Each of the big four banks advertises a car loan rate that starts below 7.5% a year. Those starting rates are the floor of each range, not the rate a typical applicant receives. Two of the four banks publish a second number that is more useful for budgeting: a representative or median rate that at least half, or around half, of their customers receive or beat.
We checked each bank's own car loan page on 7 November 2026, three days after the RBA lifted the cash rate target to 4.85% on 4 November, according to the RBA cash rate table. This article sets out the published rates, fees and conditions side by side, works through what the gap between the advertised and typical rate is worth on a $30,000 loan, and gives a checklist for comparing complete written offers.
Big four car loan rates checked on 7 November 2026
All figures below are the banks' own published fixed rates for new loans, and every comparison rate is calculated on a $30,000 loan over five years.
- Commonwealth Bank Secured Fixed Rate Car Loan: 6.79% to 11.29% a year (comparison rate 8.20% to 12.65%). Representative rate 8.79% (comparison rate 10.18%). Source: CommBank car loans, page last updated 3 November 2026.
- Westpac Car Loan (petrol, diesel or LPG cars): 6.49% to 12.99% a year (comparison rate 7.90% to 14.34%). Median rate 8.49% (comparison rate 9.67%). Source: Westpac Car Loan, which says its information is correct as of 3 November 2026.
- NAB Car Loan (secured): 6.74% to 13.54% a year (comparison rate 8.29% to 15.03%). NAB home loan customers can access a lower maximum fixed rate, with rates from 6.74% to 8.99% (comparison rate 8.29% to 10.52%). NAB does not publish a median or representative rate. Source: NAB car loans.
- ANZ: ANZ's car buying page offers unsecured personal loans rather than a secured car loan, at 7.49% to 21.99% a year (comparison rate 8.18% to 22.56%) for both its fixed and variable loans, with rates as at 5 November 2026. Source: ANZ buying a car.
Westpac, Commonwealth Bank and NAB also advertise lower rates for eligible electric or plug-in hybrid vehicles. Those discounts have their own eligibility lists and are not included above.
The advertised rate is a floor, not a quote
Commonwealth Bank says at least half of its approved customers receive the representative rate or lower, and that your rate depends on factors including your credit history, the information you provide and its assessment of your application. Westpac says around half of its customers receive the median rate or lower. ANZ says your interest rate is confirmed in your letter of offer, and NAB says the rate it offers depends on its credit assessment criteria.
Read together, the two published typical rates sit about two percentage points above each bank's starting rate: 8.79% against 6.79% at Commonwealth Bank, and 8.49% against 6.49% at Westpac. Until you have a personalised quote, the typical rate is a more realistic budgeting assumption than the headline rate. How your credit score affects your car loan rate explains the main factors lenders use to set the number.
What the gap is worth on a $30,000 loan
Commonwealth Bank publishes estimated totals for its own $30,000, five-year example, including its $250 establishment fee and $15 monthly fee:
- At the 6.79% starting rate, the estimated total amount payable is $36,614.
- At the 8.79% representative rate, it is $38,332, or $1,718 more.
- At the 11.29% top of the range, it is $40,547, or $3,933 more than at the starting rate.
We applied the same method to Westpac's published figures. This is our calculation, not a Westpac figure. It assumes $30,000 borrowed for five years with monthly repayments, the $250 establishment fee added to the loan as Westpac's fee table states, and the $15 monthly fee, with nothing else paid:
- At the 6.49% starting rate, repayments of about $607 a month including the fee, and about $36,404 in total.
- At the 8.49% median rate, about $635 a month and about $38,129 in total, roughly $1,725 more over the five years.
On both banks' figures, budgeting on the typical rate rather than the advertised rate adds roughly $1,700 to the cost of a $30,000 loan over five years, or close to $30 a month. You can test other amounts and terms with the Loanseekers calculators, and how car loan repayments are calculated shows the arithmetic.
Fees change the comparison
The banks charge different fees, and a monthly fee adds up over a long term:
- Commonwealth Bank: $250 establishment fee and $15 monthly loan service fee.
- Westpac: $250 establishment fee added to the loan amount, $15 monthly loan account fee and a $15 missed payment fee.
- NAB: $350 loan establishment fee, $15 monthly loan service fee, a $7 weekly late payment fee and a $0 exit fee. NAB says it waives the establishment fee for existing NAB customers who apply to refinance a car loan, with that offer ending on 3 December 2026.
- ANZ: $150 loan approval fee and a $10 monthly loan administration charge, debited every three months.
A $15 monthly fee is $900 over a five-year loan, and a $10 monthly fee is $600. Comparison rates fold these fees into one figure, but each bank warns that its comparison rate applies only to the example given, and Commonwealth Bank and Westpac note that early repayment fees and fee waivers are not included. Comparison rate versus interest rate explains how to use the comparison rate without relying on it alone.
Eligibility and payout terms differ more than the rates
- Who can apply: NAB's secured car loan is for existing NAB customers only, and NAB accepts sole borrowers only on its car and personal loans. Repayments on the secured loan are monthly by direct debit.
- Loan size: Commonwealth Bank lends $4,000 to $120,000, Westpac $10,000 to $130,000, NAB $10,000 to $100,000 on its secured car loan, and ANZ $5,000 to $75,000.
- The car: Westpac requires the car to be new or, if used, no older than seven years at application, never written off, for personal use and comprehensively insured with Westpac noted as financier.
- Paying out early: Commonwealth Bank charges an early repayment adjustment if you repay in full with 12 or more months remaining and it estimates a loss or cost. Westpac charges a $175 prepayment fee if you choose a term over two years and pay the loan out within two years. ANZ says early repayment costs on its fixed loan may be significant, while its variable loan allows early or extra repayments without additional costs.
If you expect to sell or upgrade the car within a couple of years, the payout terms can matter as much as a small rate difference. Secured versus unsecured car loans covers why a secured loan usually comes with vehicle conditions.
Does the November rate rise change a fixed car loan?
Not an existing one. Westpac says your rate and repayments won't change for the full loan term, and ANZ says a fixed rate means your repayments won't change even if rates increase. The cash rate target rose to 4.85% on 4 November, and our RBA rate rise November 2026 article covers what that decision means for applicants.
Advertised ranges for new loans are different. Banks can change them at any time, and ANZ says its rates may be withdrawn or changed without notice. Westpac's and Commonwealth Bank's pages carry 3 November dates, the day before the RBA decision, so check the rate on the day you apply rather than relying on the figures above.
Compare complete offers: a checklist
- Get a personalised rate before you apply in full. Westpac and NAB both say their personalised quote has no impact on your credit score.
- Ask each lender for the interest rate, comparison rate, fees and estimated total amount payable in writing, for the same loan amount and term.
- Multiply any monthly fee by the number of months in the term and add it to the upfront fees.
- Check what it costs to pay the loan out early if you may upgrade within two or three years.
- Confirm the vehicle meets the lender's age, insurance and use conditions before you sign a purchase contract.
- Check whether you need to be an existing customer, or whether a joint application is allowed.
- Compare the bank offers with other lenders' quotes. Dealer finance, a broker or your bank sets out how the three routes differ.
Next steps
Once you have written quotes for the same amount and term, you can compare car loan options and lender profiles such as Westpac and NAB in the Loanseekers lender directory. Rates and fees in this article are the banks' published figures checked on 7 November 2026 and can change. This article is general information only and does not consider your personal circumstances.
