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.
*Savvy does not represent Commonwealth Bank for its car loan (secured personal loan) product.
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.).
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 five 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 potential to pay off your loan faster.
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.
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.
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 documents you’ll need to supply as part of your application are:
One of either:
If not, two of either:
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