may be asked to provide the following:

• Copy of current driver's license
• Agreement to provide insurance
• Personal references
• Pay stub with current year-to-date earnings

A valid pay stub can be computer generated, non-computer generated, or a Military LES. It needs to be recent - dated within the last 30 days and containing your year-to-date income & tax deductions as of a specific pay period.

(If you are self-employed you must submit the prior two years Federal tax returns pages 1 & 2; a schedule "C" is required on both tax returns. HSBC will use line 31, from the Schedule "C", to calculate the average monthly income derived from self-employment).

Joint application for auto loans

You can apply jointly with someone if you wish. If your income is less than $2,000 per month, it is recommended that you apply with a joint applicant because the minimum gross income required for purchase applications is $2000. For refinancing auto loans, HSBC has determined a minimum gross income eligibility of $1600 er month.

Limitations:

Certain types of vehicles not financed:HSBC finances new and used cars, light trucks (less than one ton) and sports utility vehicles. They do not finance:

• Commercial vehicles
• Recreational vehicles (except SUVs)
• Conversion vans
• Boats
• Motorcycles
• Salvaged, conversion vans,repossessed, auctioned, private party vehicles Lemon law, or gray market vehicles.

They also do not provide loans to residents in Alaska, Arkansas, Mississippi and Puerto Rico.

Depending on your credit history, you may not be able to get a loan for the purchase of Daewoo, Kia or Suzuki vehicles.

They won't give you a loan if you're purchasing a vehicle from a private party or from a motor vehicle dealer not authorised by HSBC. You can only use your loan approval to purchase a vehicle from a dealer at a HSBC authorized Dealership or authorized Franchised new Vehicle Dealer. If you are planning a purchase from a private party, RoadLoans is an option you can consider. They also have no limitations about the dealer you can buy from, as long as it is a franchised dealer.

Commercial vehicles not financed by them include:

Chevrolet Truck for Models: Express CA, Express PA, Express CO, C-Series (not including C3500 or C3500 Silverado)

Dodge Truck for Models: Sprinter 2500 Chassis, Sprinter 3500 Chassis, Sprinter Van 2500, Sprinter Van 3500, Sprinter Wagon 2500

Ford Truck for Models: E- Series, E-150, E-250, E-350, E-450, Econoline E150, Econoline E250, Econoline E350

GMC Truck for Models: Savana, G - Series, G1500, G2500, G3500

Existing auto loan from HSBC Auto Finance:

They will not give you a loan if you already have an existing auto loan with HSBC Auto Finance.

Year of vehicle:

The vehicle needs to be one produced during or after the year 2000 with a maximum of 80,000 miles. This restriction can be waived, depending on your credit history.

Repayment period of the auto loan

The repayment period of the loan depends on how old the vehicle is and the mielage it has done aart your credit history. The term period may be between 24 months and 72 months.

Down payment:

A down payment is not required except in some cases where they may require a down payment up to $1,000 or 10% of the sales price.

Maximum/minimum amount of auto loan that HSBC will provide

Here's the minimum/maximum loan you can get from HSBC auto loans, depending on your state of residence.

• Illinois Residents: Maximum loan of $40,000.
• Kentucky Residents: Minimum loan amount is $15,001.
• Maryland Residents: Minimum loan amount is $6,001.
• New York Residents: Maximum loan amount may not exceed $25,000.
• New Hampshire Residents: Minimum loan amount made to refinance existing debt must exceed $10,001.
• North Dakota Residents: Maximum loan amount may not exceed $35,000.
• Rhode Island Residents: Minimum loan amount is $5,001.

HSBC Auto Finance is a reputed lender and their instant approval is a time saver. Do read the terms and conditions carefully before signing the loan documents.

This review refers to a service not available any more.