Commonwealth Bank offers finance for a range of vehicles, including cars, motorbikes, trucks, caravans and commercial vehicles. Borrowers can take out loans for terms of between one and five years, and repay in weekly, fortnightly or monthly instalments. The minimum loan amount is $10,000; there is no maximum loan amount. Commonwealth Bank also offers bank accounts, credit cards, personal loans, home loans, insurance, superannuation and financial planning. Commonwealth Bank began operations in 1912 and is Australia’s largest bank. It also has operations in New Zealand, Asia, Europe and North America.
Commonwealth Bank car loan repayment calculator
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at interest rate 6.99 %
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Pros and cons
- No maximum loan amount
- Make up to $1,000 per year in additional repayments without penalty
- Free redraw
- Establishment fee charged
- Early repayment fee might apply
- Minimum redraw is $500
Commonwealth Bank car loans rates
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About CommBank car loans
As one of Australia’s leading banks, the Commonwealth Bank of Australia (CBA) offers a full suite of financial products and services to its personal and business customers and clients, including access to personal loans and car loans.
Whether your goal is to pay less in interest, to keep your budget simple, or to enjoy greater financial flexibility when you roll away on the four wheels of a new or used car, CBA has several options available.
With Commonwealth Bank branches located across Australia, plus phone and internet banking services, it’s simple to apply for a Commonwealth bank loan to buy your car, boat or motorcycle. Existing CBA customers may also be eligible for special offers when they apply for a car loan.
Features of a CommBank car loan
Car loans from CBA are secured by the value of the vehicle you’re purchasing, allowing you to benefit from a relatively low fixed interest rate, which in turn helps to keep your repayments consistent and manageable for the full lifetime of the loan. With a minimum loan amount of $10k and no fixed upper limit, these loans are ideal for purchasing brand new cars.
CBA’s other personal loan options can be used to borrow from $5k to $50k, making them better suited to purchasing used cars, as well as motorcycles or boats. As unsecured loans, these personal loans tend to provide added flexibility, such as the redraw facility that’s included with the variable rate option.
- Customer service centre (phone)
- Mobile app
- Online banking
- Live Chat
- Can apply online
- Can apply in branch
- Available for 457 visa holders
- Suitable for both new or used car
- No early exit penalty (variable personal loan only)
- Monthly fee charged
- Application fee charged
- Requires security to be held (secured car loan only)
What RateCity says:
If you opt for CBA’s car loan, your debt will be secured by the value of the car you’re purchasing, allowing you to enjoy a lower than average interest rate. With its fixed interest rate, your repayments will remain consistently low for the full term of your car loan. Though it’s worth keeping the higher than average establishment fee in mind, as well as the ongoing monthly fee, which chould affect the car loan’s affordability.
CBA’s fixed and variable personal loans can be used for certain car purchases, and while they have higher interest rates than CBA’s secured car loan option as well as the market average, they also have lower establishment fees. And if you opt for the variable rate loan, the redraw facility will allow you to withdraw from the loan any additional payments you make, and enjoy some extra flexibility.
To apply for a CommBank car loan and/or personal loan, you’ll need:
- proof of income
- bank statements
- personal ID
- 12 months of insurance
- your car’s tax invoice
If you’re an existing CommBank customer, you can upload these documents online for faster approval, but if you’re not a customer, or you’d prefer to have a professional talk you through the process, you can visit a CommBank branch.
Learn more about car loans
Where can I get a student car loan?
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
What is a secured car loan?
A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
How to find a great car loan
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.
What is a guarantor on a car loan?
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
What is a guarantor car loan?
A guarantor car loan is a type of loan that features a guarantor on the agreement. The guarantor is a third-party individual, often a friend or relative, who guarantees the loan will be repaid if the borrower defaults on the car loan.
Guarantor car loans are often geared at people who might otherwise struggle being accepted for a secured car loan when purchasing a vehicle. Some of the reasons might include a lack of credit history such as with a student or young person, if there’s bad credit, or age as a factor such as with pensioners.
How do you get a car loan?
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
What is a car loan?
A car loan, also known as vehicle finance, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Car loans can be used for both new and used vehicles.
What are the pros and cons of guarantor car loans?
Like all things, there are positives and negatives to guarantor car loans, though one may outweigh the other depending on your needs.
Guarantor car loan pros may include that you’re more likely to be approved for a long if you have no credit or a history with bad credit, that you’re more likely to secure a car loan with a lower interest rate, and that because your guarantor car loan is based on a relationship, you will be more inclined to meet your repayment schedule.
However, there are negatives, as well. Guarantor car loan cons may include leaving a detrimental mark on a personal relationship with added strain if you don’t meet your repayments, and you may take out a loan that you can’t actually afford.
Weighing these pros and cons will give you a greater understanding of whether a guarantor loan is ideal for your circumstances.
Can I get a discounted student car loan?
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
How to get pre-approved for a credit union car loan?
Getting pre-approval for a credit union car loan can make the process and paperwork required to buy a car more streamlined and less stressful. You can apply for pre-approval for a credit union car loan, online or contact your credit union. You’ll be asked to provide relevant documentation regarding your income. After you submit your application, your credit union will review and evaluate it along with the documents you submitted. If you meet the eligibility criteria, your loan will be pre-approved for a specific amount.
With pre-approval for a credit union car loan in hand, you can negotiate your new car’s price with peace of mind you have the funds.
What is a dealership?
A dealership is a car yard or a place where cars are sold.
How to get pre-approval for your ANZ car loan?
Getting pre-approval on your car loan can give you a good idea of how much you may be allowed to borrow. This will help you set your limits while selecting your car. You can apply for pre-approval for an ANZ car loan by filling out a simple online application form, where you’ll have to submit relevant identity, employment and income documentation.
ANZ will then conduct a credit check based on your application and documentation. It’s important to note that this could have an impact on your credit history. Based on your credit and income documentation analysis, ANZ will provide an amount they are willing to give you as a loan. After this, you can find the right car that matches the proposed loan amount and send it through your final loan application.
It’s important to remember that pre-approval gives you an indication of how much you can borrow from ANZ to purchase your car, but it doesn’t guarantee the final approval.
How to apply for pre-approval of a car loan from RACV?
If you’re planning to apply for a car loan with RACV, the best way to start is by having a clear picture of your requirements. By getting pre-approval on your car loan, you’ll be able to go shopping for your new car with a definite budget that will help you narrow your search. Once you’ve decided to buy a car with the help of a loan, you may have even identified the type of car you would like to purchase, you can seek pre-approval on a car loan from RACV.
You can apply for pre-approval by filling out a form online and uploading the relevant documentation regarding your identification, income, debt and credit history. Once you submit your application, RACV will review and verify the documents. If you meet their eligibility criteria, you will get pre-approval for the amount they are willing to lend to you. With this pre-approval, you can go car shopping with the confidence of knowing what you can afford.
What is CTP insurance?
CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.