Get a competitive rate for the car you want with the Secured Car Loan from Commonwealth Bank.
Get moving right away with the Secured Car Loan from Commonwealth Bank. With a minimum loan amount of $10,000 and no limit on the maximum loan amount, this loan lets you purchase a wide range of vehicles. 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 of 8.49% 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.
Things to consider about the Commonwealth Bank Secured Car Loan
| Product Name | Commonwealth Bank Secured Car Loan |
|---|---|
| Interest Rate (p.a.) | From 8.49% (fixed) |
| Comparison Rate (p.a.) | 9.54% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Loan Security | Secured |
Pros
- No maximum loan amount for this loan
- Lower interest compared to an unsecured car loan
- Flexible repayments - weekly, monthly and fortnightly
Cons
- Minimum loan amount of $10000
- There is an establishment fee of $250
- A monthly fee of $10 applies
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 Commonwealth Bank 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, Commonwealth Bank also offers an Unsecured Fixed Rate Personal Loan to meet your needs.
Features of the Commonwealth Bank 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 no maximum amount, this loan can be used to purchase a wide range of vehicles.
- Fixed rate. The loan features a fixed interest rate of 8.49% 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 $5,000 p.a. with this loan.
How to apply for the Commonwealth Bank 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 or permanent Australian resident 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.
You will be asked for details from the following documents when you are applying:
- Australian driver’s licence or passport
- Employment details
- Financial details
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 loans to find what suits you and your financial situation best.
Can be on a pension
Hi Nicole,
Thank you for leaving a question.
The page you are on could not be applied for if you are only on pension but please click here to be routed to our page which is specific to users who are on pension. 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!
Cheers,
Reggie
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?
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.
Cheers,
Nikki
I would like to apply for a loan.
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.
Click “Go to Site” green button to proceed with your application of your chosen lender.
Hope this helps.
Cheers,
Jonathan
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?
Hi JohnRH,
Thank you for your inquiry.
Since you’re on Centrelink Carer’s pension, the lenders that might accept your loan application are listed on this page. 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.
Cheers,
May
Can someone on parenting payment and family tax benefit apply for a car loan
Hi Kelli,
Thanks for your question.
Most car loans featured on our pages require other source of income. If you are receiving parenting payment, the lenders on this page may consider you for a loan. Please note that other eligibility criteria apply.
Alternatively, if someone is willing to be your guarantor, another option for you is a guarantor personal loan which you can then use to buy a car.
Cheers,
Anndy
I have a loan for 5 years with 15% interest.
Can I refinance it?
Hi Sam,
Thanks for your question.
If you are looking to refinance your car loan, you can compare your options here .
Please do check the eligibility criteria to apply by clicking the name of the loan product you are interested in, before submitting your application.
Cheers,
Anndy