The Commonwealth Bank of Australia, known as CommBank or the CBA, is Australia’s largest bank and one of what is referred to as ‘the Big 4’. CBA is a full service bank providing integrated financial services across all key sectors including retail banking, business banking, institutional banking, superannuation, investment, funds management and even insurance and share-broking services.
The CBA provides lending services in both the consumer loans area and business finance areas and is a major provider of home mortgages.
Jade Car Loans is accredited with the CBA as one of the many banks and lenders in our lending panel. What this means is that we are ‘authorised’ or ‘accepted’ as a finance broker by CBA to approach the bank to seek loans and finance on behalf of our customers. Being accredited with Australia’s largest bank is extremely important to us and we work closely with our industry contacts at the bank in sourcing many loans for many of our customers.
The CBA offers Personal Car Loans and Business Vehicle Finance directly to their customers and to individuals and businesses that do not already hold banking accounts with CBA. A browse of the bank’s website will quickly reveal the details of their offerings in regard to car finance.
For personal car loans, the CBA is offering Secured Car Loans.
For business vehicle finance, the CBA offers the same range of products as Jade Car Loans: Chattel Mortgage, Finance Lease and Hire Purchase.
As the largest bank in Australia with a multinational presence, the CBA is a highly respected and strong financial institution and we are proud to be accredited with such a bank. CBA is one of our major lending partners.
So what is the difference between you simply contacting the bank yourself and Jade Car Loans arranging your loan with CBA?
Good question and the answer lies in the benefits of using the finance broker services of Jade Car Loans over arranging your own loans.
- CBA has strict governance policies which it must work under and these include strict guidelines in regard to loan approvals. Many of these lending guidelines were tightened as a result of the Royal Commission, during the COVID-19 crisis and may be amended at times, due to other factors.
- When you apply directly to the bank, the representative you are dealing with must adhere to these strict guidelines in regard to your application. As a finance broker, your Jade consultant will be dealing with our industry contacts and can have a greater possibility to have any issues which may be present an obstacle to your loan approval, eased.
- Your Jade consultant will know how CBA price their loans and the processes they undertake to approve loans – both personal and business. Having this level of information and insight enables your consultant to complete your application in a way that will meet the CBA guidelines.
- The car you wish to purchase may not come within the CBA guidelines. We note on their website that one of the conditions of the CBA Secured Car Loan is that it is not for vehicles which are older than 5 years. So if you are purchasing a used car which is more than 5 years old, your loan application to CBA may be rejected.
- To be eligible for CBA Business Vehicle Finance, the site notes that a business must have been trading for over 12 months and have a good credit rating. So if you are a new business, have little documentation or credit issues, Jade Car Loans would seek an alternative lender to the CBA for your car finance.
Jade Car Loans has extensive experience in securing CBA car loans for our customers and we deftly work through any issues on behalf of our customers to achieve a workable outcome.
Arranging a CBA Car Loan
As such a large and well-known bank, the CBA is often the first call for many people seeking car finance. By engaging Jade Car Loans to source your CBA car loan you have the dual benefits of finance from Australia’s leading bank and enjoy the advantages of having one of Australia’s leading finance brokers in motor vehicle finance professional handle the process.
If you are already a CBA customer, we are happy to negotiate your CBA loan on your behalf.
To discuss a CBA Personal Car Loan or Business Vehicle Finance, please call 1300 000 003 and speak with a Jade Car Loans consultant.