Award-Winning Car Loans

Canstar award winner 2019. Low rate car loans from 4.89% p.a. (comparison rate 5.44% p.a.)* for up to $100,000.

car loans
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Low Rate Personal Loans

Enjoy a low rate car loan that is 100% made for you

We reward your good credit history with even better rates. It means you drive away with an affordable car loan that has been personalised to you in every way.

Flexible loan terms from 3, 5 or 7 years. Borrow between $10,000 and $100,000 to buy a new, demo or used car from a dealer or a private sale. The choice is yours.

Enjoy no early repayment or exit fees. It’s just one of the ways we help you save more and pay off your loan faster.

Apply for a loan in 4 easy steps

Get your personalised rate

Get your quote

Discover your personalised interest rate in just 1 minute. It’s fast, simple and won’t have any impact on your credit score.

Apply for a personal loan

Apply in minutes

You can apply for pre-approval online in 10 minutes. Make sure you have your driver’s license and bank details handy.

Get your personal loan funds

Settle your loan

Once pre-approved you can arrange your car purchase and complete our simple online settlement process.

Enjoy your car

Once settlement is finalised and you accept your loan, your funds will be transferred same day (if accepted before 2pm).

You’ve got questions we’ve got answers.

What is a car loan?

A car loan is a type of personal loan used for the purpose of buying a new, demo or used car. A car loan can be secured or unsecured.

With a secured car loan the lender will be offered rights over some form of ‘collateral’, usually the car being purchased, ar part of the loan. As the loan is secured against the value of the vehicle, the amount you are able to borrow and the interest rates available will be impacted by the age and condition of the vehicle. Newer cars, therefore, attract lower interest rates than used cars. In the event that a secured car loan is not repaid within the agreed timeframe or frequency, the lender will be able to take possession of the car and sell it. If the value of the car is not sufficient to cover the outstanding balance, the borrower will be liable to pay the difference directly to the lender. The additional protection offered by secured car loans means they offer lower interest rates for borrowers.

Given the loan is secured by the value of the vehicle your lender will require to take additional steps as part of the settlement process to confirm the value of the asset and ensure that value is protected. This includes:

  • Informing the loan provider of your new vehicles chassis number, vehicle identification number (VIN), registration number, make, model, year, and colour
  • Providing the lender with a copy of the vehicle registration papers
  • Getting the vehicle inspected by an inspection agent (if a private sale)
  • Purchasing a comprehensive car insurance policy and having the lender added as an interested party

An unsecured car loan, on the other hand, operates like a traditional personal loan. With an unsecured car loan, you have freedom over how you spend the loan funds. This means you can use it to purchase the vehicle and cover associated costs, such as insurance, registration, tyres, aftermarket upgrades and maintenance. Because the loan is unsecured the lender will assess your creditworthiness in assessing your eligibility. This will include considering your credit score, previous credit history, income and current financial position. While unsecured loan rates are generally higher than a secured loan, you should still be able to obtain a low-interest rate if you have a good credit history.

At Plenti, we provide fast, fair and flexible car loans. Our loans offer competitive interest rates and more flexible repayment options. Secured car loans are available from $10,000 to $100,000 for new, demo and used cars under 7 years old with fixed interest rates. Unsecured car loans are available from $2,001 to $45,000 for a car of any age with both fixed and variable interest rates.

What can I use a car loan for?

With Plenti, you can use a secured car loan to:

  • Buy a new car. Purchase a new car from a dealer including on-road costs.
  • Buy a used car. Purchase a used car under 7 years old from a dealer or a private sale.
  • Refinance a car. Refinance an existing car loan, lease or balloon payment on a used car under 7 years old.

You can use an unsecured personal car loan to cover any costs associated with purchasing a new or used car, this includes but is not limited to, insurance, registration, tyres, aftermarket upgrades, roadside assistance or pre-paid maintenance agreements. You can also use an unsecured car loan to fund repairs of an existing vehicle.

How much can I borrow with a car loan?

At Plenti, we offer low-interest secured car loans from $10,000 to $100,000 for new and used cars under 7 years old. We also offer unsecured car loans with a minimum loan amount of $2,001 up to a maximum loan amount of $45,000 for cars of any age.

When you complete your quote, we’ll provide you with an initial estimate of your borrowing capacity and the maximum loan amount you are eligible for. You will be able to apply for pre-approval up to this amount, however, we recommend you only apply for what you need to cover the purchase price of the car you are looking to buy or have budgeted for including on-road costs. You pre-approval does not lock you and the final loan amount and repayment options can be changed as part of the settlement process.

How much does a car loan cost?

