Commonwealth Bank (CBA) Car Loans
Commonwealth Bank (CBA) is one of Australia’s largest retail banking provider. Commonwealth bank car loans are offered through their branch network as well as directly online. Commonwealth bank offers a suite of car loan products for both businesses and individuals. The Commonwealth Bank's Retail Banking Services are dedicated to offering simple, affordable and convenient banking services to the needs of personal and business loan applicants. They have 1,100 branches, 4,300 ATMs and 3,700 Australia Post outlets throughout Australia. They also have the largest amount of customer access points. They offer 24/7 real time support, which is the first bank in Australia to offer that to their customers.
Commonwealth Bank Personal Car Loans
This type of loan can be used for both used and new vehicles from a private seller or a registered dealer. At time of researching and writing this article a CBA car loan can be structured in a few different ways to accommodate any type of borrower:
- Secured Car Loan: This uses the car as security and lowers the interest rate. The interest rate is fixed for the lifetime of the car loan and the repayments can be made weekly, every two weeks or monthly. The minimum amount is $10,000 and the loan term can be from 1-5 years. Interest rates on CBA car loans can be found on their website or by telephoning them directly.
- Variable Rate Personal Loan: Interest rates fluctuate with this type and extra payments can be made often without incurring a fee. The borrower can also redraw additional repayments they’ve made in case they need the money during the lifetime of the loan.
- Fixed Rate Personal Loan: This keeps the interest rate fixed for the lifetime of the loan with terms from 1-7 years. The minimum amount is $5,000 with the maximum loan amount at $50,000. Borrower can make payments every week, two weeks or monthly.
Ultimately, CBA car loans offers individuals the ability to choose something that fits their financial situation the best. Loan approvals are typically made the same day if applications are submitted by midday Monday to Friday. Funds are transferred straight to the dealer for secured car loan and to a bank account for personal loans.
Once the funds have been transferred to you or the car dealer, customers can use their NetBank to both monitor and service their loan (make payments). Automatic transfers can be set up so payments are not forgotten about. Also, statements can be accessed here and the balance can be monitored too.
Commonwealth Bank (CBA) Business Car Loans
Here are the most popular business car loan options from Commonwealth Bank:
- Chattel Mortgage: This allows you to own the car when you buy it and reap tax benefits such as depreciation and GST. The interest rates are fixed and you can choose a loan term between 2 and 5 years. If you would like to reduce your loan repayments, the balloon repayment option is available.
- Hire Purchase: Like that of the chattel mortgage option, except that you hire the car or equipment purchased from CBA directly and take ownership at the end of the loan only.
- Finance Lease: Similar to a hire purchase, but instead of owning the vehicle or equipment at the end of the loan, you can offer to buy the vehicle.
- Novated Lease: Similar to a finance lease, but this is for individuals who want to buy the car for personal use by using their income. This has the employees making payments for them directly taking them from their pre-tax salary. Minimum loan amount with this option is $10,000.
Ultimately once CBA has everything needed to process applications, approvals can occur as quickly as just four hours. Repayments can be structured to fit the needs of a company’s projected cash flow making sure that the business is never short.
Commonwealth Bank (CBA) Programs
The Commonwealth Bank has been long term supporters of many Australian initiative and focuses on supporting community education, research, arts and environment programs. Some of their partnerships include:
- Australian Chamber Orchestra,
- Bangarra Dance Theatre, Australia’s leading indigenous performing arts company,
- Breast Cancer Institute of Australia, helping raise over $3.1 million,
- Prostate Cancer Foundation of Australia as major sponsor of the Great Aussie Barbie
- Red Cross,
- National Humanity Partner;
- Great Barrier Reef Foundation
- Major sponsor of the Australian men’s and women’s teams,
- StartSmart, classroom based workshops that teach students how to make confident money decisions,
- Clown Doctors, professional entertainers who bring joy to sick children.
- Youthsaver, a school-based savings program for primary school children to learn good savings habits
Please bear in mind due to the nature of loan products the car loan products offered by banks such as CBA are subject to change, and whilst best attempts have been made to ensure the accuracy of this information at time of writing - it may have changed since the time of publishing.
To learn more about their offerings, including commonwealth bank car loans visit their website at https://www.commbank.com.au/ or call 13 2221, 24 hours a day.
Find info on other online lenders here.