Review of Plenti Auto Loans | Savings.com.au

Find out what you need to know about Plenti auto loans, including interest rates, features and the application process.

Founded in 2014, Plenti (formerly known as RateSettler) is Australia’s first consumer lending platform that enables ordinary Australians to invest directly in consumer loans. Plenti is an online lender that uses smart technology to offer fast, simple and personalized loans to everyday Australians.

What car loans does Plenti offer?

Plenti has helped finance more than 24,000 new and used cars, offering auto loans from $10,000 to $100,000, with loan terms of three to seven years.

Settlement can take place within 24 hours, and once approved and accepted, your funds are transferred within two days, according to Plenti.

Check out some of Plenti’s secured car loans in the table below:

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of February 17, 2022. See disclaimer.

Find out how Plenti’s car loans compare to some of the lowest rate car loans on the market:



Lender

type of interest Vehicle type Maximum vehicle age Ongoing charges Registration fees Full refund Prepayment Instant Approval Online application

Fixed New 1 year More details

Green car loan

Fixed New, used 99 years old More details
APPLY ONLINE
  • No additional refunds or early exit fees
  • Up to $75,000 in loans
  • Funding approved within 24 hours
Fixed New 4 years More details
GET APPROVAL WITHIN 24 HOURS

Car loan (new and used by the dealer) (
  • Approval in 24 hours
  • Balloon options to reduce refunds
  • No ongoing charges, no waiver fees

Fixed New 2 years More details
FAST FREE APPLICATION PROCESS

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years
Fixed New 1 year More details
No ongoing fees

Plenty car loan

  • Interest rates ranked in the top 20%
  • No ongoing fees
  • Can apply online

Plenty car loan

  • Interest rates ranked in the top 20%
  • No ongoing fees
  • Can apply online
Fixed New, used 7 years More details
No ongoing fees

Plenti car loan (refinancing)

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of February 17, 2022. See disclaimer.

Features of the Plenti car loan

Plenti’s auto loans have a few notable features, such as no monthly fees or prepayment charges. You can take a minute to answer 10 simple questions and get an estimate of the interest rate on your car loan. The application itself takes around 10 minutes and is completely online and paperless – no need to print copies of your supporting documents.

Why choose Plenty?

If you’re looking for a new car loan but aren’t sure if Plenti is the way to go, there are several reasons why Plenti is your kind of lender.

Plenti offers personalized rates based on your credit score. This is called risk-based pricing, where your rate is based on the likelihood of you failing to repay a loan.

Plenti also claims to be Australia’s “most loved” consumer lender, with 31 awards to its name over the past six years and more than 4,000 five-star reviews. In addition, 15,000 customers returned to borrow again through Plenti. Plenti’s asserts that the following values ​​guide its decisions:

  • Think like a customer

  • make it happen

  • do what is right

  • be the best

You can also choose to invest in Plenti Personal Loans. Investors earn up to 6.5% returns per annum by investing in ‘creditworthy borrowers’ across Australia. Plenti reports that it has 23,000 registered investors and 100% principal and interest is repaid.

How to apply for a car loan with Plenti

To apply for a car loan from Plenti, you must be:

  • Over 18, sometimes 21

  • An Australian citizen or permanent resident

  • Earn at least $25,000 per year from a regular, proven source of income (self-employed will need to provide additional documentation)

  • Hold a provisional or full driver’s license

You will also need a few supporting documents ready to submit with your application, including:

  • Identification proof: Driving license or passport and some bills as proof of address

  • Income verification: Payslips, bank statements, tax returns

  • Expenses and debts: Bank, credit card and loan statements


Image by Nate Johnston on Unsplash

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

About Galen A. Williams

Check Also

Auto loans are getting harder to find

It is becoming increasingly difficult to qualify for a car loan. Lending tightened in August …