CommBank Secured 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 $10,000. 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.

No reviews yet. Write a review


Application Fee

From 6.99% (fixed)

Interest Rate (p.a.)


Comparison Rate (p.a.)


Max Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Product NameCommBank Secured Car Loan
Interest Rate (p.a.)From 6.99% (fixed)
Comparison Rate (p.a.)8.05%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max Loan Amount$100,000

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

Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
CommBank Secured Car Loan
From 6.99% (fixed)
1 to 5 years
You'll receive a fixed interest rate from 6.99% p.a. and a comparison rate from 8.05% p.a.
A low rate secured car loan with low ongoing fees. Structured repayment schedule and option to make additional repayments up to $1,000 p.a.

Compare up to 4 providers

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 secured car loan

  • Loan terms. You can choose a loan term of between 1 year and 5 years.
  • Loan amount. With a minimum loan amount of $10,000 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 6.99% p.a. and a comparison rate from 8.05% 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 9% 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 11.5% 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 secured 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.

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.


    Default Gravatar
    September 4, 2019


    I did an online app for a secured car loan and it says approved in principal. I need to provide an invoice from the car dealership and take it in to a branch.

    Does this mean a credit check has already been done?

      Default Gravatar
      September 4, 2019

      Hi Kj,

      Thanks for getting in touch! It’s nice to know you were approved a secured car loan. Typically, when you have applied for a loan and is approved of one, all the steps including a credit check has taken place. You can confirm this by reaching out to Commonwealth Bank to inquire about your loan approval.

      Hope this helps and feel free to reach out again for further assistance.


    Default Gravatar
    September 26, 2018

    Can be on a pension

      Avatarfinder Customer Care
      September 26, 2018

      Hi Nicole,

      Thank you for leaving a question.

      The page you are on could not be applied for if you are only on pension. You may refer to our list of pensioner loans to know which lender may consider you. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!


    Default Gravatar
    May 28, 2018

    I am still on probation at work but need a car loan, does the lender require me to have been in this role for a set amount of time? I haven’t recently been in a similar role either, would this be an issue for the lender?

      Default Gravatar
      May 28, 2018

      Hi Kat,

      Thanks for reaching out to finder.

      If you are employed or receive regular income, you may apply for the Commonwealth Bank Secured Car Loan as they need to ensure that you can make repayments on a fixed repayment schedule.

      To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of this loan option. To know its other eligibility requirements , please check out the topic “How to apply for the Commonwealth Bank Secured Car Loan” of this page.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


    Default Gravatar
    June 15, 2017

    I would like to apply for a loan.

      Default Gravatar
      June 15, 2017

      Hi Natasha!

      Thanks for the comment.

      You can apply for our list of insurers who may offer you a car loan. We have a comparison table that you can use to calculate the repayments based on the amount and tenure.

      Please make sure that you have read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      Also if you can, contact first the lender and discuss your options and chances of approval before you send anything final for your application.

      Hope this helps.


    Default Gravatar
    March 16, 2017

    1. I am on a Centrelink Carer’s Pension and my wife on the DSP. I have savings equivalent to the value of the car I hope to purchase. Am I eligible for this loan?
    2. Which other loans are accessible to me?
    3. How flexible are the payments? What if I decide to pay it off more quickly?
    4. What if I have to reduce payments for a while?

      Avatarfinder Customer Care
      March 17, 2017

      Hi JohnRH,

      Thank you for your inquiry.

      Since you’re on Centrelink Carer’s pension, you may want to check these loans for people on Centrelink payments.

      Please read through that page so you can get more information from the guide. Also, once you’ve found the lender you wish to apply the loan with, please contact them directly and discuss your options and eligibility.


Go to site