Plenti Car Loan

Things to consider about a Plenti car loan

Plenti is a provider of consumer loans, meaning that its products are funded by single or multiple investors, rather than a bank. If you're looking to be rewarded for your good credit history, Plenti offers fair, personalised rates on its flexible car loan product

Depending on your preferences, you can either opt for your loan to be secured or unsecured. Opting to secure your loan can reduce your repayments, as it poses less risk to the lender. Plenti car loans are available for amounts of $5,000 to $100,000, and they're available on terms of 3 years, 5 years or 7 years, with rates starting from 7.49% p.a.

How does compare?

• Save on fees. You won't be charged ongoing monthly or account-keeping fees which can save you money over the loan term compared to other lenders.
• EV financing. Plenti offers finance specifically for electric vehicles which isn't always available from all car loan lenders.
• Finder Score. This loan has a Finder Score of 7.7 which is a high rating compared to other car loans we've reviewed.

• Watch out for the upfront fee. You will be charged a one-off establishment fee between $399 and $599 which adds to the overall cost of your loan.
• You could be penalised for paying your loan off early. An early exit fee of up to $750 may apply if you decide to pay off your loan ahead of schedule which can be a costly penalty.
• The lowest rate isn't guaranteed. The interest rate you are offered depends on your credit profile so you may end up with a higher rate than the one advertised.
• You'll need a good credit history. Plenti requires a good to excellent credit score making this loan less accessible for borrowers with an average credit file.
• It's a strong performer but not the market leader. While Plenti's car loan scores a high 7.7 in Finder's analysis there are other car loans available with higher scores and more competitive features.

Features of the Plenti car loan

• Competitive rates. This loan features competitive rates.
• Rate estimate. You can secure a rate estimate before you submit a full application without it affecting your credit score. This process will also show you all the fees and charges you will need to pay so that you're aware of everything prior to committing to the loan.
• Fixed rate. All rates are fixed, so your repayments will not change over the life of the loan.
• Transparent fee structure. Once you apply for your desired loan amount and loan term, a calculator will show you what fees and charges will be applied to your loan in a pie chart.
• Quick approval process. Once you've filled out your loan application, you will know whether or not you've been approved for the loan within 48 hours. Once your loan has been approved, the funds will be in your account the next business day.
• Unsecured and secured options. When you apply, you'll have the option to secure your loan with the vehicle, which can reduce your repayments.
• Loan term. This loan has the option of a 3-year, 5-year or 7-year loan term.
• Monthly repayment structure. With a monthly repayment structure, you can easily figure out how much you need to set aside to pay off your loan.
• Pre-approval. If you've decided you need a car loan but you haven't found a car, Plenti will approve you 30 days in advance so that you can find the car you want.
• Loan amount. Borrow between $5,000 and $100,000.
• Additional repayments are penalty-free. You can make additional repayments for this loan free of charge.
• Business car finance. Businesses cannot secure car finance with Plenti. However, individuals can acquire a small business vehicle, e.g. Uber drivers.

Fees and charges

Plenti's car loan fees will vary depending on the loan type, the loan term and your personal circumstances/credit history. That being said, you can expect something similar to the following charges:

• Interest rate: From 7.49% p.a.
• Credit assistance fee: A fee from $0 to $799 is charged when you first set up the loan.
• Late repayment fee: This is charged if you're unable to make a payment on time.
• Monthly fees: There are no monthly account management fees charged.

How to apply for a Plenti car loan

To apply for a Plenti car loan, simply click the "Go to site" button on this page to visit the lender's website directly and complete an application form. Get your personal, financial and employment details to hand.

Be aware that Plenti have strict eligibility criteria that include:

• An Australian citizen or Australian permanent resident
• Aged 21 or older
• Able to prove a regular source of income over $32,000
• Employed in current role for more than 3 months
• Someone with a good credit history
• Have a very good credit history for the last two years with no defaults
• You're not in financial hardship with other financial providers
• You do not have pending, current or previous bankruptcy

Once you have these details ready, it's important to figure out what loan term you want, how much you want to borrow and how much you can afford to repay each month. After you've received your personalised rate repayment plan from Plenti, all that's left to do is enter some additional personal details, such as your employer's name and contact number and how much you earn, and then wait for approval.

Please also note that while Plenti's car loan offering is competitive, it's still always a good idea to compare your car loan options, prior to submitting an application to ensure you get the right loan for you.

Compare other products from Plenti

• Plenti personal loans