GoodLoan4U is an independent financial comparison platform. We may earn a commission when you click through.
CommBank vs Westpac: Which Car Loan Costs Less?
Westpac starts at 6.49% p.a., while CommBank offers an EV rate of 6.49%; fees, vehicle age rules and repayment certainty decide the winner.
Quick verdict
You're choosing between major-bank secured car loans, not radically different products. The headline rates are close, but the details matter: Westpac starts at 6.49% p.a. for eligible vehicles, while CommBank starts at 6.79% p.a. and drops to 6.49% p.a. for eligible electric and plug-in hybrid vehicles. NAB and Toyota Finance are useful alternatives, but the clearest head-to-head is Westpac versus CommBank.
Best overall: Westpac Car Loan for borrowers who qualify for its green rate and want no early repayment fee.
Best for EV buyers: CommBank Secured Car Loan if fixed-rate certainty and a large-bank application matter more than the monthly fee.
Best for a Toyota dealership purchase: Toyota Finance Personal Car Loan.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
The two big-bank contenders
A 0.30 percentage-point gap sounds small. On a A$30,000 loan over five years, however, it can mean several hundred dollars in interest before fees. The exact result depends on the approved rate, term and repayment schedule, so treat headline pricing as a starting point rather than a quote.
Both products are secured. The vehicle backs the loan, which usually helps pricing but gives the lender rights over the car if repayments fail. According to the CommBank car-loan page, its product has fixed-rate repayment certainty, terms up to seven years, an establishment fee and a monthly account fee.
CommBank Secured Car Loan
CommBank is the more interesting pick for an EV or plug-in hybrid buyer because its published rate falls from 6.79% p.a. to 6.49% p.a. for eligible vehicles. That erases the standard-rate gap with Westpac, although the establishment fee and monthly account fee still affect the total cost. The fixed rate makes budgeting easier, and terms up to seven years can lower repayments, but stretching the term increases total interest. Best for an Australian buying a new or used eligible vehicle who values predictable repayments and bank-based servicing over the lowest possible fee structure.
Editor's Pick
CommBank Secured Car Loan
Est. APR: 6.79%
CommBank's EV discount is the key comparison point, not a side detail. For a petrol or diesel vehicle, Westpac's published starting rate is lower. For an eligible EV, the starting rates match, so fees, vehicle eligibility and early-repayment rules become more important than the headline number.
Westpac Car Loan
Westpac wins the standard-rate comparison with pricing from 6.49% p.a., according to the lender's published car-loan information, and it does not charge an early repayment fee. That flexibility matters if you expect to sell the car, refinance or make extra payments before the term ends. The limitations are real: an establishment fee applies, the loan is secured, and used vehicles must be under seven years old. Best for a borrower with a qualifying newer vehicle who wants the lowest listed starting rate and the freedom to clear the balance early.
Lowest APR
Westpac Car Loan
Est. APR: 6.49%
Digital quotes, large limits and dealer finance
The cheapest rate is not the only useful feature. Plenti changes the comparison by offering a fast digital quote, while NAB combines a published rate band with a high borrowing cap. Toyota Finance solves a different problem: arranging finance inside the Toyota dealer network.
That makes this group less uniform. Plenti and NAB are direct secured-loan alternatives; Toyota Finance is tied closely to the vehicle-buying journey. Compare the total repayment before accepting dealer-arranged finance, especially if a balloon payment is included.
Plenti Secured Car Loan
Plenti's appeal is speed and borrowing capacity rather than the lowest published rate. Its page advertises a personalised rate process in as little as 60 seconds, while the supplied product data lists borrowing up to A$100,000 and terms from three to seven years. The rate starts at 7.49% p.a., and the comparison rate is materially higher, so the advertised figure should not anchor your decision. Vehicle-age rules also vary. Best for an Australian who wants a quick digital indication and may need a larger secured loan, provided the final comparison rate remains acceptable.
Fastest Approval
Plenti Secured Car Loan
Est. APR: 7.49%
Plenti is the speed-first alternative, but its starting rate sits above the big-bank offers. The useful insight is that a fast quote can help you shop before entering a dealership; it does not prove the final loan will be cheaper. Read the comparison rate and fee schedule before treating the quote as a genuine saving.
NAB Secured Car Loan
NAB offers a clearer public rate band than many personalised lenders: 6.74% to 13.54% p.a. in the supplied product data, with borrowing up to A$100,000 and no exit fees. It also advertises a 0.75% discount for eligible electric vehicles. The drawbacks are narrower: the secured product is for a sole borrower, monthly direct debit is mandatory, and representative pricing still depends on the applicant's profile. Best for a single borrower who wants a major-bank product, a visible rate range and no exit fee.
Most Flexible
NAB Secured Car Loan
Est. APR: 6.74%
NAB sits between the two camps. Its EV discount is larger than CommBank's stated 0.30-point reduction from the standard rate, but the top of its published range shows how far pricing can move for weaker applications. The no-exit-fee structure is valuable if you plan to repay early, although it does not remove establishment or ongoing costs that may apply.
Toyota Finance Personal Car Loan
Toyota Finance is the most convenient route for a buyer already choosing a Toyota through its dealer network, with fixed-rate finance, customised terms and a balloon payment option. Convenience can hide cost: a balloon reduces regular repayments but leaves a large balance at the end and can increase total interest. The product may also fail to beat an independently arranged bank loan. Best for a Toyota buyer who wants finance handled at the dealership and has a clear plan for the final balloon amount.
Most Flexible
Toyota Finance Personal Car Loan
Est. APR: 7.0%
Head-to-head comparison
| Loan | Published starting rate | Useful feature | Main limitation |
|---|---|---|---|
| CommBank | 6.79% p.a.; 6.49% p.a. eligible EVs and plug-in hybrids | Fixed rate, terms up to seven years | Establishment and monthly account fees |
| Westpac | 6.49% p.a. green rate | No early repayment fees | Used vehicles under seven years old |
| Plenti | From 7.49% p.a. | Fast quote, up to A$100,000 | Higher comparison rate and profile-based pricing |
| NAB | 6.74%–13.54% p.a. | No exit fees, up to A$100,000 | Sole-borrower secured product and mandatory direct debit |
| Toyota Finance | Personalised fixed rate | Dealer-arranged finance and balloon option | Balloon can increase total cost |
For official terms, compare the Westpac car-loan page, the NAB secured car-loan page and the Toyota Finance fixed-rate page before applying. Published starting rates are not guaranteed offers, and comparison rates may include standard fees that the headline rate excludes.
The verdict
Westpac is my pick for most borrowers who qualify for its 6.49% p.a. green rate. The starting rate is lower than CommBank's standard 6.79% p.a., and no early repayment fee gives it a meaningful advantage if your plans change. Choose it for a newer eligible vehicle and a borrower who wants to preserve the option of paying the loan out early.
CommBank becomes the better fit for an eligible EV or plug-in hybrid buyer who values fixed repayments and already banks with CommBank. Its 6.49% p.a. green rate matches Westpac's listed starting point, but the establishment and monthly account fees need to be included in the calculator.
Choose NAB if a public rate band and no exit fee matter more than the absolute lowest starting rate. Choose Plenti for a rapid digital quote or a larger borrowing requirement. Choose Toyota Finance only after checking the total cost of any balloon structure against an independently arranged loan.
Car finance is only one part of the borrowing decision. If you're also comparing unsecured borrowing or debt consolidation, the wider rate range matters far more than a single advertised starting figure; Personal Loan Rates Span A$3,889 to A$65,556 explains how loan size changes the comparison.