based on 45928 Commonwealth Bank banking product reviews as rated by Mozo community

Commonwealth Bank car loans

When it comes to buying a new or used car, choosing a big four bank like the Commonwealth Bank, will generally guarantee you great customer service and access to reliable products. If you do decide to go for this big wig to help finance a vehicle, you’ll have the choice of either a secured or unsecured loan and if you’re a student you’ll skip the signup fee. Continue reading for all the info you need...

Commonwealth Bank offers the following car loans

Rates and fees verified as correct at 24 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Secured Personal Loan (Fixed)

6.99% p.a.to 9.99% p.a.

8.05% p.a.to 11.03% p.a.based on $30,000
over 5 years

$250

Student Car Loan (Fixed, Secured)

6.99% p.a.to 9.99% p.a.

7.69% p.a.to 10.66% p.a.based on $30,000
over 5 years

$0

Student Unsecured Personal Loan (Fixed)

9.00% p.a.to 16.00% p.a.

9.90% p.a.to 16.86% p.a.based on $30,000
over 5 years

$0

Student Unsecured Personal Loan (Variable)

11.50% p.a.to 18.50% p.a.

12.16% p.a.to 19.11% p.a.based on $30,000
over 5 years

$0

Unsecured Personal Loan (Fixed)

9.00% p.a.to 16.00% p.a.

9.90% p.a.to 16.86% p.a.based on $30,000
over 5 years

$150

Unsecured Personal Loan (Variable)

11.50% p.a.to 18.50% p.a.

12.38% p.a.to 19.34% p.a.based on $30,000
over 5 years

$150

Commonwealth Bank car loan FAQs

Should I choose a car loan with a fixed or variable rate?

Let’s weigh up the pros and cons of each first. If you want to be charged the least amount of interest during your loan term, a CBA fixed rate secured loan will give you the lowest rate. Because it’s fixed, your rate is guaranteed for the entire loan term.

On the other hand, if you don’t want to secure your car to the loan (more on this below), CommBank’s unsecured personal loans can come with fixed or variable rates. The benefit of picking a variable rate is having access to a redraw facility, where you can dip into any extra repayments you make. Do remember, CBA can increase or decrease variable rates during loan terms.

What’s the difference between a secured car loan and an unsecured one?

As you may have noticed in the product tables near the top of this page, CommBank’s secured car loans have better rates than its unsecured personal loans. That’s because a secured CBA car loan involves you giving them permission to repossess your car if you cannot repay your loan. In return, you pay less interest.

Can I get a student discount?

You sure can, because as a student the initial signup fee will be wiped.

Are there any restrictions on car loan amounts?

If you opt for a secured loan, you’ll need to borrow at least $10k, and there is no maximum amount. Unsecured car loans can start a little lower at $5k, up to $50k. Keep in mind, the amount CommBank will lend you will depend on your financial situation.

How can I make repayments?

That’s easy, just set up direct debit payments so you never miss a due date. You can also repay the loan in person at a CommBank branch, or transfer funds to the bank through your online login.

Can I pay more off my loan when it suits me?

It depends on whether you have a fixed or variable rate CBA loan. When it comes to fixed rate loans, if you keep extra repayments under $1k in total per year, CommBank will not charge you penalty fees. But with a variable rate loan you can make as many as you like.

Whichever CommBank loan you have, when you first take out the loan, you’ll get to pick how frequently you make repayments, such as weekly, fortnightly or monthly.

Is there a redraw facility?

Yes, but only when it comes to variable rate loans.

How long do CommBank car loan contracts go for?

Secured car loan contracts can range from 1-5 years, and up to 7 years with the unsecured version, giving you scope to pick a term that suits your financial circumstances best.

What’s the penalty if I clear my debt early?

With a variable rate CommBank loan, you won’t be penalised for paying off your debt before the contract is up. If you have a fixed rate loan, CBA may charge you for losses incurred as a result of your early loan repayment.

Are preloved cars eligible to be secured?

You can buy a used car with a secured CommBank loan if it’s 5 years or younger. Of course, your second-hand ride needs to be in full working order to qualify for security too.

What’s the worst case scenario if I miss a repayment (or two)?

Well, you guessed it. You could lose your vehicle. Even if you opted for an unsecured loan instead, CBA could still try you in court to recoup losses (as opposed to possessing your set of wheels), not to mention you could damage your credit score.

If you’re struggling to meet repayments, contact CommBank to discuss financing alternatives. As we mentioned earlier, setting up direct debit payments can be really useful to ensure those funds get sent to the bank on time.

Is it easy to apply?

It’s really quite simple to submit a car loan application. You need to have a reliable source of income and be an Australian resident 18 years or older. It’s also important to disclose personal details like your assets and liabilities in the process of taking out the loan.

With CBA, there are three ways you can apply for funds to buy a vehicle: over the phone, in person or online. Once you’ve submitted the form, you should hear back from CommBank within a couple of business days.

How are Commonwealth Bank car loans rated?

Mozo users have rated Commonwealth Bank car loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of car-loans
Commonwealth Bank car loans
Overall
Price
Features
Customer service
Convenience
Trust

237 Reviews

Recent Commonwealth Bank car loan reviews

Commonwealth Bank Unsecured Personal Loan
Overall 8/10
Overall it is a good bank.

I have been using this bank for years now and I trust the bank.

Read full review

I have been using this bank for years now and I trust the bank.

Price
5/10
Features
6/10
Customer service
9/10
Convenience
9/10
Trust
8/10
Less
Muhiba, Victoria, reviewed 5 months ago
Commonwealth Bank Car Loan
Overall 4/10
Read the fine print and make sure you arent rorted

Ripped me off by overcharging me for insurance and ONLY paid it back once they were caught out by the royal commission!

Read full review

Ripped me off by overcharging me for insurance and ONLY paid it back once they were caught out by the royal commission!

Price
4/10
Features
1/10
Customer service
1/10
Convenience
10/10
Trust
1/10
Less
Tobias, Queensland, reviewed 9 months ago
Commonwealth Bank Unsecured Personal Loan
Overall 1/10
Terrible customer service

Commonwealth bank simply has terrible customer service. Not only is it hard to get in touch with them, but when you do, the staff is generally rude. Most problems are actually caused by the untrained staff themselves and this is abysmal, considering the huge profit margins they must be running at, by refusing to pass on rate cuts to the customer. Terrible service by Commonwealth Bank.

Read full review

Commonwealth bank simply has terrible customer service. Not only is it hard to get in touch with them, but when you do, the staff is generally rude. Most problems are actually caused by the untrained staff themselves and this is abysmal, considering the huge profit margins they must be running at, by refusing to pass on rate cuts to the customer. Terrible service by Commonwealth Bank.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Nicolas, Queensland, reviewed 9 months ago
Commonwealth Bank Car Loan
Overall 10/10
Awesome bank, honest, trustworthy,

I have a great relationship with CommBank, they are always helpful and never push products that we do not need. They are my first stop for any banking products I may need.

Read full review

I have a great relationship with CommBank, they are always helpful and never push products that we do not need. They are my first stop for any banking products I may need.

Price
9/10
Features
5/10
Customer service
9/10
Convenience
8/10
Trust
10/10
Less
Katrina, Queensland, reviewed 12 months ago

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