Commonwealth Bank review
Bank
Best suited for buyers with a good credit rating wanting a major-bank secured car loan, published EV rate discounts or pre-approval before shopping
Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. See our Credit Guide.
Advertised rates
Secured car loan 6.79% - 10.79% p.a. fixed; unsecured personal loans 7.25% - 22.25% p.a. fixed or 7.75% - 22.75% p.a. variable; EV rates from 5.79% p.a. under the EV Access Program
Comparison rate 8.20% - 12.16% secured car / unsecured 8.30% - 23.12% fixed, 8.79% - 23.62% variable*
Approval speed
Response within 60 seconds of submitting the application; same-day funding if approved, the contract is accepted and identity verification is completed by 4pm on a business day
Credit-profile fit
Requires a good credit rating; rates at the lower end go to excellent credit histories, and CBA states at least half of approved customers receive the representative rate or lower. Not available while going through bankruptcy.
Pros & cons
Pros
- True secured car loan up to $120,000 with rates from 6.79% p.a.
- 60-second response on online applications
- Published EV rates down to 5.79% p.a. for eligible borrowers
- Unlimited free extra repayments and redraw on variable loans
- Free secure private-sale service with an eligible car loan
Cons
- $250 establishment plus $15 monthly service fee
- Car used as security must be 7 years old or less
- Good credit rating required, no impaired-credit lane
- Unsecured rates reach 22.25% p.a. for weaker profiles
Key features
- Secured fixed-rate car loans $4,000 - $120,000 over 1 - 7 years
- Unsecured fixed or variable loans $4,000 - $50,000
- EV discounts: 6.49% p.a. for eligible EVs/plug-in hybrids, 5.79% p.a. EV Access Program for eligible essential workers or incomes under $100,000
- Unlimited free extra repayments and redraw on variable loans
- Pre-approval available; VEME secure private-sale service free with an eligible car loan
- $100 to $400 cashback depending on CommBank Yello tier (Yello $100, Plus $200, Gold $300, Diamond $400) via Cars for CommBank
Fees
- $250 establishment fee
- $15 monthly loan service fee
- $20 late payment fee
- $15 early repayment adjustment on fixed loans paid out with 12+ months remaining
Frequently asked questions
Who is Commonwealth Bank best suited to?
Based on our review, Commonwealth Bank is best suited for buyers with a good credit rating wanting a major-bank secured car loan, published EV rate discounts or pre-approval before shopping.
What are Commonwealth Bank's rates?
Secured car loan 6.79% - 10.79% p.a. fixed; unsecured personal loans 7.25% - 22.25% p.a. fixed or 7.75% - 22.75% p.a. variable; EV rates from 5.79% p.a. under the EV Access Program. Rates and fees are current as at 8 Sept 2026 and are subject to change by the lender at any time.
What fees does Commonwealth Bank charge?
$250 establishment fee. $15 monthly loan service fee. $20 late payment fee. $15 early repayment adjustment on fixed loans paid out with 12+ months remaining.
How fast is Commonwealth Bank's approval?
Response within 60 seconds of submitting the application; same-day funding if approved, the contract is accepted and identity verification is completed by 4pm on a business day.
What credit profile does Commonwealth Bank accept?
Requires a good credit rating; rates at the lower end go to excellent credit histories, and CBA states at least half of approved customers receive the representative rate or lower. Not available while going through bankruptcy.
How do I apply through Commonwealth Bank?
Start a Loanseekers enquiry and we compare Commonwealth Bank against 70+ lenders for your situation. The initial check does not affect your credit score, and our specialists manage the application to settlement.
See if Commonwealth Bank suits your situation
One enquiry compares Commonwealth Bank against 70+ lenders for your exact position. No obligation, no impact on your credit score to enquire.
This is general information only, not personal advice; we have not considered your objectives, financial situation or needs. Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. Approval is subject to lender criteria. See our Credit Guide.
Rates and fees current as at 8 Sept 2026. Rates and fees are subject to change by the lender at any time.
*The comparison rate is based on the lender's published example and is true only for that example. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Think something on this page is out of date or inaccurate? Tell us via our complaints and disputes page.
Similar lenders
ANZ
Best suited for borrowers who want a major-bank unsecured loan up to $75,000 for a car or other purchase, priced to their credit score
Bank
Bank of Melbourne
Best suited for borrowers buying a car for personal use, up to seven years old at application, who want a fixed secured rate and a set repayment term
Bank
Great Southern Bank
Best suited for borrowers who want a fixed-rate car or personal loan from a customer-owned bank with no monthly fees and free early payout, especially electric or hybrid buyers using the discounted Green Car Loan
Bank
