Commonwealth Bank car loans

3.6
Based on 243 Commonwealth Bank car loan product reviews.
Fact Checked
Last updated

About Commonwealth Bank car loans

Mozo may receive payment if you click products on our site. We don’t compare the entire market.

Commonwealth Bank Secured Car Loan review

Secured Personal Loan

  • Fixed
Interest rate from
6.49 % p.a.
to
10.49 % p.a.
Comparison rate from
7.90 % p.a.
to
11.86 % p.a.
Based on $30,000 over 5 years
Upfront fee
$250.00
No Partner link
  • 3-year fixed rate from 6.49% p.a. (7.90% p.a. comparison rate*)

  • Big interest rate discount for EVs and hybrid vehicles

  • Borrow between $4,000 to $120,000.

  • You cannot redraw extra repayments

  • $15 monthly service fee

  • $250 application fee

Our verdict

The Secured Car Loan from CommBank is a solid choice if you’re looking for a competitive loan from the Big Four. However, it’s also quite a good deal for those looking to purchase an energy-efficient car. 

Rates for CommBank’s Secured Car Loan start at 6.49% p.a. (7.90% p.a. comparison rate*) and are available for new and used vehicles, up to 7 years old. 

One of the big selling points for CommBank’s loan is, if you’re buying an eligible electric vehicle (EV) or a hybrid, you might qualify for a discounted rate starting at 6.19% p.a. (7.61% p.a. comparison rate*). The eligibility criteria says eligible vehicles can’t emit more than 120g CO2 per kilometre, but other criteria may apply. 

The minimum lend on this loan is $4,000, but you can borrow up to $120,000 for those bigger purchases. 

You can choose between weekly, fortnightly, or monthly repayments, and, while you can make free extra repayments, you will be unable to redraw them. If you pay off your loan early, you will also have to pay an early repayment adjustment if you opened your loan after 5 August 2024.

Fees include a monthly service fee of $15 and an early repayment fee of $15 if you pay off your loan more than 12 months early and a $250 application fee. 

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more car loans here.
Last updated 10 December 2024 Important disclosures and comparison rate warning*

Commonwealth Bank car loans

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    8.00 % p.a.
    to
    20.00 % p.a.
    Comparison rate from
    9.04 % p.a.
    to
    20.89 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0.00
    No Partner link

  • Secured Personal Loan

    • Fixed
    Interest rate from
    6.49 % p.a.
    to
    10.49 % p.a.
    Comparison rate from
    7.90 % p.a.
    to
    11.86 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250.00
    No Partner link

  • Unsecured Personal Loan

    • Variable
    Interest rate from
    8.50 % p.a.
    to
    20.50 % p.a.
    Comparison rate from
    9.53 % p.a.
    to
    21.39 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $0.00
    No Partner link

Sign up for rate alerts and news.

Commonwealth Bank car loan ratings

Overall customer rating for Commonwealth Bank car loans

3.6
Based on 243 product reviews.

Customer reviews

Important disclosures

FAQs about Commonwealth Bank car loans

How do I apply for a CommBank car loan?

You can apply for a CommBank car loan online. Once you’ve decided which loan works best for you, you will need to give CBA details about your financial situation and then submit your application. Once you’ve been approved, you’ll then need to read and accept the loan contract, then begin uploading your supporting documents. 

These supporting documents can include: 

  • Proof of identity
  • Proof of income
  • Info about your current debts
  • Details about the car you’re purchasing. 

If you’re already a CommBank customer, the bank may have some of these details about you already, e.g. if you have a home loan or bank account with them. Otherwise, you may need to visit a CommBank branch for an ID check.

How long does it take to apply for a CommBank car loan?

CommBank says an online car loan application could take you around 15 minutes to complete. It also says you could receive your funds same-day, if you’re approved, you accept the contract, and complete verification by 4pm Monday to Friday (Sydney/Melbourne time). Of course, this hinges on credit checks and an assessment of your application and finances.

Can I use my current car as security for a CommBank car loan?

Yes. Your current car must be no older than 7 years old, not under finance, and it must be currently insured with a comprehensive car insurance policy.

Commonwealth Bank products

Car loan quick links


* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.