Commonwealth Bank Car Loan

Commonwealth Bank car loan eligibility and documents

Applicants must be at least 18, live in Australia, be eligible to work here and be an Australian or New Zealand citizen, Australian permanent resident or eligible visa holder. CommBank requires employment or regular income, a good credit rating and no current bankruptcy process. Approval also depends on whether repayments are affordable after existing commitments and living costs.

The current product determination requires the car to be ten years old or less when its details are submitted, registered to the borrower and not written off. Existing finance must be cleared, with a specific settlement exception for eligible private purchases through VEME.

Prepare identification, income evidence, details of existing debts and the vehicle purchase documents. Depending on your circumstances, CommBank may request:

• Employment income: Two recent consecutive payslips or bank statements showing three months of salary credits.
• Dealer purchase: A tax invoice identifying you, the dealer, vehicle, purchase price, deposit and remaining balance.
• Private purchase: A completed Private Sales Invoice Form and registration certificate; purchases through VEME use its sales invoice.
• Insurance: Comprehensive cover naming you as policyholder or co-holder and CommBank as the interested party or secured finance provider.

Eligible visa holders generally need their visa to remain valid for at least one month beyond the loan term. Check CommBank’s document and visa requirements before applying.

Who this secured car loan suits

This loan is worth comparing if you have good credit, are buying an eligible car and value a fixed repayment schedule. Its usefulness depends on your personalised rate and total cost, rather than whether you already bank with CommBank.

Reconsider if you need access to money paid ahead, expect to sell the car soon or want to combine the purchase with unrelated borrowing. CommBank excludes caravans, motorbikes, commercial vehicles and trucks from this product. For an older car or broader borrowing purpose, compare unsecured personal loan options; for the same eligible vehicle, compare other car finance offers using an identical amount and term.

How to apply for a CommBank car loan

Rate check, application and settlement

Start through CommBank’s official car loan page, NetBank or the app. Its current product determination specifies online distribution through its own channels, excluding branch-assisted, telephone and third-party distribution.

You can check personalised rates without affecting your credit score. Proceeding with an application involves a credit check recorded on your credit report. CommBank assesses your finances and the car, provides a contract if approved and completes any outstanding verification before funding. Its Privacy Statement explains how application and credit information is handled.

Confirm the car is acceptable security before committing a deposit. For an approved secured purchase through VEME, CommBank pays VEME directly and settlement follows the platform’s conditions.

How long approval and funding take

CommBank advertises an online response within 60 seconds; this is not the same as completed approval and settlement. Same-day funding may be available when approval, contract acceptance and verification are completed by 4 pm Monday–Friday, Sydney/Melbourne time. Missing documents, specialist assessment and system availability can extend the process.

Repayment support and complaints

For short-term repayment difficulties, contact CommBank Financial Assist on 13 30 95 or message through the app. Its published number for ongoing financial difficulty is 1300 720 814. Assistance is assessed individually.

Raise complaints through CommBank’s complaints service or call 1800 805 605. If unresolved, its complaint handling process identifies the Australian Financial Complaints Authority as the independent, free external dispute service, on 1800 931 678.

Questions to ask before accepting the contract

• What personalised rate, regular repayment and total amount payable apply to my actual loan?
• Does the quoted repayment include the monthly service fee, and is the establishment fee paid separately or financed?
• Has this specific car been accepted, and how will any seller finance be discharged?
• What would I owe if I sold the car or repaid the loan early?
• Does the insurance cover the vehicle’s required value, and could an excess or claim shortfall leave debt outstanding?

Commonwealth Bank car loan advantages and limitations

• Predictable repayments: A fixed rate makes the loan payment easier to budget, although running costs and insurance can change.
• Private and dealer purchases: Both are supported, with VEME providing an additional settlement route for private sales.
• Vehicle at risk: Default can lead to repossession and sale under the loan terms. Approval does not remove that risk.
• Limited access to overpayments: Money paid ahead cannot be redrawn, and early closure may incur an adjustment.
• Fees matter on smaller balances: The establishment and monthly charges have a greater proportional effect when borrowing less.

CommBank car loan rates, fees and total cost

The standard rate range is personalised. CommBank says its lowest rates may be offered to customers with excellent credit histories. Its representative rate is 8.79% p.a., with a 10.18% p.a. comparison rate; the bank states that at least half of approved customers receive the representative rate or lower.

Published comparison rates use a $30,000 secured loan over five years. Different amounts and terms produce different comparisons. Early repayment charges and savings from fee waivers are excluded, so the comparison rate is not a complete personal cost quotation.

Published charges

• Establishment: $250.
• Monthly service: $15, totalling $900 over 60 months.
• Late payment: $20 may apply on the fifth business day after a repayment falls due if the account remains in arrears at the end of the preceding business day.
• Early repayment adjustment: Currently listed as $15, potentially payable when the loan is fully repaid with at least 12 months remaining and CommBank reasonably estimates a loss or administrative cost. The amount can vary and may not apply; obtain a payout figure.
• Settlement cheques: Two free, then $15 for each additional cheque.

See the current fee schedule. The establishment-fee waiver advertised for unsecured personal loans from 3 November 2026 does not cover this secured car loan.

Electric and plug-in hybrid discounts

Eligible energy-efficient purchases have advertised rates of 6.49%–8.49% p.a., with comparison rates of 7.90%–9.88% p.a. Eligible electric or plug-in hybrid vehicles must emit less than 75 g CO2 per kilometre.

