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 7.49% 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 7.49% (fixed)|
|Comparison Rate (p.a.)||8.54%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||5 years|
|Min Loan Amount||$10,000|
|Monthly Service Fee||$10|
- No maximum loan amount for this loan
- Lower interest compared to an unsecured car loan
- Flexible repayments - weekly, monthly and fortnightly
- 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 $5,000 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(s) and 5 year(s).
- 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 7.49% 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 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.