Guide to Plenti Car Loans

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on January 31, 2022 Fact Checked
Guide to Plenti Car Loans

Discover what you should know about Plenti’s car loans, including interest rates, features and how to apply.

Founded in 2014, Plenti (once known as RateSettler) is Australia’s first consumer-lending platform that allows everyday Australians to invest directly in consumer loans. Plenti is an online lender, utilising smart tech to deliver fast, simple, personally-tailored loans for everyday Australians.

What car loans does Plenti offer?

Plenti has helped finance over 24,000 new and used cars, offering car loans from $10,000 to $100,000, with loan terms from three to seven years.

Settlement can occur within 24 hours, and once approved and accepted, your funds are transferred within two days, according to Plenti.

Check out some of Plenti’s secured car loans in the table below:

Lender

FixedNew1 yearMore details
No ongoing fees
  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
No ongoing fees

Plenti Car Loan

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
FixedNew, Used7 yearsMore details
No ongoing fees
No ongoing fees

Plenti Car Loan (Refinance)

    FixedUsed7 yearsMore details

    Plenti Car Loan (Used Cars)

      *Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.

      See how Plenti’s car loans stack up against some of the lowest rate car loans on the market:

      Lender

      VariableNew1 yearMore details
      NO ONGOING FEES
      • Unlimited extra repayments
      • Flexible repayment options
      • Can apply online
      • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
      NO ONGOING FEES

      New - Prime Special

      • Unlimited extra repayments
      • Flexible repayment options
      • Can apply online
      • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
      FixedNew, Used99 yearsMore details
      APPLY ONLINE
      • No ongoing fees
      • No early exit penalty
      • Flexible repayment options
      APPLY ONLINE

      Car Loan

      • No ongoing fees
      • No early exit penalty
      • Flexible repayment options
      FixedNew2 yearsMore details
      NO ONGOING FEES
      • No ongoing fees
      • No early exit penalty
      • Apply online
      NO ONGOING FEES

      New Car Loan

      • No ongoing fees
      • No early exit penalty
      • Apply online
      FixedNew2 yearsMore details
      QUICK APPLICATION PROCESS WITH NO FEES
      • Quick application process and no monthly fees
      • Low fixed interest rates with terms of up to seven years
      • New car loans cover cars up to 3 years old
      QUICK APPLICATION PROCESS WITH NO FEES

      New Vehicle Fast Loan Low Rate

      • Quick application process and no monthly fees
      • Low fixed interest rates with terms of up to seven years
      • New car loans cover cars up to 3 years old
      VariableNew1 yearMore details
      APPLY ONLINE
      APPLY ONLINE

      Electric and Hybrid Car Loan

        *Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2022. View disclaimer.

        Plenti car loan features

        Plenti’s car loans have a few notable features, such as having no monthly fees or early repayment fees. You can take a minute to answer 10 simple questions and get an estimated interest rate on your car loan. The application itself takes around 10 minutes and it is completely online and paperless - no need to print out copies of your supporting documents.

        Why should you choose Plenti?

        If you’re shopping around for a new car loan but you’re not sure whether Plenti is the way to go, there are a few reasons you may find that Plenti is your kind of lender.

        Plenti offers personally-tailored rates based on your credit score. This is known as risk-based pricing, where your rate is based on the probability you will default on a loan.

        Plenti also claims to be Australia’s “most loved” consumer lender, with 31 awards under its belt over the past six years, and more than 4,000 five-star reviews. Additionally, 15,000 customers have returned to borrow through Plenti again. Plenti’s says the following values help guide its decisions:

        • Think like a customer

        • Make it happen

        • Do what’s right

        • Be the best

        You could also choose to invest in Plenti’s personal loans. Investors earn up to 6.5% p.a. returns by investing in ‘creditworthy borrowers’ from across Australia. Plenti reports it has 23,000 registered investors and 100% of principal and interest is returned.

        How to apply for a car loan with Plenti

        To apply for a car loan with Plenti, you will need to be:

        • Over 18 years old, sometimes 21 years old

        • An Australian citizen or permanent resident

        • Earning at least $25,000 per year from a regular, proven source of income (self-employed individuals will need to supply additional documentation)

        • Hold a provisional or full driver’s licence

        You will also need a few supporting documents ready to submit along with your application, including:

        • Proof of identification: Drivers licence or passport and some bills for proof of address

        • Verification of income: Payslips, bank statements, tax returns

        • Expenses and liabilities: Bank, credit card and loan statements


        Image by Nate Johnston on Unsplash

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        author-avatar
        Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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