Car Refinance Example
If you financed a car loan for $20,000 over 5 years at an interest rate of 17.32% APR, the car loan payments would be $500.50 per month. If you were able to refinance this auto loan after twelve months and decreased the interest rate to 12.43% APR, the monthly car payment would drop to $457.80. By refinancing your auto loan, you would save $42.70 per month. This equates to a savings of $2,049.60 over the remaining 48 months of the loan, assuming all of the installments were paid on their due date.
HSBC Auto Finance
HSBC Auto Finance is a leading provider of financing for new and used vehicles and has products that serve the full spectrum of credit consumers. For dealers, HSBC Auto Finance purchases consumer contracts from thousands of active car dealers in 47 states. For consumers, HSBC Auto Finance originates or refinances auto loans through direct solicitations, the Internet and alliances. HSBC Auto Finance also services auto loans for other HSBC companies, including HFC and Beneficial branches.
