Check and Compare car loan interest rate on used and new cars
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
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 loans in UAE if the vehicle in question is an electric vehicle (EV).
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
Given below are some documents to keep handy when you are applying for an HSBC pre-owned car loan in UAE.
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:
21 to 65 years
UAE Nationals and Expats
The applicant must have a good credit score
20% of the car value
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.
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.
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.
HSBC Car Loan allows early loan settlements albeit with an early loan settlement fee.
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.