CommBank Car Loan
Get a competitive rate for the car you want with a secured car loan from CommBank.
Get moving right away with a secured car loan from CommBank. Borrow up to $100,000 with a minimum loan amount of $4,000. This loan lets you purchase new or used cars up to 5 years old. You’ll know exactly what you’ll have to repay each month with the fixed interest rate and fixed repayment schedule, making it easy to work the loan into your budget.
If you apply and are funded, you could enjoy an interest rate from 5.99% p.a. on your car loan. This can help you keep your repayments even more manageable. Find out if CommBank's Secured Car Loan is right for you by reading the review below.
From 5.99% (fixed)
Interest Rate (p.a.)
Comparison Rate (p.a.)
Max Loan Amount
CommBank is among Australia's leading financial institutions, offerings products and services for individuals, businesses, and institutions alike. Its first branch opened in 1912 in Melbourne, and after more than 100 years of operations, it now boasts over 50,000 employees and over 800,000 shareholders.
This bank offers a variety of products and services which include bank accounts, superannuation, funds managements, investments, share broking, and insurance solutions. If you're thinking about getting a loan to buy a new or used car, CommBank presents multiple alternatives for you to consider.
Compare CommBank car loans
Things to consider about the CommBank secured car loan
This is a secured loan, so you will need to put the value of your car up against the loan for security in case you are ever unable to make your repayments. The secured car loan from CommBank has a fixed interest rate and a fixed repayment schedule so that you can know when and how much your repayments will be.
You are able to choose if you’d like to make your repayments weekly, fortnightly or monthly and you are able to make additional repayments up to $1,000 annually. This loan can only be used for buying a new car or a used car that is less than five years old.
If you are looking to use some of the funds for other purposes, CommBank unsecured fixed rate personal loan might suit your needs.
Features of the CommBank car loan (secured)
- Loan terms. You can choose a loan term of between 1 year and 5 years.
- Loan amount. With a minimum loan amount of $4,000 and a maximum amount of $100,000, this loan can be used to purchase new or used cars up to 5 years old.
- Fixed rate. The loan features a fixed interest rate from 5.99% p.a. and a comparison rate from 7.41% p.a.
- Competitive fees. An initial charge of $250 applies upon signup and a $10 monthly loan service fee applies for the life of your loan. Other fees, including a $20 late repayment fee if you miss a payment, may apply.
- Structured repayment schedule. You are able to choose if you'd like to make your repayments on a weekly, fortnightly or monthly basis and repayments are structured and fixed for the duration of your loan. This way you'll know what you'll be paying every week, fortnight or month and can budget accordingly.
- Extra repayments. You can make additional repayments of up to $1,000 p.a. with this loan.
Is your car eligible to be used as security?
The secured CommBank car loan has the following restrictions:
- The car cannot be under finance
- The car cannot be more than five years old
- You can't use the funds for any other purpose except for a vehicle purchase
- You can't purchase another type of vehicle, such as a motorcycle
Types of other loans offered by CommBank
Fixed rate loan
As this CommBank Car Loan is unsecured you can use it to purchase any type of vehicle you like, new or used. The interest this loan attracts – a competitive rate from 8.49% p.a. – remains fixed for the life of the loan, so you don't have to worry about interest rate increases in the future. Loan terms can vary between 1 year and 7 years, and you can borrow a minimum of $4,000 and up to $50,000.
Variable rate loan
This loan offers similar loan terms and loan amounts as the fixed rate option and comes with a rate from 8% p.a. It also allows you to redraw funds you've paid in the form of additional repayments. This loan is also unsecured so the funds can be used for whatever vehicle you like.
Loans for businesses
CommBank provides car finance options for businesses as well, and your options include equipment loans, hire purchase, finance leases, novated leases and fleet leases.
How to apply for the CommBank car loan
Ensure that this car loan is one that will work best for what you need, and once you're ready to submit an application, click "Go to Site" to begin.
- Age. You must be over the age of 18 to apply for this loan.
- Employment. You must be employed so that you can make repayments on a fixed repayment schedule.
- Residency. You must be an Australian citizen, permanent resident or an eligible visa holder to apply for this loan.
- Vehicle. The car you're looking to purchase needs to be new or used up to five years old. It also cannot be under finance under another institution.
The application process assesses your borrowing power based on different factors, and you also have to provide a host of personal and work-related information, so prepare to part with the following.
- Personal details like your date of birth, marital status, Australian driver’s licence or passport
- Employment details like your employer's name and contact details
- Financial details about your income, assets, liabilities and your day-to-day expenses
A car is a large purchase and is a decision that should not be taken lightly. Always think about what you want and need when it comes to taking out a loan for a car and compare a range of car loans to find what suits you and your financial situation best.