CommBank Secured Car Loan

A secured fixed-rate car loan from Commonwealth Bank, offering competitive rates for both new and used vehicles, with a discount for electric vehicles.

Last checked on July 23, 2026. We may earn a commission when you click through.

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CommBank offers a straightforward secured car loan with a good range of financing options for both new and used cars.

✓ Fixed interest rates for stability ✓ Options for both new and used vehicles ✓ Discounts available for electric vehicles
Auto Commonwealth Bank Reviewed

CommBank Secured Car Loan

Updated 14 days ago

APR Range

6.79–10.79%

Amount

A$4k–A$120k

Term

12–84 months

Type

car_finance

Check eligibility →

You'll be redirected to commbank.com.au

Our Verdict

CommBank offers a straightforward secured car loan with a good range of financing options for both new and used cars.

Best For

This loan is ideal for Australian residents seeking a vehicle loan with fixed rates and the added benefit of discounts for eco-friendly cars.

Watch Out

Potential borrowers should be aware of the minimum loan amount and the requirements for eligibility, which may exclude some applicants.

Pros

  • Fixed interest rates for stability
  • Options for both new and used vehicles
  • Discounts available for electric vehicles
  • Flexible loan terms from 12 to 84 months
  • Strong customer service reputation

Cons

  • Minimum loan amount of $4,000 may be high for some
  • Eligibility requirements could limit access
  • Approval process may take longer than some competitors
  • Rates not the lowest in the market
  • Not suitable for those with irregular income

Full Review

The CommBank Secured Car Loan offers flexible financing from $4,000 to $120,000 with a fixed rate ranging from 6.79% to 10.79%. This makes it a viable option for many buyers in the Australian market. Importantly, borrowers can access a green loan discount for electric and plug-in hybrid vehicles, which can make the loan more affordable for eco-conscious consumers.

While the loan terms range from 12 to 84 months, applicants must meet specific criteria, such as being an Australian resident and at least 18 years old, with a regular income. This could limit access for some potential borrowers, particularly younger individuals or those with irregular income.

In terms of customer service, Commonwealth Bank is known for its robust support and digital banking services, which can enhance the borrowing experience. However, some users have noted that the approval process can take longer compared to other lenders, so those needing quick access to funds should consider this factor.

Compared to alternatives like ANZ or Westpac, CommBank's rates are competitive but may not be the lowest available. It's advisable to compare all options to ensure the best financial decision is made. For further details, check CommBank's official page at CommBank Car Loans.

Who Is This For?

This loan is best suited for Australian residents with a stable income looking to finance a new or used vehicle, especially those interested in eco-friendly options.

What Borrowers Say

Borrowers generally appreciate the ease of the application process and customer service, though some mention longer approval times.

Summary

The CommBank Secured Car Loan provides a solid option for vehicle financing with competitive rates and green incentives, but potential borrowers should be mindful of eligibility criteria.

About This Loan

A secured fixed-rate car loan from Commonwealth Bank, offering competitive rates for both new and used vehicles, with a discount for electric vehicles.

Requirements

  • Australian resident
  • Regular income
  • Age 18+

Check if you qualify

Check eligibility →

You'll be redirected to commbank.com.au

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