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Commonwealth Bank Student Car Loan (Fixed)

Advertiser disclosure
Interest rate from
6.99% p.a.to 9.99% p.a.
Comparison rate from
7.69% p.a.to 10.66% p.a.based on $30,000
over 5 years
Upfront fee
$0

Mozo editorial review Commonwealth Bank Student Car Loan (Fixed)

Last updated: 23 September 2020.

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What's hot
  • Fixed rates from 6.99% p.a. (7.69% p.a. comparison rate*)
  • Extra repayments allowed
  • No application fees (must show student ID)
What's not
  • $10 monthly service fee and $20 late payment fee
Mozo snapshot

Calling all students! If you’re about to buy a new ride to get you to and from uni, then be sure to check out the fixed-rate Commonwealth Bank Student Car Loan. With fixed rates starting from 6.99% p.a. (7.69% p.a. comparison rate*), 1-5-year loan term options, plus, loads of flexible features, like weekly, fortnightly and monthly repayments and the ability to make extra loan repayments, the CommBank Student Car Loan could be just thing you’re looking for!

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Key features

Whether you're about to buy your first set of wheels or you’re treating yourself to an upgrade, if you’re a student looking for a top-notch car loan, then the Commonwealth Bank Student Car Loan (Fixed) is where it’s at! 

The Fixed Student Car Loan comes with competitive fixed rates starting from 6.99% p.a. (7.69% p.a. comparison rate*) on loan amounts of at least $10,000 up to $100,000 with 1-5-year loan term options. This is a secured loan, so you’ll need to use your car as security for the loan. It is only available for new cars or cars that are less than 5 years old. 

Having a fixed rate for the life of the loan will give you the flexibility to work your car loan repayments around your budget and lifestyle. There is a choice of either weekly, fortnightly or monthly repayment options, depending on which suits your pay schedule.

On top of all this, the Fixed Student Car Loan allows you to make extra repayments, up to an additional $1000 a year. 

There is a $10 a month service fee to keep in mind and if you make a late repayment you will be charged a $20 late payment fee so it is best to set up automatic repayments from your bank account.

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Who is it good for

If you’re currently a full-time student with a good financial track record and have the income to afford the car loan repayments, then the Commonwealth Bank Student Car Loan (Fixed) could get you in your new set of wheels!

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Any catches

In order to get the $250 loan establishment fee waived you’ll need to apply for the loan in-branch and show your student identification. 

While you can make additional repayments with this loan, keep in mind that there is no redraw facility so you will not be able to redraw these funds if later on, you need them down the track.

Details

Rates and fees information correct as at 29 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 6.99% p.a.to 9.99% p.a. fixed

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

Fees
  • $0.00

  • $10.00

  • $20.00

  • $0.00

  • May be payable

Other financial bits
  • $10,000.00

  • $100,000.00

  • 1 Year

  • 5 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Establishment fee waiver apply to in branch applications only.

  • Can make extra repayments up to $1,000 per year without penalty.

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.

Customer Reviews

How are Commonwealth Bank personal loans rated by the Mozo community?

Overall
6.8/10
Price
6.1/10
Features
5.9/10
Customer service
7.3/10
Convenience
7.8/10
Trust
7.0/10

Latest reviews of Commonwealth Bank Student Car Loan (Fixed)

  • Overall 6/10
    Fine

    It's okay.

    Read full review

    It's okay.

    Price
    7/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Tiara, Western Australia reviewed over 2 years ago
  • Overall 5/10
    Pretty friendly and helpful staff

    ITS A GOOD BANK FRIENDLY People And heaps helpful

    Read full review

    ITS A GOOD BANK FRIENDLY People And heaps helpful

    Price
    4/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Kylie, New South Wales reviewed over 3 years ago
  • Overall 5/10
    Commonwealth Bank is great.

    I've been with Commonwealth Bank since dollar mites and can't find a bad enough issue to have to change.

    Read full review

    I've been with Commonwealth Bank since dollar mites and can't find a bad enough issue to have to change.

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    5/10
    Less
    Daniel, Queensland reviewed about 4 years ago
  • Overall 10/10
    More than happy

    Can't complain

    Read full review

    Can't complain

    Price
    8/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Bianca, Western Australia reviewed almost 5 years ago
  • Overall 5/10
    Average.

    Price
    4/10
    Features
    5/10
    Customer service
    4/10
    Convenience
    4/10
    Trust
    4/10
    Less
    Kelly, Victoria reviewed almost 5 years ago
Commonwealth Bank

About Commonwealth Bank

The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

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