Limited time offer

Save $250 with no establishment fee on Unsecured Fixed Rate Personal Loans

Available only on Unsecured Fixed Rate Personal Loans when you apply and fund between 1 March 2024 and 30 April 2024~.

Why Choose CommBank for your next car?

Use your car as security

Get a lower rate by using a car you own or the car you’re buying as security1. You may also be able to borrow up to 120% of the car’s value using your existing car as security2.

Special rate for an EV or hybrid

Get our lowest rate of 6.49% p.a. (7.90% p.a. comparison rate) when you take out a Secured Personal Loan for an eligible electric vehicle.3

Borrow what you need

Up to $50,000 for unsecured personal loans, and $100,000 if you use your car as security.

Get our lowest Secured Personal Loan rate for your next eligible electric and hybrid vehicles3

  • 6.49 % PA
    Interest rate
  • 7.90 % PA
    Comparison rate

Loan options for your next vehicle

Secured Personal Loan

For new or used cars up to seven years old

Features

  • You can typically pay a lower rate by using your current car or the car you’re buying as security 
  • Borrow from $4,000 to $100,000
  • Make up to $1,000 in extra repayments per year without a fee
Rates
  • Interest rates: 6.99%4 p.a. to 13.49% p.a. (comparison rate: 8.40% p.a. to 14.83% p.a.)
  • Representative rate: 8.99%5 p.a. (comparison rate: 10.38% p.a.)

Fees

  • $250 establishment fee
  • $15 monthly loan service fee
  • Other fees and charges may apply. See more

Fixed Rate Loan

For new or used cars

Features

  • Stay in control with a fixed interest rate and repayments for the term of the loan
  • Borrow from $4,000 to $50,000
  • Make up to $1,000 in extra repayments per year without a fee6
Rates
  • Interest rates: 8.50% p.a.4 to 20.50% p.a. (comparison rate: 9.53% p.a. to 21.39% p.a.)
  • Representative rate: 16.00%5 p.a. (comparison rate: 16.94% p.a.)

Fees

  • $0 establishment fee (save $250)
  • $15 monthly loan service fee
  • Other fees and charges may apply. See more

 

Offer

Save $250 with no establishment fee on Unsecured Fixed Rate Personal Loans when you apply and fund between 01 March 2024 and 30 April 2024.

Variable Rate Loan

For new or used cars

Features

  • Flexibility to make extra repayments without a fee
  • Borrow from $4,000 to $50,000
  • Redraw available funds through your redraw facility
Rates
  • Interest rates: 8.50%4 p.a. to 20.50% p.a. (comparison rate: 9.89% p.a. to 21.79% p.a.)
  • Representative rate: 16.00%5 p.a. (comparison rate: 17.32% p.a.)

Fees

  • $250 establishment fee
  • $15 monthly loan service fee
  • Other fees and charges may apply. See more

Helping over 45,000 customers get on the road sooner every year with a new or used car through a CommBank Personal Loan

Car loans for new cars

Secure your new wheels and get on the road sooner with a CommBank Personal Loan.

A CommBank Personal Loan help you get your dream car, whether you’re looking to:

  • Buy your first car
  • Starting a family and need a bigger model
  • Reduce your carbon footprint and go electric
  • Get something more reliable
  • Get a furry friend and need a little more room

Apply now

How to pick a vehicle that suits your needs

1. Research

Consider things such as make and model to find a car that suits your needs. Also think about other things like size, fuel efficiency and the safety features.

2. Find your car

You can do this by visiting dealerships, browsing online marketplaces or considering private sellers. 

3. Test drive

Organise a test drive for cars you’re interested in, whether it’s with a dealer or online. When driving the car, consider things like comfort, handling and performance of the vehicle.

4. Financing

Decide how you’ll pay for the car. Common methods include using a personal loan, leasing the car, cash or a combination of these. If you’re looking to take out a loan, you can do so by applying online.

Apply online

5. Negotiate price

Discuss the best price you can purchase the car you’re interested in. Make sure to compare prices across various sellers, and be prepared to walk away if the price is outside your budget.

6. Purchase

Once you’ve decided which car you’d like, arrange for the purchase of the vehicle. Ensure you’re comfortable with the terms of the sale, whether you’re buying from a dealership, online marketplace or private seller.

7. Insurance and registration

Ensure your car is adequately insured prior to driving away in your new car. If you’re buying a used car, visit your local motor vehicle authority to transfer the registration into your name.

Find out more about car insurance

8. Drive away

Once everything is in order, you can drive away in your new vehicle. Some finance providers may even pay the seller directly for you, such as when you take out CommBank Secured Personal Loans with us. 

