CommBank launches car buying service in app

04/07/2024 News

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.

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.

Related news & insights

Digital Reinvention
15/07/2024 Article

Financial Innovation Spotlight – July 2024 edition

This global innovation journey begins in Singapore, where OCBC Securities offers AI-driven personalized stock recommendations. Then we head to the...

Digital Reinvention
11/07/2024 Interview

Creating the My World Super App: A peek into Yapi Kredi’s award-winning project

Yakup Doğan, Assistant General Manager responsible for Limitless Banking at Yapı Kredi, reflects on the Turkish bank's victory at the...

11/07/2024 News

N26 partners with Bipi to offer €400 discount on car subscriptions

This collaboration marks a significant step in expanding N26’s customer benefits and highlights the growing trend of flexible car ownership...

10/07/2024 Article

Volatile EV asset values are a looming headache for banks and insurers

The switch to EVs will force financial services firms to rethink how they calculate and manage the residual value of...

09/07/2024 News

Measuring CO2 emissions in auto claims management

Crédit Agricole Assurances, Europ Assistance, and BCA Expertise, in collaboration with the Institut Louis Bachelier, have launched an innovative project...

06/07/2024 Article

AutoMobility Insights - July 2024 edition

The latest news from the automotive industry curated and commented by the experts at Corporate Value Associates (CVA).

04/07/2024 News

RBC expands financing options to boost Canada's housing market

This program offers financial assistance for building, retrofitting, and renovating properties, making it easier for homeowners to add auxiliary dwelling...

Digital Reinvention
04/07/2024 News

CommBank introduces innovative travel booking service via app

This service, powered by global online travel agency Hopper, aims to streamline travel planning, booking, and payment processes for over...