CommBank - Secured Personal Loan
Secured | Fixed | New or used car up to 7 years old
The Secured Personal Loan from CommBank offers advertised interest rates from 6.49% p.a. and a borrowing range of between $4,000 and $120,000. The CommBank Secured Personal Loan is a Fixed rate, Secured loan with repayment terms of between 1 and 7 years. Comparison rates for this product start from 7.90% p.a..
More CommBank Secured Personal Loan details can be found below or visit CommBank to learn more or apply.
A comparison rate of 7.90% p.a. and a loan type of Secured. There will also be an advertised rate of 6.49% p.a.
Advertised Rate
From 6.49% p.a. to 10.49% p.a. Fixed
Comparison Rate
From 7.90% p.a. to 11.86% p.a.
Loan Term
1 to 7
Borrowing Range
$4,000 to $120,000
Interest
Rate Type
Fixed
Advertised Rate
From 6.49% p.a. to 10.49% p.a.
Fixed
Comparison Rate
From 7.90% p.a. to 11.86% p.a.
Application Frequency
Monthly
Calculation Frequency
Daily
Loan Security
Loan Security
Secured
Secured By
Car
Loan Terms
Loan Term
1 to 7
Borrowing Range
$4,000 to $120,000
Repayment
Weekly, Fortnightly, Monthly
Features
Extra Repayments Allowed
Yes
Fees
Establishment Fee
$250
one off
Loan Service Fee
$15
per month
Late Payment Fee
$20
per event
Who is the product designed for?
These customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product:
Objectives and Needs
- Require a loan for a fixed amount and term, for the sole purpose of buying a car
- Require an interest rate that is usually lower when compared to CBA's Unsecured Personal Loan
- Require certainty of a fixed interest rate and repayments
- Ability to make additional repayments
Financial Situation
- Meet CBA’s credit assessment criteria which includes demonstrating the capacity to make the required repayments without substantial hardship
- Can choose a loan amount typically between $4,000 and $120,000
CBA views that its processes in place, including assessing the customer’s ability to meet the repayments of the loan, will mean that the product will likely be consistent with the Financial Situation of the Target Market
Eligibility criteria
- Be an individual aged 18 years and above
- Have an Australian residential address
- Meet CBA’s credit assessment criteria which includes demonstrating the capacity to make required payments on the credit facility without substantial hardship
- Be buying a car that
- Is unencumbered
- Is up to seven years old at the time of taking up the loan
- Will be registered to the customer
- Is not written off
- Will have comprehensive insurance cover
Visit CommBank to view Target Market Determination Effective From: 2024-11-18.
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