CommBank has a handful of products out there for people and businesses hoping to finance a new set of wheels. Notably, it offers three personal loan products marketed to those seeking car finance, giving eligible individuals and businesses the option to borrow between $4,000 and $100,000.
|
Car loan products |
Available at CommBank? |
|---|---|
|
Fixed rate car loan |
✅ |
|
Variable rate car loan |
✅ |
|
Fixed interest secured car loan |
✅ |
|
Variable interest secured car loan |
❎ |
|
Green car loan |
❎ discounted interest on EVs available |
CommBank car loan review
CommBank markets three products for car financing solutions: A fixed interest secured personal loan, a fixed interest unsecured personal loan, and a variable rate unsecured personal loan. Its secured option allows for a person to borrow as much as $100,000, while its unsecured loans allow up to $50,000 to be borrowed.
CommBank has repayment terms of between one and seven years and gives borrowers the option to make weekly, fortnightly, or monthly repayments.
Green vehicle discounts
It also offers discounts on the interest rate it offers to borrowers signing up for a car loan to buy an electric or hybrid vehicle.
What cars can be financed with the bank
People borrowing with an unsecured personal loan don’t need to worry - they can use the funds to buy whatever car they please.
However, CommBank demands that those taking out a secured personal loan to buy a car purchase one that is under five years old.
Approval times
The biggest of the big four banks also promises to give those applying for a personal loan with an answer on their application in as little as 60 seconds. It says its applications take around 15 minutes to fill out.
Eligibility criteria
Those looking to finance their new car through CommBank must be over the age of 18 and a citizen of Australia or New Zealand, a permanent resident of Australia, or hold a valid visa.
They also need to meet minimum income requirements, be employed or receiving regular income, and have a good credit rating.
