Plenti to offer discounted car loans for electric vehicles

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on November 11, 2021 Fact Checked
Plenti to offer discounted car loans for electric vehicles

Peer to peer loan provider Plenti is launching discounted car finance specifically for electric vehicles.

The lender's electric vehicle financing will have interest rates at least 50 basis points (0.50%) lower than its existing 'highly competitive' car loans.

Plenti has also opened up additional lending for those purchasing EV-related equipment including chargers, downloadable vehicle upgrades and other accessories.

Plenti's existing car loan rates start from 4.89% p.a. (5.44% p.a. comparison rate*), subject to the borrower's credit rating.   

Taking 50 basis points off that implies its electric vehicle financing rates could start from an advertised rate of 4.39% p.a, which is competitive among other green car loan providers.

Plenti CEO Daniel Foggo said this product offering comes as EV uptake starts to soar in Australia.

"The adoption of EVs is critical to Australia achieving its carbon emission reduction targets," Mr Foggo said.

"Not only can they reduce transport emissions, but their ability to integrate with the home and energy grid mean they are poised to play a significant role in helping households reduce power bills and support grid stability."

Through the Plenti EV portal customers can also access discounted EV-specific insurance, which features battery and charger damage cover; the portal also offers access to an EV buying service.

This new car loan offering will be available directly and through Plenti's broker channel.

"With sales of electric vehicles doubling in the year to date since 2020 and forecast to grow strongly over the next decade, our entry into the EV market will help propel our short and longer-term growth," Mr Foggo said.

According to 'VFACTS' data released last week, electric vehicle sales in October were up 243.5% compared to October 2020, attributed to state incentives to encourage uptake.

Plenti is a peer to peer loan provider where clients can not only borrow money but invest.


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VariableNew1 yearMore details
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    author-avatar
    Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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