There are three key features that make up the cost of a car loan. They are the:

  • Interest rate (e.g. fixed or variable rate loans)
  • Upfront fees (e.g. establishment fee)
  • Ongoing fees (e.g. monthly fees, late payment fees, and other charges)

These costs can be combined to create a measure called a comparison rate. This blended rate represents the total cost of the loan over a standard term (e.g. $30,000 over 5 years). This makes it a useful tool to compare car loans on a like-for-like basis along with the proposed monthly repayment.

For an accurate estimate of the costs of your loan, we recommend completing a car loan quote. We’ll provide you with a summary of your car loan repayment calculations across different terms. This makes it easy for you to complete a loan comparison with other lenders and choose the right option for you.

At Plenti, we use risk-based pricing to set the overall cost of your loan. This means we look at a range of factors, including your credit score and financial situation, to provide you with a personalised interest rate. The better your credit history, the better the rate we are able to offer. It’s one of the reasons we can offer you a car loan interest rate significantly lower than the big four banks and community credit union. The interest rate you recieve will also be impacted by the type of car loan you choose.

We also don’t charge any fees for early or additional repayments. As a result, if you are able to pay back your loan early by making extra repayments and benefit from lower interest you will pay over the life of the loan.

Secured Car Loans: Car Loan Rates, Fees and Charges
Term3 Year5 Year7 Year
Loan Type3 year (fixed)5 year (fixed)7 year (fixed)
Interest Ratefrom 4.89% p.a.from 4.89% p.a.from 4.89% p.a.
Comparison Rate*from 5.44% p.a.from 5.44% p.a.from 5.44% p.a.
Credit Assistance Feefrom $249 from $249from $249
Monthly Fees$0$0$0
Early Repayment Fees$0$0$0

Can I get a car loan?

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 $25,000 per year from a regular source of income that you can demonstrate
  • Have a good credit history
  • Have at least a provisional or full driver’s licence
  • Be buying a car that is no older than 7 years

Plenti will consider a loan application if you are self-employed or can demonstrate a significant recovery from a bad credit history. Additional credit assessment criteria and requirements may apply.

If you are ineligible for a Plenti secured car loan, we may still be able to offer you an unsecured low rate personal loan that rewards your good credit history. There are no additional steps to take, as part of the quote and loan approval process, we’ll make it clear what type of loan you are being offered, what type of rates apply (e.g. variable or fixed rates) and any fees and charges that may apply.

How do I apply for a car loan?

Applying for a car loan with Plenti is easy and every step can be completed online. You will first need to request a quote. The quote tool will generate your personalised interest rate and includes a car loans calculator that allows you to adjust your loan amount and calculate repayments across different loan terms from 3 to 7 years.

From there you will be able to select your preferred loan option and start your pre-approval application. We’ll ask you to share some additional information about yourself and your vehicle purchase. If you have already found a car or are refinancing you’ll be able to enter the vehicle details as part of your approval. If you just beginning your search we’ll ask you to provide a rough indication of what you are looking for. These details can be updated during the settlement process once you have found a car.

As part of the pre-approval process, we will need you to verify your identity. To complete this step you will need to make sure you have your Australian driver’s license handy. We will need to verify your income, expenses and liabilities (e.g. credit cards, loans etc). We will ask you to login to a portal which will allow you to connect with your bank account and share your data with us. You will need your online banking login for your primary transaction accounts and savings account on hand to complete this step. A member of our customer service team will let you know if we require anything further from you.

In completing our pre-approval assessment, we will look for evidence of how suitable a secured car loan is to your situation. This includes reviewing:

  • Your employment stability
  • Your income (e.g. salary, rent, interest etc)
  • Your expenses (e.g. mortgage, groceries etc)
  • Your repayment history
  • Credit bureau information
  • Other details you communicate to us

Once pre-approved you’ll be free to shop with confidence. When you’ve found your vehicle, you’ll be able to log on to our online self-service portal to complete the settlement process. Depending on the type of car (new, demo or used) and the method of purchase (dealer vs private sale) the self-service portal will guide you through the documents and steps required to complete your loan (e.g. uploading sale documents or comprehensive car insurance policy details). During this stage, you will have the option to obtain comprehensive car insurance quotes from our insurance provider Huddle, or source your own cover.

We’ll review your documentation once submitted and let you know whether anything further is required to finalise settlement of your loan.

*Comparison rates are based on a secured car loan of $30,000 over 60 months. Rates shown assume a customer with an excellent credit history and are current as at 12pm, 23 January 2021. Plenti credit criteria and terms and conditions apply. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Representative Example: Based on a car loan of $30,000 over 60 months a homeowner with an excellent credit history can expect to pay a total of $34,158.60. This represents a comparison rate of 5.44% p.a. and includes all interest and fees included in your loan repayments over the life of the loan. Plenti car loans are available from 3 years to 7 years. Car loan interest rates range from 4.89% p.a. (comparison rate 5.44% p.a.) to 9.99% p.a. (comparison rate 10.56% p.a.).