CommBank Secured Car Loan
A secured fixed rate car loan from Commonwealth Bank with rates from 6.79% for new and used vehicles, including a green loan discount for electric vehicles.
Last checked on October 23, 2026. We may earn a commission when you click through.
CommBank Secured Car Loan
Updated 12 days agoAPR Range
6.79–10.79%
Amount
A$4k–A$120k
Term
12–84 months
Type
car_finance
You'll be redirected to commbank.com.au
Our Verdict
CommBank offers one of the more competitive fixed rates for car loans, but the eligibility criteria can be strict, particularly for those with lower credit scores. It's a good fit for borrowers looking for a loan with fixed repayments but may not suit those needing more flexible terms.
Best For
Borrowers with a steady income and good credit seeking a loan for a new or used vehicle.
Watch Out
Approval requires proof of income and may favour applicants with higher credit scores, potentially excluding some borrowers.
Pros
- Fixed rates provide certainty in repayments
- Loan amounts suitable for a wide range of vehicles
- Green loan discount available for EVs
- Straightforward online application process
Cons
- Strict eligibility criteria may exclude some applicants
- Approval process may take longer during busy periods
- Secured loan means vehicle acts as collateral
- Higher rates for borrowers with lower credit scores
Full Review
With fixed rates ranging from 6.79% to 10.79%, the CommBank Secured Car Loan is appealing for those looking for stability in repayments. The loan amounts range from AUD 4,000 to AUD 120,000, accommodating a variety of vehicle types. While the green loan discount is a great perk for electric vehicle buyers, the conditions around eligibility can be stringent, particularly for those with less-than-perfect credit.
User experience on the CommBank platform is generally smooth, with application processes. However, be prepared for a thorough assessment of your financial situation. The bank's customer service reputation is solid, but some users report longer wait times during peak periods.
A significant consideration is the loan's secured nature, which means your vehicle will act as collateral. This could be an issue for those who prefer unsecured loans for more flexibility. Overall, this loan is best for those who meet the requirements and seek stability in their vehicle financing.
Who Is This For?
Ideal for individuals with stable incomes and good credit who are looking to finance a vehicle purchase.
What Borrowers Say
Borrowers generally appreciate the competitive rates and ease of application, though some express frustration over strict eligibility requirements.
Summary
CommBank offers a secured car loan with fixed rates from 6.79% to 10.79%, available for amounts between AUD 4,000 and AUD 120,000, with terms of 12 to 84 months.
About This Loan
Requirements
- Australian resident
- Regular income
- Age 18+
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