Commonwealth Bank Car Loans
Commonwealth Bank provides car loans as well as bank accounts, credit cards, term deposits, personal loans, insurance, and superannuation.
Compare Commonwealth Bank car loans
The table below displays a snapshot of Commonwealth Bank’s car loan products on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a five-year loan in NSW.
What car loan(s) does Commonwealth Bank offer?
At the time of writing, Commonwealth Bank offers a secured car loan for cars and other vehicles. This loan offers the following features:
- Choice of both term and repayment frequency – pay either weekly, fortnightly, or monthly over the course of one to five years
- Manage your loan from anywhere using the CommBank app
- A fixed interest rate means your repayments will stay the same over the term of the loan
- No maximum loan amount
Is your car eligible for a secured loan with Commonwealth Bank?
To be eligible for a secured car loan with Commonwealth Bank, your application will be subject to its normal lending criteria. Generally, your chosen vehicle might need to be:
- For personal use
- Less than five years old
- A new or used vehicle worth at least $10,000
- A vehicle that isn’t a caravan, motor bike, commercial vehicle, or truck
Check the PDS (product disclosure statement) for Commonwealth Bank’s car loan criteria.
Does Commonwealth Bank also offer personal loans?
Yes, Commonwealth Bank does offer both fixed and variable rate unsecured personal loans as well as its secured car loan product.
The table below displays a snapshot of Commonwealth Bank’s personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.
What are the minimum loan amounts on Commonwealth Bank car loans?
You’ll need to borrow at least $10,000 on a Commonwealth Bank secured car loan.
What loan terms does Commonwealth Bank offer for car loans?
You can choose a term of one to five years for your Commonwealth Bank secured car loan.
What are the fees on Commonwealth Bank car loans?
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.
How to apply for a Commonwealth Bank car loan
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.
About Commonwealth Bank
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.
Commonwealth Bank Secured Car Loan - Fixed
Canstar Research
Award:
3-Star Rated Car Loan
