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HSBC auto loan alternatives
Compare three other lenders that offer large amounts, low starting rates and more.
HSBC isn’t in the auto loan business anymore, but you’ve still got options. These three alternatives offer something for everyone — whether you’re looking for high borrowing limits, low starting rates or poor-credit options.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% higher. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
†You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.
LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
Why doesn’t HSBC offer auto loans?
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.
3 alternatives to HSBC auto loans
HSBC isn’t on the table, but one of these lenders might be able to help.
Best for financing a large car loan: LightStream
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.
- How much you can borrow: $5,000 to $100,000
- APRs: Competitive
- Terms. 24 to 84 months
- Eligibility requirements: Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Best for low starting rates: Capital One
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.
- How much you can borrow: $4,000 to $40,000
- APRs: 3.24% (As low as)
- Terms. 36 to 72 months
- Eligibility requirements: Valid street address, existing Capital One account in good standing, buying 2009 model or newer with less than 120,000 miles
Best for borrowers with bad credit: car.Loan.com
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.
- How much you can borrow: Not Listed
- APRs: Varies by network lender
- Terms. Varies
- Eligibility requirements: Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Does HSBC offer similar loans?
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.
Compare more car loan providers
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Bottom line
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.
Frequently asked questions
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
†You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.
LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
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