You do not have a car to go to work or your car is broken last week and you want to purchase a new car. But you have a problem with the financial. Do not worry, you can consider the Commbank car loan.

Commbank car loan
Commbank car loan

In many articles before, the Info Credit Free introduced readers to a lot of car loans in Australia in some banks such as NAB car loan, ANZ car loan, Westpac car loan…

COMMBANK CAR LOAN

This post includes four parts, they are: “The purposes of the Commbank car loan”, “The features & benefits of the Commbank car loan”, “The rates and fees of the Commbank car loan” and “How to apply for the Commbank car loan”.

1. The purposes of the Commbank car loan

A Secured Car Loan in Commbank is for buying a new or used car that’s less than 5 years old. The amount can be for partial purchase price or the full depending on whether you’ve paid a deposit.

People are unable to use the car loan in Commbank for:

  • People are unable to buy a car for more than 5 years old
  • People are unable to buy a car where there is another purpose, e.g. a car for $20,000 and furniture for $5,000
  • People are unable to buy a caravan, motorbike, commercial vehicle or truck
  • People are unable to refinance an existing car loan
  • People are unable to buy a car which has finance owing on it.

2. The features & benefits of the Commbank car loan

  • Everyone can choose a repayment frequency and a term to suit you: Pay weekly, fortnightly or monthly over 1 to 5 years.
  • Manage the loan wherever people are: Keep track of the loan and make repayments in NetBank and the CommBank app.
  • People can stay in control with a fixed interest rate: Interest is fixed so people know what the repayments will be for the life of the loan. See more about rates and fees.
  • No maximum loan amount: Borrow minimum $10,000
  • People can get a lower interest rate: Borrow at a lower rate than an unsecured loan by using the car – new or less than 5 years old – as security for a secured personal loan.
  • People can flexibility to make extra repayments: Up to an additional $1,000 per year
Commbank car loan
Commbank car loan

3. The rates and fees of the Commbank car loan

3.1. The rates of the Commbank car loan

Rate type Interest rate
Fixed rate From 6.99% p.a.* (normally starting from 8.49% p.a.) if you apply and fund by 28th October
Comparison rate From 8.05% p.a.* based on a $30,000 loan over 5 years (normally starting from 9.54% p.a.) if you apply and fund by 28th October.
NOTE: The interest rate of each person will be based on a number of factors, including the information people provide and the assessment of the application. Commbank will confirm the actual interest rate in the loan offer document.

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

3.1. The fees of the Commbank car loan

Fee type
Definition
Amount
Establishment fee
Upfront cost payable when accepting a loan