No matter the car, we have a loan to suit.
A changing car marketplace calls for a smart lender with fast and fair finance for all vehicles
Australians love their cars – and we’re talking cars of all kinds.
New car sales in January this year were up over 11 per cent, the third monthly year on year growth (caradvice.com.au)
And with a global shortage of new cars thanks to COVID-19, used cars are also in high demand. They’re also in short supply, pushing prices up and meaning customers are looking at older vehicles and grey imports.
All this means one thing – a complex challenge for brokers. No matter what kind of car your customer is looking for Plenti is here to help.
The rise in demand for high LVR cars
Used car listings across Australia took a nose dive in 2020. In the second half of the year, Carsales saw a decline of 20.5%, with private listings in particular dropping 45.7% compared to the same period in 2019.
This big drop in supply has caused the price of used cars in Australia to reach all-time highs, with Pickles’ General Manager, Motor Vehicles, Brendon Green suggesting average prices are up around 30% on pre-COVID levels.
Of course, this results in a high LVR when it comes to used car finance
Finance is an increasing challenge for brokers
It can be hard to secure finance for cars that have a high LVR, over 15 years old or a grey import. But that’s exactly the kinds of sales we’re seeing a lot of at the moment. Lots of dealers and private sellers are selling cars for 140% of the Glasses guide price – some as high as 200%.
The higher the LVR, the harder it is to find a loan. And even if you can secure a car loan for over 140% LVR, chances are the rate isn’t that great. For lots of creditworthy customers, there aren’t many options, this is where Plenti can help.
Here’s what we offer:
Plenti car loansPlenti personal loansDealership sales, demo and new carsGrey imports, classic cars, older carsLVR at or under 140% of net amount financedLVR is over 140%The vehicle is less than 12 years at start of term and 15 years at end of termThe vehicle is older than 13 years at start of termFunding from $5,000 - $100,000Funding from $2,001 - $50,000Settlement managed by PlentiNo settlement required
Make finance quick and easy
At Plenti, we give our customers the choice they need. Not only are our car loans fast, easy and competitive, our personal loan product is too.
Personal loans are a great alternative for responsible buyers in the tricky situation of buying a car that doesn’t fit the specs for a standard car loan.
Want to learn more about how Plenti loans are helping brokers?
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of Plenti as at the date of publication and may later change without notice.