Commonwealth Bank of Australia (CommBank) has launched a new car buying service within its mobile app, a first for Australian banking. Partnering with carsales and Vyro, the service simplifies the car buying process for personal and business customers by providing tools to understand repayments, source deals, and apply for finance.
Opportunities and threats facing financial services providers in the mobility revolution
Features and access
Accessible via the CommBank app or NetBank website, the service allows customers to:
• Search for vehicles within their budget.
• Obtain conditional finance approval.
• View loan repayment amounts during their search.
• Receive an Instant Offer™ from carsales to sell their existing car in as fast as 24 hours.
Exclusive EV discounts
CommBank offers exclusive deals for electric vehicle (EV) buyers, including:
• Special pricing from Polestar and BYD.
• An additional 3% discount on Polestars.
• A free EV home charger for the first 50 BYD Dolphins sold.
• Discounts on home chargers and accessories from Evie Networks and EVSE.
• Free charging subscriptions from JOLT.
• A discounted car loan rate of 6.49% p.a. for EV and hybrid vehicles
Managing purchases and services
Post-purchase, customers can manage all related financial and ancillary services, such as insurance or energy providers, within the app.
Insights and trends
CommBank’s data shows a 29% increase in car loans over the past year, with a notable 45% rise in loans for hybrid and electric vehicles. The average loan size in Q3 FY24 was $35,558, reflecting a decrease in car prices. Tesla Model Y and Model 3 are the most popular EVs financed, while Hyundai, Toyota, Mazda, KIA, and Mitsubishi lead in non-electric vehicle loans.
CommBank's new service not only streamlines car purchases but also supports sustainable vehicle options, reinforcing the bank's commitment to customer convenience and innovation.
