HSBC Pre-Owned Cars Finance

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While acquiring a car is the dream of many, having a specific car beyond their budget or requiring significant compromise with other finances can be discouraging. In such cases, pre-owned cars make for a great choice by allowing individuals to enjoy the benefits of cars at reduced rates. And while you can purchase a used car by yourself, getting it financed is often the best way to go. Among the best available options for our purpose is the HSBC Pre-Owned Cars Finance.

With branches throughout the UAE, HSBC Bank has a comprehensive range of products and services suiting all customers’ financial needs. Their online banking allows you to manage your account 24/7, all while providing you with easy access to a host of useful features like internet banking, mobile banking, online statements, purchasing loan products online including the HSBC car loan in UAE, etc.

HSBC Pre-Owned Cars Finance

  • Minimum Salary AED 75,00
  • Flat Rate 5.62%
  • Reducing Rate 20%
  • No Salary Transfer
  • Finance on Second Car
  • Finance on Other Car
  • Dedicated Relationship Manager

Major Features of HSBC Pre-Owned Cars Finance

HSBC Car Loans unlock the world of car ownership for individuals at manageable rates. With the ability to provide you with your preferred car without requiring a guarantor, HSBC Car Loan products offer you flexibility and affordability in their loans. Given below are the key features of car loans provided by HSBC.

1. Low Rates of Interest - HSBC Car Loans offers one of the widest selection of interest rates, making it easier for you to choose the best option. This can help reduce your monthly repayments and reduce the overall amount you pay for your new or used vehicle. Interest rates for pre-owned cars start from as low as 3.49% per annum.

2. High Loan Amount - Whether you're looking to have your family in a safe, reliable car, or want to treat yourself to something more exciting, you'll find just the right financing option at HSBC Car Loans. With high financing amounts, you can find luxury or sports cars well within your manageable range.

3. Flexible Loan Term - HSBC Car Loan offers a loan term ranging from a year to 5 years. This feature enables users to pay off their loans conveniently over time with less stress and greater flexibility. And while a longer loan tenure will result in a higher amount of interest payment yet lower monthly repayments, the choice is ultimately yours with respect to the tenure.

4. Balloon Repayment Feature - With HSBC Car Loan, customers can enjoy such a quirky-sounding feature called Balloon repayment which helps reduce your monthly instalments and make cash flow easier. Instead of repaying your car loan in instalments, you submit a lump amount at the conclusion of your loan term under balloon repayment to minimise your monthly instalments. Consequently, by the next time you buy a car, you will have better capital as you would have already paid off some chunks of the loan amount earlier.

5. Zero Salary Transfer - If you have a salary account with HSBC bank, you will receive several exclusive perks such as lower interest rates with the loan. However, the program doesn't mandate a salary transfer account for your loan. Consequently, as long as you fulfil certain criteria, you'll be able to obtain the funds easily. 

6. EV Interest Rates - Green cars such as fully electric cars are gaining momentum in the UAE as evident in the number of people buying such cars. Noting this recent increase in the demand for electric vehicles, HSBC Bank has started to provide its clients with a discount on flat interest rates of HSBC pre-owned car loan in UAE if the vehicle in question is an electric vehicle (EV).

HSBC Pre-Owned Cars Finance Interest Rates

Car Finance Type

Flat Rate of Interest Starting at

Reducing Rate of Interest Starting at

HSBC Pre-owned Cars Finance

3.49% per annum

7.29% per annum

HSBC Pre-Owned Cars Finance Documentation Requirements

Given below are some documents to keep handy when you are applying for an HSBC pre-owned car loan in UAE. 

Employed Applicants

  • Driving License
  • VISA Details
  • Recent Utility Bills
  • Emirates ID
  • Passport
  • Last 6-month Bank Statement
  • Recent Payslips or Salary Certificate
  • Dealer’s Quotation of the car or Proforma Invoice

Self-employed Applicants

  • Passport
  • Emirates ID
  • Driving License
  • Last 6-month Individual Bank Statement
  • Last 6-month Corporate Bank Statement
  • Trade License
  • Power of Attorney
  • Dealer’s Quotation of the car or Proforma Invoice
  • Current Loans, Liabilities, and Expense Details

HSBC Pre-Owned Cars Finance Eligibility Criteria

While HSBC Car Loan is one of the distinguished car loan companies in the UAE, HSBC has specified eligibility criteria that must be fulfilled by the applicant before their application is considered. The following list contains the major elements of eligibility criteria:

  • Age: The minimum and maximum age limits for car loans with HSBC are 21 years and 65 years, respectively. However, as the upper limit can be flexible, have a word with the bank to verify the same.
  • Residency: HSBC bank offers both UAE nationals and expatriates car loans. However, ex-pats must especially possess sufficient proof of their residency for approval.
  • Salary: HSBC requires a salary of at least AED 7,500 per month on the part of applicants searching for a car loan. 
  • Credit Score: Applicants must have a good credit score to be considered eligible for an HSBC car loan in UAE. While one cannot ascertain a specific number, aiming for a credit score of at least 700 is a good place to start.
  • Down Payment: Before applying for an HSBC car loan, you must have enough savings to fund at least 20% of the car's cost in the form of a down payment.

Age 

21 to 65 years

Residency

UAE Nationals and Expats

Salary Requirement

AED 7,500 

Credit Score

The applicant must have a good credit score

Down Payment

20% of the car value
 

Reasons to Choose HSBC Pre-Owned Cars Finance

HSBC Bank has been a leader in the finance sector for years now, with excellent products and services offered. HSBC pre-owned cars finance, for instance, is one of those exciting options that provide the required assistance for securing a car of their choice. Here are the top reasons to choose HSBC.

  • Flat Rates of Interest starting from 3.49% per annum
  • Salary Transfer not mandatory
  • High Loan Amounts
  • Balloon Repayment Option available
  • Dedicated Sales Specialists
  • Lower Interest Rates for Electric Vehicle Financing

If you want to buy the best car loan in UAE online and compare the best plans all at one place, you can do all the required procedures on our website. Continue on policybazaar.ae and check out our car loans section to get started.

Frequently Asked Questions

Can I apply for an HSBC Car Loan in UAE without an active salary account?

Yes, non-HSBC account holders are also eligible for a car loan from the bank. However, having an active account with HSBC Bank is beneficial as you can avail of several additional features.

Can I close my car loan account before my loan tenure ends?

HSBC Car Loan allows early loan settlements albeit with an early loan settlement fee.

How can I apply for HSBC Pre-Owned Cars Finance?

To apply for HSBC pre-owned cars finance, you can simply visit the HSBC website or policybazaar.ae and fill out the application form after obtaining it there. After submitting it, you will be contacted for further processes provided your application is granted approval.