Help & support
By using your current car or one you’re planning to buy as security, your rate could be lower than an unsecured loan.1
Know you’re getting a personalised rate that suits your financial situation. We’ll also give you a fixed rate over the life of your loan.
Complete the online application in about 15 minutes, with a response in as little as 60 seconds. Receive the funds on the same day you apply (if eligible).^
Choose a loan amount between $4,000 and $100,000, depending on the value of the car. You may be able to borrow up to 120% of the car’s value using your existing car as security.2
Select a repayment frequency to suit you – weekly, fortnightly or monthly from one to seven years. You can also make additional repayments of up to $1,000 per year.3
Use your Secured Personal Loan to buy a car, make home improvements, pay for education expenses and much more.
Design your dream home, whether you’re looking to renovate or redecorate
A Secured Personal Loan can be used for buying a new or used car up to seven years old that doesn’t have any finance owing on it. The amount can be for the full or partial purchase price depending on whether you’ve paid a deposit. You’re unable to borrow for additional loan purposes (e.g. a car for $20,000 and furniture for $5,000 is not accepted) when buying a car.
If you’re not buying a car, a Secured Personal Loan can be used for multiple loan purposes where you are able to provide your existing car that’s up to seven years old, comprehensively insured and doesn’t have any finance owing on it as security for the loan.
Find out more about Variable Rate or Fixed Rate personal loans.
Find out more about the difference between secured and unsecured loans.
A secured personal loan is a loan guaranteed by an asset, such as a car. The lender uses this asset as security, which means that if you don’t make the agreed repayments the lender can take possession of the asset and sell it to cover the cost of the loan. This security means that the lender can offer a lower interest rate for the loan.
Thinking about buying an electric car or solar panels?
We'll help you go green with a lower rate of 6.49% p.a. for eligible sustainable purchases. Comparison rate is 7.90% p.a.
Things you should know
Interest and comparison rate warning
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.
* The comparison rate is based on a $30,000 secured loan over 5 years. 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.
** Eligibility criteria, terms and conditions apply. To find out more read our Go Green with a Personal Loan guide.
An upfront fee of $250 and ongoing monthly fee of $15 will apply, consider these fees when deciding whether this loan suits your needs. Some additional fees, including a late-payment fee, government charges and other electronic banking fees may also apply.
Get instant help from Ceba in the CommBank app or connect with a specialist who can message you back. You’ll need CommBank app notifications turned on so you know when you’ve received a reply.
Apply online and get a response within 60 seconds.
Alternatively, call us on 13 1431, 8am to 7pm, Monday to Friday and 9am to 2pm on Saturday (Sydney/Melbourne time) or visit your local branch.
Tell us what you want the loan for and explore your loan and repayment options.
Tell us about you and your finances.
Once we have your application we'll review it and give you a response within 60 seconds.
If you’re approved, accept your contract and upload required supporting docs. New to bank customers may need to visit a branch for an ID check.
Use our personal loan selector tool to choose between Variable, Fixed Rate or Secured.
Understand what your repayments will be. Adjust the term and the amount to meet your budget.
Estimate how much you can borrow and work out the repayments at the current interest rate.
Use our comparison tool to see the estimated running costs, emissions and vehicle prices of an EV compared to a petrol, diesel or hybrid vehicle.
Secured Personal Loan was formerly known as Secured Car Loan.
This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information, please consider:
1 The car you’re using as a security must be up to seven years old, not currently under finance and has 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.
3 Additional repayments made on a Fixed Rate Loan are not available to be redrawn. View the Personal Loan Terms and Conditions.
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 are payable.
Following the fixed rate period, if your loan hasn’t been repaid in full, the Secured Personal Loan Benchmark Rate will apply which is currently 6.99% p.a. This interest rate is effective as of 14 October 2019.
Secured Personal Loan interest rate ranges and the representative rate are set out below. Comparison rates and examples are based on a $30,000 secured loan over 5 years:
4 Interest rates at the lower end of our range, for example 6.99% (comparison rate 8.40%), 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 which 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.
5 At least half of our customers will receive the representative rate or lower. It may not be the actual rate you receive.
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 early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may change the cost of the loan.
^ You may be eligible for same day funding if you’re approved, accept your contract and complete verification by 4pm Monday to Friday (Sydney/Melbourne time). Subject to credit checks and assessment of your financial situation. Unavailable if an application is incomplete or needs to be referred for a more detailed review by a lending specialist, if required documentation isn’t provided, and subject to system availability.
