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Commonwealth Bank of Australia Car Loans

Commonwealth Bank, CommBank or CBA as it is commonly known as operates internationally with businesses in New Zealand, Asia and the United Kingdom. Commonwealth Bank was founded in 1911 by the Andrew Fisher Labour Government. Unlike any other financial institutions in Australia, it was the first and only bank in Australia to receive a Federal Government guarantee which provided security for the Bank to carry out both savings and general bank trading business. The Bank became a public company in 1991 and underwent three stages of privatisation until 1996. The Commonwealth Bank brand has grown to become one of the best recognised in the financial services industry. Their other award-winning brands include Colonial First State investments and retail broker Commonwealth Securities (CommSec). The Bank has positioned itself for future growth as it continues to provide a full range commercial and of retail banking services including home loans, credit cards, personal loans, term deposits, transaction accounts and car insurance.

Car Loans Disclaimer: Applications are subject to the Bank’s normal credit approval. Apply and fund a new Secured Car Loan by 31 July 2016 to receive a 1% discount on your approved interest rate.

Commonwealth Bank of Australia car loan repayment calculator

Thinking about taking out a car loan with Commonwealth Bank of Australia? Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Commonwealth Bank of Australia car loans compare with other options.

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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

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat
  • Branch


  • 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.


There are multiple lenders who are willing to provide loans secured by guarantors.

If someone is willing to go guarantor for you and they meet the requirements set out by lenders, you can apply for guarantor finance online, over the phone, or in person.

Some banks also provide guarantor car loans, though because they’re larger banks, they may have higher interest rates than smaller lenders.

You may want to compare guarantor car loans at RateCity, and find a guarantor car loan ideal for your purposes.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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