Learn all about your secured car loan options with CommBank and compare offers from other lenders all in one place with Savvy.
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Commonwealth Bank (otherwise known as CommBank or CBA) is one of Australia’s Big Four banks, meaning they offer no shortage of financial products and services across a wide spectrum of areas.
One of these is a CommBank secured car loan so, if you’re in the market for a new vehicle, it’s important to dive deep into your range of options and find out exactly how they work before you commit to them for your vehicle finance.
Savvy can help you do just that as we break down all the key features of a CommBank car finance deal, as well as help you compare from our extensive panel of reputable lenders and guide you through the application process personally.
*Please note that Commonwealth Bank does not currently offer a designated car loan product. This page is reflective of its Secured Personal Loan product, for which Savvy does not represent Commonwealth Bank. All information in this article is correct as of 29 July 2024.
You can secure a car loan with an interest rate as low as 6.99% p.a. (8.04% p.a. comparison rate), with maximum rates capped at 12.49% p.a. (14.83% p.a. comparison).
CommBank car finance enables you to purchase a car with a loan up to a maximum of $100,000, meaning you can bring more luxury models within your reach if you choose to.
On top of this, you can take as much time as you need to fully pay off your loan, with shorter options of one year or more or a longer potential term of seven years available.
If you’re paid weekly, fortnightly or monthly, you can set your car loan repayments to be made on the same schedule so that they’re more convenient for you.
With a fixed rate, you won’t have to worry about any increases in interest across your car loan and more accurately and effectively budget around your instalments into the future.
You have the option of either buying a brand-new vehicle straight off the lot or purchasing a used one up to seven years in age as part of your agreement with CommBank.
As well as enabling you to borrow up to $100,000, you can take out your loan for as little as $4,000, which allows you to potentially use your loan as a supplement to a cash deposit.
Once you’ve submitted your application to CommBank, you can expect a response in as few as 60 seconds, giving you peace of mind on your deal straight away.
You can take advantage of CommBank’s online infrastructure to track and pay off your loan, including via its app on your phone or your online account on your web browser.
While additional repayments are accepted as part of your loan agreement, you can only contribute a maximum of $1,000 extra each year, limiting your ability to pay off your loan faster.
If you're looking to buy a used car above seven years old, CommBank doesn't offer any secured products catering to you. You'd have to take on an unsecured loan, which may come with much higher interest.
You’ll be required to pay an establishment fee of $250 (waived until 27 August 2024) and a monthly administration fee of $15, as well as an early repayment adjustment and late payment fee if they apply.
The process of applying for a loan with Commonwealth Bank is a streamlined and simple one. However, applying directly to one lender isn’t always the best option for you. By submitting a quick quote and application through Savvy, you can put your application in the hands of an experienced consultant who’ll find and compare the best offers for your profile and submit all the required forms on your behalf to ensure you’re approved.
The CommBank car loan application process is as follows:
Work out how much to apply for
You should always enter the process knowing how much you need and can afford. One of the best ways to find out what your ideal borrowing amount is for CommBank is with a car loan calculator, which you can find right here with Savvy. Our calculator will help you crunch the numbers for your CommBank car loan, determining what amount and term best suit you.
Fill out your online application form
Once you have a clear idea of what to borrow, you can complete an online application form. This is designed to let CommBank know about your personal situation and the current state of your finances to determine whether you might be a suitable applicant for a car loan.
Receive an instant outcome and submit your documents
You’ll be notified in as little as 60 seconds as to whether your application was successful. If it’s been pre-approved, you’ll be asked to send through your supporting documents to confirm the details discussed in your initial application. Once these have all been verified, you can move into the final stages of the process.
Sign your contract and receive your funds
CommBank will send you a loan contract to sign and return and, once this has been completed, advance the approved funds directly into your account, enabling you to purchase the car you need.
The identification documents you’ll need to supply as part of your application are:
One of either:
If not, two of the following (must be done in-branch:
Proof of income requirements also differ depending on your employment status. These are:
Full-time and part-time employees
One of the following:
Casual employees
One of the following:
Self-employed workers
One of the following (if you’ve been running your business for at least 12 months):
Recipients of eligible government benefits will need to supply one of the following:
Different requirements are in place for those receive child support, rent or investment income. You'll also need to provide evidence of any debts with other financial institutions, as well as information on the car you're buying and using as security for the loan.
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