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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.

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Loan Amount



5 months

Commonwealth Bank

Secured Car Loan

EST Monthly Repayment
Advertised Rate
Advert. Rate (p.a)
Comparison rate
Unlock the value of your car for a reduced interest rate.
Commonwealth Bank

Fixed Rate Personal Loan

EST Monthly Repayment
Advertised Rate
Advert. Rate (p.a)
Comparison rate
We have dropped the rate on our 5 and 6 year loan terms. provides factual information in relation to financial products. While 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 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 recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see'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.

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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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