Commonwealth Bank Car Loans

Information verified correct on December 4th, 2016

Enjoy a competitive fixed or variable rate while also enjoying your new set of wheels with Commbank

Commonwealth Bank is amongst 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 Commonwealth Bank Car loans

Rates last updated December 4th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Commonwealth Bank Secured Car Loan
A low rate secured car loan with low ongoing fees.
From 8.49% (fixed) 9.54% $10,000 1 to 5 years $250 More
  • Fixed rate loan. As this 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 12.4% 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 and 7 years, and you can borrow a minimum of $5,000 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 of 13.9% 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.
  • Secured car loan. Use this fixed rate loan to buy a car that is up to five years old, and use the same as security to get a lower interest rate of 8.49% p.a.. Loan terms can extend up to 5 year(s). You have to be looking to borrow a minimum of $10,000.
  • Loans for businesses. Commonwealth Bank provides car finance options for businesses as well, and your options include equipment loans, hire purchase, finance leases, novated leases and fleet leases.

Is your car eligible to be used as security?

The secured loan has the following restrictions applied:

  • 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

How to apply for a car loan from Commonwealth Bank

You can apply for a Commonwealth Bank car loan over the phone, by visiting any Commonwealth Bank branch, or online. Applying online is easy and takes no more than a few minutes, and if you wish to apply online, simply click on the ‘Go to Site’ button. Before you apply, establish if you meet the following eligibility criteria:

  • You’re over 18 years of age
  • You’re an Australian citizen or a permanent Australian resident

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.

  • Details about your income, assets, liabilities and your day-to-day expenses
  • Personal details like your date of birth, marital status and driver’s license number
  • Work-related details like your employer’s name and contact details

While Commonwealth Bank gives you fixed and variable rate loan options, bear in mind that you can find similar features in loans that other institutions provide, so take some time to compare a few before applying.

Was this content helpful to you? No  Yes

Related Posts

IMB New Car Loan

This fixed rate new car loans up to 2 years old features no early repayment penalties

RACV Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

2 Responses to Commonwealth Bank Car Loans

  1. Default Gravatar
    Salome | November 24, 2016

    Can I apply for a loan even though Iam banking with another bank.

    • Staff
      May | November 24, 2016

      Hi Salome,

      Thanks for your question.

      Yes, you can, so long that you meet the general eligibility requirements and criteria for the Commonwealth Bank Car Loans. It’s important that you provide the details of your assets, income and other financial information. Your approval will entirely depend on the overall assessment of CBA of the personal and financial information you submit.

      Cheers,
      May

Ask a question
feedback