A secured loan is backed by collateral, such as the car you're purchasing. This means if you can't make repayments, the lender can repossess and sell the car to recover the loan balance. Because this reduces the lender’s risk, secured loans often come with lower interest rates. However, these loans typically have restrictions, such as maximum vehicle age. Lower rates are often available for newer cars.

In contrast, an unsecured loan involves more risk for the lender since there’s no collateral to claim if you default. As a result, interest rates for unsecured loans are generally higher. The upside is greater flexibility, as these loans usually have fewer restrictions on how funds are used and may allow the borrower to cover various expenses like insurance, registration, or new tires. You should check your loan for any terms and conditions to understand any restrictions or requirements.

For initial assessment we may require some of the documents below:

• Proof of ID-Driver’s license, passport, Medicare card, etc.
• Proof of Income: Recent payslips, tax returns, or bank statements.

For some circumstances we may require additional information as below:

• Proof of Residence: Utility bill or council rates confirming your address.
• Proof of Savings: Bank statements or investment documents.
• Assets and Liabilities: Information on property, other vehicles, and existing debts.

If you are buying a car from a dealership

• Vehicle sales invoice: our friendly sales team can request this for you
• Car Insurance: Proof of comprehensive insurance

If you are buying a car through a private sale

• Private Sales Invoice: Which is a contract between you and the seller and ensures we have the correct finance details
• Third-party self-administered Inspection Report: to confirm the vehicle's condition and ensure funds are sent to the correct bank account. This is at no extra cost to you or the seller.
• Car Insurance: Proof of comprehensive insurance

If you are looking to refinance your car

• Payout Letter: Provide us with a future-dated payout letter to ensure the correct funds are sent.
• Car Insurance: Proof of comprehensive insurance

Providing these documents quickly will help expedite your loan application. After this information is provided, we can settle a loan in as little as 2 hours, and the funds can be transferred in as little as two business days.

To be eligible for a Plenti car loan you must:

• Be aged 21 or over
• Be an Australian citizen or permanent resident
  
• Be earning over $32,000 per year net from a regular source of income that you can demonstrate
  
• Have a good credit history
  
• Plenti will consider a loan application if you are self-employed. Additional credit assessment criteria and requirements may apply.