Your selected car loans
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
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.
Your selected car loans
I took out a car loan at 18 years old which was one of the worst financial decisions I have made in my life so far. Considering my naivety I was hungry for the loan immediately and did not have the knowledge or understanding of this kind of decision. When choosing my loan I was not given appropriate advice. The attendant I spoke to at Commbank didn't offer advice as to whether a fixed or non-fixed rate would suit my loan best and instead advised me to "just pick whatever, it doesn't matter". It did hugely matter and I ended up with a very small initial loan bloated into an out-of-control sum of money I cannot pay back for another 5 years as per the terms of my loan. I still use commbank for my everyday banking but I would say their loan system is ethically problematic and more financial counsellors should be available, particularly for young people without much banking experience.
Reliable and are helpful with resolving problems
Only one very forgiving when comes to overdue payments. All takes is a friendly phone call to my commonwealth bank to state my delayed payment.
Great as long as you work their times here in Wellington NSW
Saw my local bank for car loan, proved less 48hours, all repayments, fees and charges explained, able to pick up my new car in less than a week after picking what I wanted. No fuss bank handled all details with car company.
It took a long time to have my fixed car loan approved as they needed evidence of my entire tax history.
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:
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.
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.
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.
* 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.
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