How to apply for a car loan

Apply

Apply online. It will take about 15 minutes and we’ll ask you some details.

Response

After you submit, we’ll give you a response in 60 seconds.

Contract

If approved, we’ll send you a contract to accept if you’re happy with the terms.

Verify

We may ask you for some additional documents (for example an invoice for the car, certificate of registration and insurance policies).

Are you eligible to apply?

  • To be eligible to apply for a personal loan, you must:

    • Be at least 18 years old
    • Be an Australian or New Zealand citizen, Australian Permanent resident, or hold an eligible visa
    • Meet minimum income requirements
    • Be employed or have regular income
    • Have a good credit rating

Some resources to help you with your car buying journey

FAQs

Yes, approvals are valid for 60 days. If you need more time before finalising the purchase of your vehicle, we can look to extend your approval on expiry.

No worries, you can still take out a CommBank Personal Loan. You’ll just need to choose an Unsecured Fixed Rate Loan or an Unsecured Variable Rate Loan.

Yes, for a Secured Personal Loan. You’ll need to provide a tax invoice from the dealership, or a completed Private Sale Invoice if you’re buying from a private seller. You won’t need to provide this if you’re taking out an Unsecured Loan.

Yes, for a Secured Personal Loan. For a new car, you’ll need to provide details of your comprehensive car insurance policy. For a used car, you must provide details of your comprehensive car insurance policy and a certificate of registration. You won’t need to provide this for an Unsecured Personal Loan.

Yes. If you’re looking to buy an eligible electric or hybrid vehicle, we provide a discount on the interest rate. See more here.

Things you should know

  • This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information, please consider:

    • its appropriateness to your circumstances
    • obtaining professional advice specific to your needs, including financial, taxation and legal advice

    ~ Apply and fund an Unsecured Fixed Rate Personal Loan between 01 March 2024 and 30 April 2024 to save $250 on the establishment fee (comparison rate calculations are inclusive of this offer).

    Unsecured Fixed Rate Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 unsecured fixed rate loan over 5 years:

    • Interest rates range from 8.50%4 p.a. to 20.50% p.a. (comparison rate from 9.53% p.a. to 21.39% p.a.). The estimated total amount payable including fees is between $37,830 and $49,091
    • The representative rate is 16.00%5 p.a. (16.94% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $44,673

    Unsecured Variable Rate Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 unsecured variable rate loan over 5 years:

    • Interest rates range from 8.50%4 p.a. to 20.50% p.a. (comparison rate from 9.89% p.a. to 21.79% p.a.). The estimated total amount payable including fees is between $38,080 and $49,341
    • The representative rate is 16.00%5 p.a. (17.32% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $44,923

    Secured Personal Loan interest rate ranges and the representative rates are set out below. Comparison rates and examples are based on a $30,000 secured loan over 5 years:

    • Interest rates range from 6.99%4 p.a. to 13.49% p.a. (comparison rate from 8.40% p.a. to 14.83% p.a.). The estimated total amount payable including fees is between $36,784 and $42,558
    • The representative rate is 8.99%5 p.a. (10.38% p.a. comparison rate), based on this representative rate the estimated total amount payable including fees is $38,506

    1 The car you’re using as a security must be up to seven years old, not be currently under finance and have an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.

    2 Your borrowing capacity depends on a range of factors such as your credit score.

    Eligible vehicles must be fully electric or hybrids emitting less than 120g C02 emissions per kilometre. If you're using the car as security it must be no more than seven years old, not currently under finance and have an active comprehensive insurance policy. The comprehensive insurance policy must be organised prior to loan funding.

    4 Interest rates at the lower end of our range, for example 8.50%/8.50%/6.99% p.a. (comparison rate 9.89%/9.53%/8.40% p.a.), may be offered to customers with an excellent credit history.

    An excellent credit history is determined by, among other things, paying your bills and making loan repayments on or ahead of time, being disciplined with your credit applications, and not overextending yourself financially.

    Actions that can negatively impact your credit history include missing bill or loan repayments, defaulting on your credit facility, or making a large number of credit applications in a short period of time. You can find out more about how your credit score is calculated and tips for improving your credit score at our Credit Score Information Hub.

    At least half of our customers will receive the representative rate or lower. It may not be the actual rate you receive.

    Your interest rate may be different and is based on a number of factors, including your credit history, the information you provide and our assessment of your application. We'll confirm your interest rate upon submission of your application.

    6Additional repayments made on a Fixed Rate Loan are not available to be redrawn. View the Personal Loan Terms and Conditions.

    WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    Applications for finance are subject to the Bank’s normal credit approval. View the Personal Loan Terms and Conditions. Full terms and conditions will be included in our loan offer. Fees and charges payable. Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945.