Commonwealth Bank Car Loans

You’ll need to borrow at least $10,000 on a Commonwealth Bank secured car loan.

You can choose a term of one to five years for your Commonwealth Bank secured car loan.

There are two fees to be aware of when taking out a car loan with Commonwealth Bank:

• A once-off $250 establishment fee when you first take out the loan
• A monthly $10 loan service fee

See this article for look at the average fees currently charged by car loan loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017), to see if Commonwealth Bank’s fees are more or less what the average customer is paying.

Applying for a Commonwealth Bank personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Commonwealth Bank (or most providers in Australia for that matter), you generally need to meet the following criteria:

• The car or motorcycle must be for personal use
• You must be 18 or over
• You must be a permanent Australian resident or valid work visa holder
• Be currently employed with a stable income
• Have a solid credit rating and not be bankrupt

In addition, you may also have to meet the minimum loan amounts specified by the provider (see above). If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

• A current driver’s license
• Details of your current and previous (if applicable) employer
• Details of your income, assets, expenses and liabilities
• Previous tax returns if you are self-employed

You may also require your current account number for Commonwealth Bank if you’re an existing member.

Founded back in 1911 as the government bank for our young nation, CommBank remains Australia’s largest provider of financial services today.

CommBank offers a suite of helpful tools for next home and first home buyers. Its Property Guide mobile app makes it easy to search for your next home on the go with Apple and Android devices. On its YouTube channel, it has a great series of videos on buying a home.

CommInsure also has a huge impact on the local and international community. A few of its ventures include:

• Community grants: CommBank gives more than $2 million in grants each year through its Commonwealth Bank Staff Community Fund. Worthy causes include 2015 grant winner Starz Dance, who used the money to hold a dance recital for its special needs children’s class.
• Children’s health: CommBank helps kids in hospital forget they’re sick by sponsoring the Clown Doctors.
• Australian of the Year: CommBank has been sponsoring the Australian of the Year since the 1970s.

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