CommBank launches car buying service in app

Mobility
04/07/2024News

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.

Mobility community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

28/05/2025Article

Rethinking banking's physical frontier

How banks can successfully modernize their branch networks by implementing a strategic balance of physical and digital elements.

Digital Reinvention
26/05/2025News

CaixaBank unveils Generation + to support Spain’s aging population

New suite of services focuses on retirement planning, elder care, and financial well-being.

Digital Reinvention
26/05/2025News

Sumeria introduces interactive calendar and smart spending insights in app update

French mobile bank adds visual tools, merchant tracking, and personalized account details.

26/05/2025News

Lloyds Premier: A new offering for the financially established

Integrated perks, lifestyle benefits, and financial tools in one account.

ESG
26/05/2025News

Barclays and VIVID launch first loan backed by National Wealth Fund Retrofit Scheme

£50 million deal to support energy-efficient upgrades for 2,000 homes

Digital Reinvention
25/05/2025News

BBVA unveils redesigned banking app with AI and personalized tools

The update introduces a native codebase designed for scalability across all markets, an overhauled visual identity, and a suite of...

Digital Reinvention
22/05/2025Article

Innovation of the Month: Millennium bcp’s Corporate Homebanking Platform

The Banking Innovation of the Month award for May goes to Millennium bcp’s Corporate Homebanking platform, a practical, user-driven solution...

Digital Reinvention
22/05/2025News

Openbank surpasses 100,000 U.S. customers in just six months

Just six months after launch, the platform has attracted more than 100,000 customers, signaling notable momentum as the bank builds...