In an Australian-banking first, CommBank has collaborated with the nation’s number one digital auto marketplace carsales and Australian automotive retail platform provider Vyro to launch a car buying service via the CommBank app. The service will help customers find, finance and manage their next new or used car and provides exclusive discounts and benefits for customers purchasing an electric vehicle (EV).
CommBank customers can now access the car buying service via the CommBank app or NetBank website. It will allow them to search for their next vehicle with the option to gain conditional approval for personal and business finance, and filter by options in their budget with loan repayment amounts displayed during the search. Customers with an existing car may also be eligible to get an Instant Offer™ from carsales and sell in as fast as 24 hours.
CommBank Executive General Manager of Consumer Finance Marcos Meneguzzi said 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.
“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,” Mr Meneguzzi said.
“CommBank car loan numbers are up 29 per cent in the last 12 months.2 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.3
“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.”
