Plenti car loans

Plenti provides borrowers with secured car loans for new and used cars under seven years old. Secured car loan borrowers may take out a loan from $10,000 to $100,000. Unsecured car loans of between $2,001 and $45,000 are also available for cars of any age.

 Loan terms of three, five and seven years are available, and all loans are on lower-than-average fixed rates.

Plenti offers personalised interest rates through The Plenti RateEstimate. This means borrowers get different interest rates depending on their credit history, vehicle age, financial circumstances, loan amount and what the investors at Plenti are comfortable with lending.

The Plenti RateEstimate allows you to put in your details so that you can see how much your repayments will be before you commit to the loan. This process will also show you all the fees and charges you will need to pay so that you're aware of everything before committing to the loan.

This lender charges a one-off Credit Assistance Fee but does not charge monthly fees, early repayment or exit fees.

To be eligible for a Plenti car loan you’ll need to meet the following criteria:

• Be 21 years or older
• Be an Australian citizen or permanent resident
• Earn at least $30,000 per year
• Have proof of this income
• Have a positive credit record
• Hold a provisional or full driver’s licence

Borrowers can apply online for a Plenti car loan through their website. The application process takes around 10 minutes to complete and involves the following steps: 

1. Find out your personalised interest rate – this will not affect your credit score and takes about 1 minute.
2. Apply for a car loan online.
3. You should receive pre-approval within two business days.
4. Organise to buy your car.
5. Complete online loan settlement process.
6. Once you’ve accepted your loan offer, the funds will usually come through the same day (if accepted before 2pm).

 At the time of application, you’ll need to provide the following documentation:

• Driver’s licence
• Bank details
• Proof of income and employment
• Details of expenses and any other financial commitments

The maximum amount you may borrow is $100,000 for a secured loan. All Plenti car loans have fixed rates, which means borrowers don’t need to worry about rates moving up during their loan term. However, borrowers may not be able to benefit from any potential rate cuts. 

Plenti offers personalised interest rates, which means different interest rates apply to different borrowers. This is determined by their credit history, financial circumstances, loan amount and vehicle age.

As such, this car loan may not offer the most competitive interest rates if you have a poor credit rating. But you might qualify for a very low interest rate if you have a good credit history.

However, Plenti stands out from other competitors through its Plenti RateEstimate system. You’re able to see what your loan repayments may look like, without needing loan approval or having a hard credit check performed. If you have poor credit history, this may be able to give you a good indication of whether its loans would suit your budget before you were potentially rejected or took on too much debt.  

Before applying for any car loan, it’s worth comparing your options to make sure you’re getting a car loan that suits your budget, needs and lifestyle.