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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    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of February 28, 2024. View disclaimer.

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