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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In the market for a new car? The table below features car loans with some of the lowest interest rates on the market.

Lender
Advertised rate Comparison rate Monthly repayment Interest TypeVehicle TypeMaximum Vehicle AgeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedNew1 yearMore details

Green Car Loan

FixedNew, Used99 yearsMore details
APPLY ONLINE
  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
APPLY ONLINE
FixedNew4 yearsMore details
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
GET APPROVED WITHIN 24 HOURS

Car Loan (New and Dealer Used) (< 5 years)

  • Approval in 24 hours
  • Balloon options to reduce repayments
  • No ongoing fees, no discharge fee
FixedNew2 yearsMore details
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
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
FixedNew1 yearMore details
No ongoing fees

Plenti Car Loan

  • 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

Plenti Car Loan (Refinance)

No ongoing fees

Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. *The Comparison rate is based on a $30,000 loan over 5 years. 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 December 7, 2021. View disclaimer.


Photo by dcbel on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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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 is passionate about breaking down complex financial topics for the everyday consumer.

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