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HSBC stopped offering car financing in 2010 when it sold the last of its auto loans to Santander Bank. This was part of a large-scale effort to reduce its loan options in the US after the financial crisis. However, it still offers personal lines of credit, mortgages and small business loans, as well as a suite of credit cards.
HSBC isn’t on the table, but one of these lenders might be able to help.
LightStream, a subsidiary of SunTrust, offers competitive auto loans up to $100,000 for borrowers with good to excellent credit. It has a fast turnaround, with the potential to get your funds the same day you apply.†And if you find a better deal elsewhere, it promises to beat that offer by 0.1% if the lender’s APR meets certain terms and conditions.§
You can do more than just finance a car through LightStream, too. It also offers auto loan refinancing, lease buy-outs and motorcycle loans, giving it an extra edge over other banks out there.
If you’re interested in taking out an auto loan through a bank, Capital One offers low starting rates to its existing customers. It has a few more requirements than other lenders — including meeting a minimum income of $1,500 or $1,800 depending on your credit — but it’s hard to beat a starting variable APR of 3.24%.
And you won’t have to commit to the loan, either. Capital One allows you to check your rate before you complete a full application. You can only work with certain dealers in your area, though. And like many banks, your credit score will need to be near perfection to qualify for the lowest rates.
If you can’t qualify for a bank auto loan, you may want to consider using car.Loan.com to compare alternative lenders you might qualify with. This connection service works with borrowers who have bad or no credit, and there are no mileage restrictions when it comes to used cars.
However, its barebones website doesn’t offer many details about the types of auto loans its partner lenders offer or what rates and terms you might qualify for.
Not really. While you could potentially use an HSBC personal line of credit to finance a car, you likely won’t get as competitive rates and terms as you would with a secured car loan.
HSBC may not have an auto loan available for its customers, but there are alternatives from other banks or online lenders. And if none of these providers seem like a good fit, compare other lenders with our guide to car loans.
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