Used car loans

Low rate used car loans from 5.29% p.a. (comparison rate 5.84% p.a.)* for up to $100,000 for used cars.

used car loans
Portrait of cheerful positive girl jumping in the air with raised fists looking at camera isolated on violet background. Life people energy concept
Low Rate Personal Loans

Everything you want from a used car loan and nothing you don’t

We reward your good credit history with even better rates ensuring the loan you end up with has been personalised to you in every way.

Flexible loan terms from 3, 5 or 7 years for loans between $10,000 and $100,000. Use funds to buy new, demo and used cars.

No early repayment fees or exit fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.

Getting a used car loan is as easy as 1, 2, 3, 4.

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 used car loan?

Are you planning to upgrade your car or purchase a vintage car? A used car loan offers you the flexibility to do that in a way that takes into account your goals and financial circumstances. Plenti’s car loans are a form of personal loan, which means that you can access versatile finance at a competitive rate. You can use the loan to purchase the car and also pay for associated costs, such as registration, insurance, and maintenance.

Why consider a used car loan?

A Plenti used car loan lets you take advantage of your hard-earned credit rating to purchase the vehicle you need (or want) now and then make affordable monthly repayments to pay it off over the term of the loan. With Plenti, you will benefit from competitive rates on a flexible used car loan that is often lower than those from traditional lenders such as a bank or dealership finance. Save more money by paying down the loan quicker. Using finance to buy a used car couldn’t be easier.

How does a used car loan work

A new car loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.

What are the benefits of a used car loan?

Personal loans, including used car loans, allow you to enjoy a lower interest rate than you would receive with a credit card. They also offer a consistent repayment schedule, which makes it easier to budget in advance and avoid fees or penalties for late payments.

How much does a used car loan cost?

Used car loans generally have three components that affect the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different car loans to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with Plenti’s used car loans, see the table below:

Car Loan Rates, Fees & Charges
Term3 Year5 Year7 Year
Loan Type3 year car loan (fixed)5 year car loan (fixed)7 year car loan (fixed)
Interest Ratefrom 5.29% p.a.from 5.29% p.a. from 5.29% p.a.
Comparison Rate*from 5.84% p.a.from 5.84% p.a.from 5.84% p.a.
Credit Assistance Feefrom $249 from $249from $249
Monthly Fees$0$0$0
Early Repayment Fees$0$0$0

Am I eligible for a used car loan?

Plenti provides unsecured car loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for a used car loan.

Save time before applying by making sure: 

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a Plenti used car loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In processing your loan application,, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a used car loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement
  • These details can either be entered on our website during the application process and automatically verified online or you can uploaded as part of the application process.

You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.

*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, 8 August 2020. 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 $34,492. This represents a comparison rate of 5.84% 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 5.29% p.a. (comparison rate 5.84% p.a.) to 9.99% p.a. (comparison rate 10.56% p.a.).