Commerce Bank Logo
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LAST UPDATED: July 10th, 2023

Commerce Bank, also known as Commerce Bancshares, Inc., was founded more than 150 years ago by Francis Reid. Its original name was the Kansas City Savings Association, but it was renamed the National Bank of Commerce in 1890. The company operates as a super-community bank that offers a wide variety of sophisticated financial products.

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The Good

  • Fast approvals
  • Special loan programs
  • Discounts for CommerceOptions Checking customers

Fast Approvals

Commerce Bank states offers a simple application process that can be completed by phone, online, or in person. Additionally, the company states that it offers fast approvals; in most cases, your funds are available by check on the same day. Commerce Bank also provides pre-approvals so you can shop with confidence.

Special Loan Programs

There are several special loan programs available through Commerce Bank, including the following:
  • Classic Car Loan - This program allows you to finance a classic car at the same rate as a used car
  • Student Auto Loan - This program provides special auto loans for students currently enrolled in undergraduate, graduate, or technical schools

Discounts for CommerceOptions Checking Customers

Commerce Bank offers rate discounts up to 0.75 percent to customers who also sign up for its CommerceOptions Checking program (some restrictions apply). An additional discount of 0.25 percent is also available for customers who choose to have payments automatically deducted from their Commerce checking account each month.

The Bad

  • Minimum loan requirement
  • Refinancing terms not disclosed
  • Important information not on website

Minimum Loan Requirement

Unfortunately, Commerce Bank has a minimum loan requirement of $7,000. This means that if you find a car that's less than $7,000, you'll either have to apply for the company's ReadyLine of Credit, which is basically a cash advance and usually carries a higher interest rate than a traditional auto loan, or find another company to work with.

Refinancing Terms Not Disclosed

Commerce Bank states that it offers vehicle refinancing, but no further information is provided on the company's website. It would be helpful if refinancing terms were disclosed to help potential customers know what to expect.

Important Information Not On Website

There are several pieces of important information that are not disclosed on Commerce Bank's corporate website. For example, the company has not listed its terms for approval, its minimum credit rating, its fees, or its mileage restrictions. This lack of transparency can be frustrating for potential customers trying to decide whether or not Commerce Bank is a good fit for their needs.

The Bottom Line

Commerce Bank offers quick approvals, a number of special loan programs, and discounts for its CommerceOptions Checking customers. However, the company has a relatively high minimum loan requirement and has not disclosed a number of important pieces of information on its website.
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4 Reviews

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Tribble Laramie, WY

I would not have chosen this if the dealership hadn't pushed me. It was the lowest rate but it would have been worth a higher rate to have a website or email communication as every car loan I've had since the Clinton administration era has had. If you don't have a bank account, you have to do everything by phone with unhelpful service and very long wait times. Paying my final payment cost me an additional five bucks since it's not automatic. I would never use them again and based on this experience, wouldn't bank there either. I feel for the dude who had his credit score drop because of that last payment issue-terrible communication all around.

11 months ago

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John LeRound Denver, CO

Got a loan for a motorcycle (the dealership's main loan agency). Got a 3 year loan, set up automatic withdrawal, never missed one payment, except for the last one... I was out of the US for a family situation. The last payment was supposed to be made with a check. Commerce Bank had my email address (I was receiving marketing emails on a regular basis) but never let me know that I was late on that last payment. When I came home after 2 months overseas I did have several messages on my home phone answering machine as well as notices in the mail but they never bothered to try email. I paid as quickly as I got home (actually duplicated payments because the check did not seem to get to them quickly enough, which ended up being another nightmare to sort out, but that's another story for another time). As a result my perfect credit score (830+) got hammered and I lost 100 points as I'm trying to purchase a home... No matter what I buy, I'll never trust and do business with that institution again.

1 year ago

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Mark Welch Kansas City, MO

If I could leave zero stars I would. This company has extremely poor communication and no accountability. If you want to get screwed over on your auto loan then you've come to the right place. If your reading this and are considering using commerce bank, DONT...

1 year ago

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Walter Camp Albertville, AL

terrible bank. they precalculate interest in to the loan preventing you from paying on principle only. do not get an autoloan from them.

4 years ago