automotive finance

Commonwealth Bank Car Loans (2024)

You should buy a new car. Commonwealth Bank (CommBank) has different car loan options to find one that fits your needs and budget. This guide will tell you everything you need to know about Commonwealth Bank car loans, from who can get them and how much they cost to how to apply and what choices you have for paying them back.

Understanding Commonwealth Bank Car Loans

CommBank has two major types of car loans: Personal Loans with Security and Personal Loans without Security.

  • Secured Personal Loan: In this case, your car is used as collateral for the loan. It usually has lower interest rates than loans that aren’t protected. However, the car has to meet specific standards, like being of a certain age and having a maximum loan amount.
  • Unsecured Personal Loan: You don’t have to use your car as security for this choice. There is a higher interest rate on this loan than on a protected loan, but you can use the loan for any car, new or used.

Key Features of CommBank Car Loans

  • Competitive Interest Rates: Both secured and uninsured car loans from CommBank have reasonable interest rates. You might even get a better deal if you borrow money for an electric or hybrid car.
  • Flexible Loan Amounts: The amount you can borrow depends on the type of loan you’re getting and your situation. Your loan can be up to $100,000 if guaranteed and up to $50,000 if not.
  • Variety of Repayment Options: You can choose a repayment time between 1 and 7 years that works with your budget.

Choosing the Right Commonwealth Bank Car Loans for You

The best CommBank car loan for you depends on several factors, including:

  • The type of car you’re buying (new or used): New car purchases often qualify for secured loans with potentially lower rates.
  • Your credit history: A good credit history can qualify you for lower interest rates.
  • Your financial situation: Consider your monthly budget and how much you can pay back each month.
Commonwealth Bank Car Loans
#Commonwealth Bank Car Loans

Here’s a quick comparison to help you decide:

Feature Secured Car Loan Unsecured Car Loan
Loan amount Up to $100,000 Up to $50,000
Interest rate Potentially lower Typically higher
Car requirements Must meet specific criteria (age, value) No car restrictions
Flexibility Less flexible (car used as security) More flexible (can be used for any vehicle)

Benefits of Using CommBank for Your Car Loan

  • Convenience: You can apply online or go to a CommBank store to talk to a natural person. 
  • Compare Rates: Make sure that the interest rate on your car loan is as low as possible. 
  • Choice of return Terms: Pick a return term that suits your budget. 
  • Established Reputation: CommBank has been giving car loans for a long time and has a good reputation.

Applying for a Commonwealth Bank Car Loan

The application process is easy to use to get a CommBank car loan. What you can look forward to is this:

  • Get your papers together: You must show proof of your payment, your ID, and information about the car you want to buy. 
  • Pick the type of loan you want: Based on your wants, choose between a secured and an unsecured loan. 
  • You can apply online or in person: To get a CommBank car loan, you can either apply online or go to a store and talk to someone. 
  • Find out what to do: The application will be looked at by CommBank, and they will get back to you quickly with a choice. 
  • Finish the loan: After acceptance, you must sign the loan agreement and ensure everything is set in stone.

FAQs about Commonwealth Bank Car Loans

What is the minimum credit score required for a CommBank car loan?

The minimum credit score that CommBank requires is kept private-public. In general, though, having good credit will make you more likely to be approved and get a cheaper interest rate.

Can I use a CommBank car loan to buy a used car?

Getting protected and unsecured car loans to pay for a used car is possible.

Are there any fees associated with a CommBank car loan?

There may be fees and other costs connected with getting a car loan. Before you sign the loan papers, know about all the fees.

Can I make extra repayments on my CommBank car loan?

You usually won’t be charged extra if you repay your CommBank car loan early. You can pay off the loan faster and save money on interest.


If you would like to get in touch, we would love to hear from you!
☎️ (02) 7900 3288
⏲️ Monday to Friday, 9:00 AM – 6:00 PM

🗺️ Ground Floor 3, 189 Kent St, Sydney NSW 2000

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