(15 July 2024 – Australia) CBA is reinventing the car purchase experience to help business owners better understand repayments, financing options and source the best deal.
CBA has partnered with digital auto marketplace carsales.com.au (CAR Group) and Australian automotive retail platform provider Vyro in an Australian-banking first to launch its new car purchasing service via the CommBank app.
The service allows customers to search for their next vehicle with the option to gain conditional approval for business finance, filter by options in their budget and access loan repayment values displayed during their search.
“CommBank is excited to help customers source a deal for a vehicle, understand their potential loan repayments and easily apply for finance into one place via the CommBank app or NetBank” commented CBA Executive General Manager of Consumer Finance, Marcos Meneguzzi.
“We know that buying a car is one of the largest purchases our customers will make. Most customers research online first before buying a car, and the majority will secure finance before making their purchase” Meneguzzi added.
“CommBank car loan numbers are up 29 percent in the last 12 months. Of note, loans for hybrid or electric vehicles are up 45 percent and one in four new car loans were issued for hybrid or electric vehicles. Given average EV car prices have reduced, there are a number of good deals available. Our aim is to connect our customers to cars available via carsales and Vyro, and also to the great deals we’ve sourced exclusively from manufacturers of EVs” Mr Meneguzzi said.
“Once a customer has purchased a car through the CommBank app or Netbank, they will be able to manage the financial and ancillary services to do with the car – such as insurance or energy providers, all in one place via the app.”