CommBank Car Loan Rates and Review

CommBank Car Loans as of April 2024

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Vehicle Type	Maximum Vehicle Age	Ongoing Fee	Application Fee	Total Repayment	as ofApril 27, 2024

	6.99^%_p.a.	8.40^%_p.a.	^$594	Fixed	New, Used	5 years	^$15	^$250	^$35,634	More details
	Commonwealth Bank – Secured Car Loan
Commonwealth Bank – Secured Car Loan More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 27, 2024. View disclaimer

CommBank has a handful of products out there for people and businesses hoping to finance a new set of wheels. Notably, it offers three personal loan products marketed to those seeking car finance, giving eligible individuals and businesses the option to borrow between $4,000 and $100,000.

Car loan products	Available at CommBank?
Fixed rate car loan	✅
Variable rate car loan	✅
Fixed interest secured car loan	✅
Variable interest secured car loan	❎
Green car loan	❎ discounted interest on EVs available

CommBank car loan review

CommBank markets three products for car financing solutions: A fixed interest secured personal loan, a fixed interest unsecured personal loan, and a variable rate unsecured personal loan. Its secured option allows for a person to borrow as much as $100,000, while its unsecured loans allow up to $50,000 to be borrowed.

CommBank has repayment terms of between one and seven years and gives borrowers the option to make weekly, fortnightly, or monthly repayments.

Green vehicle discounts

It also offers discounts on the interest rate it offers to borrowers signing up for a car loan to buy an electric or hybrid vehicle.

What cars can be financed with the bank

People borrowing with an unsecured personal loan don’t need to worry - they can use the funds to buy whatever car they please.

However, CommBank demands that those taking out a secured personal loan to buy a car purchase one that is under five years old.

Approval times

The biggest of the big four banks also promises to give those applying for a personal loan with an answer on their application in as little as 60 seconds. It says its applications take around 15 minutes to fill out.

Eligibility criteria

Those looking to finance their new car through CommBank must be over the age of 18 and a citizen of Australia or New Zealand, a permanent resident of Australia, or hold a valid visa.

They also need to meet minimum income requirements, be employed or receiving regular income, and have a good credit rating.