Commonwealth Bank (CBA) Car Loans
Commonwealth Bank car loans may be restrictive on the type of car they would allow for security. If the vehicle you are looking to purchase was over 5 years of age and not being purchased through a licenced dealer, the Commonwealth Bank would not be able to offer you one of their secured car loans, which would mean an unsecured variable or fixed rate loan if you were to use them with much higher interest rates.
The interest rates available from Commonwealth Bank are published on their website and would be about average, as there are better interest rates available, but their interest rates may suit some clients better due to being a flat rate not basing their rate determination of the profile of the overall application like some other lenders.
Unless your vehicle was being used for business purposes, you would not be able to put balloon repayments at the end of the term on any of Commonwealth Bank’s car loans, and unless the loan was an unsecured variable or fixed interest rate loan with a higher interest rate, you would not be able to take the loan over any more than 5 years.
Commonwealth Bank is not as active in the consumer automotive field as much as some of their competitors and is not something they specialise in, so they are usually a pretty standard car loan lender. Their establishment fees may be marginally less, but they make up for it by charging a higher monthly account keeping fee.
Commonwealth Bank’s commercial department is completely different as you would also find them available with a lot of other introducers such as finance and mortgage brokers and as they have finance available for all types of business assets and equipment, these loans are treated differently and can be very competitive to what is available in the market. Business use car loans fall under their Commercial department.
Just because you bank with Commonwealth Bank and you may have many facilities with them, does not mean that you will get the best deal with them, as they are restrictive to what is on offer and there is quite a lot of other lenders in the market that can be very competitive and less restrictive that are hungrier for the car loan business. They still have their policies and guidelines in place, which can often prevent them from being the best overall option.