The separate EV Access Program advertises 5.79%–7.79% p.a., with comparison rates of 7.21%–9.19% p.a. It requires an eligible essential-worker occupation or qualifying income, with both the vehicle price and loan amount no higher than $55,000. There is an unresolved boundary discrepancy: the program page says gross income of $100,000 or less, while the main product page says less than $100,000. Confirm eligibility if your income is exactly $100,000.

Comprehensive insurance is an additional cost

Arrange comprehensive insurance before funding and budget for premiums separately. The loan terms require the car to be insured for its full insurable value. Check the selected policy’s exclusions, excesses and settlement basis; do not assume a write-off payment would clear the entire loan.

Example: $30,000 over five years

CommBank’s published representative example uses an 8.79% p.a. interest rate, a 10.18% p.a. comparison rate and an estimated total payable of $38,332 including fees.

Monthly illustration: Using monthly amortisation, $30,000 over 60 months at 8.79% gives approximately $619.70 in principal and interest, or $634.70 including the $15 monthly fee, plus $250 upfront. This calculation assumes the establishment fee is paid separately, repayments are on time and no extra repayments are made. It excludes insurance and contingent charges. CommBank calculates interest daily, so actual repayment figures can differ.

Verdict: compare the personalised price and exit cost

CommBank’s strongest feature is fixed repayment certainty across a broad borrowing range for eligible cars. Its main limitation is the commitment attached to secured borrowing: the vehicle is at risk on default, overpayments are inaccessible and early closure may cost extra. Compare the total payable over your intended ownership period, including insurance and any payout charge, before choosing between this loan and competing offers.

Commonwealth Bank car loan FAQs

How should I compare a CommBank car loan with dealer finance?

Compare personalised quotes using the same car price, deposit and loan term. CommBank’s published charges include $250 upfront and $15 monthly: $1,150 over five years before interest, insurance or conditional charges, assuming the loan remains open for 60 months. Include any dealer fees and balloon payment in the competing quote. CommBank’s comparison rate uses $30,000 over five years; it does not establish which offer is cheaper for a different amount or term.

Can I check my CommBank rate before committing to a credit application?

Yes. CommBank’s personal loan guide distinguishes a personalised rate check, which does not affect your credit score, from proceeding with an application, which creates a recorded credit enquiry. This lets you compare your indicative price with other offers before applying. The rate check is not final approval: income, affordability and vehicle verification still matter.

Will a deposit or valuable car help me qualify with bad credit?

A deposit reduces the amount requested, but CommBank still lists a good credit rating as an eligibility requirement. The car’s value and your creditworthiness are separate assessments; sufficient security does not establish eligibility. If you have defaults, recent arrears or a past bankruptcy, ask how those circumstances would be assessed before submitting a full application. The advertised minimum rate is not an indication that a poor-credit application will be accepted.

Which Centrelink payments can count towards a CommBank car loan?

CommBank’s income guide lists benefits including Age Pension, Disability Support Pension, Family Tax Benefit, Carer’s Income and Youth Allowance. JobSeeker is not among the listed payments, so confirm its treatment directly. Evidence can include a current Centrelink income statement or three months of account credits. Acceptance of a payment as income does not establish that benefits alone will support your requested loan.

Can I qualify using self-employed income without two years of accounts?

Potentially. CommBank specifies at least 12 months in business, across one or more ABNs, to use self-employed income. Its document guide requests your most recent personal tax return or a notice of assessment less than 18 months old showing your ABN/ACN. Multiple income sources require the tax return. This is a useful eligibility distinction when comparing lenders’ trading-history requirements, but it is not a low-documentation approval route.

Can CommBank finance a private purchase if the seller still owes money?

Yes, subject to the vehicle and settlement requirements. Standard private purchases require a sales invoice and registration certificate. Through VEME, both parties agree to identity checks and managed settlement. The buyer’s service is free when the purchase is funded through an eligible CommBank car loan; otherwise the published buyer fee is $128.

The current product determination permits existing seller finance to be discharged through VEME settlement. If the lender’s payout exceeds the sale price, the seller must cover the shortfall before settlement can proceed. This makes the payout amount a purchase condition to resolve before arranging collection.

Does CommBank offer no-deposit car finance or borrowing above the car’s value?

A deposit is not necessarily required: CommBank allows funding for the full or partial purchase price and says eligible borrowers may borrow up to 120% of the car’s value, subject to assessment and the $120,000 product maximum. Confirm which purchase-related costs qualify; unrelated borrowing purposes are excluded. Borrowing above the vehicle’s value creates an immediate gap between the debt and the asset, which matters if you need to sell early.

What happens if I overpay or settle the car loan early?

You can make extra repayments, but cannot redraw them. Full repayment with at least 12 months remaining may attract an early repayment adjustment where CommBank reasonably estimates a loss or administrative cost. Its current fee page lists $15, while noting that the amount can vary and may not apply; request a payout figure. If access to overpayments matters, compare this restriction with CommBank’s unsecured variable personal loan, which offers redraw subject to conditions, alongside the difference in pricing.

Can I use this secured loan to refinance a car I already own?

The current product determination limits this loan to purchasing a car. The VEME exception concerns clearing finance on a vehicle bought from someone else; it does not establish an option to refinance your existing car loan. For refinancing or debt consolidation, compare products that expressly accept that purpose, including your current lender’s payout cost and the new loan’s total repayments.