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Commonwealth Bank Car Loans

Need “four-wheel” finance from a Big Four bank? A CommBank car loan could tick that box. Check out your options below and calculate repayments so you can sign up for credit that has helped Aussies for more than a century.

Calculate your repayments

Unlock the value of your car for a reduced interest rate.

Overview

Application / establishment fees$250

Minimum loan amount$10,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)8.49%

Car loan comparison rate9.54%

Monthly repayments (approx)$615

Total repayments (approx)$36,921

Total interest repayments (approx)$6,921

Rate typeFixed

Secured or unsecuredSecured

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Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 31

Data accurate as of02.04.2017

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We have dropped the rate on our 5 and 6 year loan terms.

Overview

Application / establishment fees$150

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate13.86%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeFixed

Secured or unsecuredUnsecured

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Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 31

Data accurate as of02.04.2017

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Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

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Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

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Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.35%

Car loan comparison rate5.65%

Monthly repayments (approx)$570

Total repayments (approx)$34,257

Total interest repayments (approx)$4,257

Rate typeFixed

Secured or unsecuredSecured

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Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of30/04/2021

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.24%

Car loan comparison rate6.94%

Monthly repayments (approx)$583

Total repayments (approx)$35,000

Total interest repayments (approx)$5,000

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of car loan are you looking for?

CommBank car loan – Choose finance with a big reputation

Commonwealth Bank (CBA) was founded in 1912, and besides being part of the Big Four in Australia, it also has branches in New Zealand, Asia, Europe, and North America. CommBank offers an impressive range of financial products including credit cards, bank accounts, home loans, insurance, super and personal loans for cars.

If you’re here about the CommBank car loan, keep reading to find out more.

What to expect in brief

Commonwealth Bank Australia offers both secured and unsecured personal loans for buying your next set of wheels. For secured finance, you can borrow between $10K and $100K while loan amounts for unsecured finance range from $5K to $50K. Repayments can be scheduled weekly, fortnightly, or monthly over loan terms of 1 to 5 years.

CommBank secured car loan

This offer comes with a lower rate than an unsecured loan but only if you use your new or used car as security. The interest rate is fixed, so there are no surprises when it comes to how much you have to pay for each instalment.

In order to qualify for a Commbank secured car loan, the vehicle in question must be less than 5 years old. You get the full purchase amount or a fraction depending on whether you have a deposit.

Keep in mind you’ll not qualify if:

  • The car you want to buy is more than 5 years old.
  • You’re planning to use some of the money for other things like furniture or insurance premiums.
  • You’re planning to buy a caravan, motorbike, commercial vehicle, or truck.
  • You want to refinance an existing car loan.
  • The car you’re buying isn’t paid off.

CommBank unsecured personal loan

CBA also offers unsecured loans that allow you to borrow from $4k to $50k without using your car to guarantee the debt. This is a suitable option if you want to buy a car that doesn’t qualify for secured finance. For instance, the vehicle might be older than 5 years, or you may want to buy a boat or motorcycle.

There are two types of unsecured personal loans available:

  • Fixed interest rate. Your rate stays in place over the life of the loan, protecting you from paying more when rates rise and making budgeting easier,
  • Variable rate. Your rate might vary, and you can redraw your extra repayments if you need funds unexpectedly.

Features of Commbank car loans

With a CommBank car loan, you can:

  • Make repayments weekly, fortnightly, or monthly.
  • Choose repayment periods of 1 to 5 years.
  • Manage your account and make repayments through the NetBank and CommBank app.
  • Make additional repayments without charge (unlimited for variable rate loans and up to $1K for fixed rate loans).
  • Use the redraw facility if you have an unsecured variable rate personal loan.

How much does a CommBank car loan cost?

CBA’s secured car loan rates range from 6.99% to 9.99% p.a. This is much lower than the range of 11.50% to 18.50% for unsecured personal loans. That’s because if the debt is secured, CBA can repossess your car if you default. In this case, their risk of loss is lower, and they, therefore, charge less.

However, secured car loans have a larger establishment fee of $250, compared to $150 for unsecured loans. Both options require a $10 monthly service fee and additional fees and charges such as late payment fees may also apply.

What are other CommBank loan options?

  • Novated lease. If you’re an employee, CBA can arrange a lease with your employer, allowing you to finance your car via salary sacrifice (your repayments come from your pre-tax salary). You can make repayments monthly or quarterly over 2-5 years and the agreement holds when you switch employers. You also have the opportunity to own the car once the lease ends.
  • Business car finance. Options include equipment loans (chattel mortgage), hire purchase, and finance lease.

How to apply for a Commonwealth Bank car loan

The online application takes about 15 minutes, and you get a response in 60 seconds. If approved, you get a loan offer with your rate and full terms and conditions. To qualify for a CommBank personal loan, you must:

  • Be at least 18 years
  • Qualify to work in Australia
  • Have a regular income
  • Have a good credit rating
  • Not have filed for bankruptcy
  • Provide documents such as payslips, bank statements, and ID

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