Saving for a vehicle

There is a lot to consider when you’re searching for a new vehicle to buy. Fortunately, your options for finance aren’t nearly as complicated.

On the road to savings

If you need to save for a new car, the best place to start is with our handy Budget Planner Calculator and Monthly Savings Calculator. These calculators will show you what you have left over each month to save and how soon you can reach your savings goal.

Finding the right account

Once you’ve worked out how much you need to save, you’ll want to find an account that will help you reach your goal faster. The NetBank Saver or AwardSaver accounts can help you save for short-term goals, like buying a car. A Term deposit with a 3, 6 or 12 month term is another effective way to save for a short term goal, providing a guaranteed return for the period you select.

Take out a personal loan

With a personal loan you can borrow as little $5,000 for any reasonable purpose (minimum $10,000 for a fixed rate secured loan). You could also get same-day funding# so you can be driving your new car even sooner. There are three personal loans for you to choose from.

Protect what’s important

Insuring your new car gives you that ‘rest easy’ feeling. CommInsure car insurance options are competitively priced and highly rated. From comprehensive to third party property damage, we can help you choose a policy to suit your budget and lifestyle. Also use CommInsure’s car insurance comparison table as a quick reference guide.

• Important information
  # Unavailable for secured loans, when a guarantor is required, if an application is incomplete or needs to be referred for a more detailed review by a lending specialist and subject to system availability.
  The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF 68KB).
  Terms and conditions for the transaction and savings accounts mentioned and Term Deposits are available here or from any branch of the Commonwealth Bank.
  Applications for finance are subject to our normal credit approval. Full terms and conditions will be included in our offer of finance.  Fees and charges may be payable.