Commonwealth Bank Car Loan

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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, updated on June 19th, 2023       

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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.

*Savvy does not represent Commonwealth Bank for its car loan (secured personal loan) product. 

Commonwealth Bank logo

The features and benefits of a Commonwealth Bank car loan

Interest rates from 6.99% p.a.

You can secure a car loan with an interest rate as low as 6.99% p.a. (8.05% p.a. comparison rate), with maximum rates capped at 9.99% p.a. (11.03% p.a.).

Borrow up to $100,000

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.

Repay your loan over one to seven years

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.

Set your own payment schedule

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.

Lock in your rate for the whole term

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.

Buy new or used

You have the option of either buying a brand-new vehicle straight off the lot or purchasing a used one up to five years in age as part of your agreement with CommBank.

The advantages and disadvantages of a Commonwealth Bank car loan


Wide borrowing range

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.

Rapid online approval

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.

Various online and app services

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.


Cap on additional repayments

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 potential to pay off your loan faster.

Higher rate than other lenders

CommBank’s best rate is higher than many other lenders operating on the market (including a range of our partners), so you could end up paying more for your loan.

Selection of fees charged

You’ll be required to pay an application fee of $250 and a monthly administration fee of $10, as well as an early repayment adjustment and late payment fee if they apply.

More about CommBank car loans

How do I apply for CommBank car finance?

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.

Which documents will I need for my CBA car loan application?

The documents you’ll need to supply as part of your application are:

One of either:

  • Your passport
  • Your driver’s licence
  • Your proof of age card

If not, two of either:

  • Your birth certificate
  • Your citizenship certificate
  • Your pension or healthcare card
  • A council rates notice, utility bill, ATO assessment notice or overseas driver’s licence
  • Your two most recent payslips
  • If you’re self-employed, a personal tax return or notice of assessment from within the last 18 months
  • One month of bank statements for CommBank customers of six months or more and three months of statements for customers of less than six months
  • Any statements relating to savings, credit cards or other finance with other financial institutions
  • Either a quote from your insurer within your cooling-off period or a Certificate of Currency to confirm a 12-month comprehensive car insurance policy
  • Tax invoice for your chosen vehicle

Frequently asked car loan questions

Does my occupation or industry affect my car loan application?

It can – there are certain professions which are considered more stable and safer than others when it comes to assessing a loan application. As a result, if you’re a healthcare worker such as a nurse or doctor, a member of the military, a police officer or lawyer, you may find that you have access to lower interest rates and loan conditions. By applying with Savvy, you can make the most of this and have your consultant find the ideal loan for your needs.

How do I qualify for car finance with CommBank?

The car loan qualification criteria for CommBank finance includes the following:

  • You must be over the age of 18
  • You must be eligible to work in Australia and be employed currently
  • You must receive a regular income
  • You must have a good credit rating and mustn’t be going through bankruptcy
How long will it take to get approved for a car loan?

Car loan approval time differs between lenders. With CommBank, you can be conditionally approved within 60 seconds and have your car loan fully signed off on within as few as 24 hours. This will vary depending on your profile and the nature and size of your loan, however.

What is car stamp duty and how much does it cost?

Stamp duty on your car is a tax levied by state governments at the point of purchase. It’s a complicated cost which varies depending on the type of car you buy and its cost and will be implemented differently depending on which state you live in.

Can I be approved for CBA car finance as a student?

Yes – if you can show that you’re working consistently and earning a stable income on top of your studies, you can be approved for a car loan as a student. However, if you’re not working and are studying full-time, you won’t be able to take out a car loan. If you find yourself in this situation and receive government benefits, you can apply with Savvy to see whether you qualify to take out a car loan with one of our specialist lenders.

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