Plenti car loans
Plenti is a technology-led lending company, providing personal, automotive and renewable loans to creditworthy borrowers. Previously known as RateSetter, Plenti changed its name in 2020.
Plenti is an online-only operation, which means it doesn’t have branches. You can apply for loans online and they also have a customer service line if you need customer support.
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Plenti Car Loans
Car Loans calculator
Use our car loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the car loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
About Plenti car loans
Plenti provides borrowers with secured car loans for new and used cars under seven years old. Secured car loan borrowers may take out a loan from $10,000 to $100,000. Unsecured car loans of between $2,001 and $45,000 are also available for cars of any age.
Loan terms of three, five and seven years are available, and all loans are on lower-than-average fixed rates.
Plenti offers personalised interest rates through The Plenti RateEstimate. This means borrowers get different interest rates depending on their credit history, vehicle age, financial circumstances, loan amount and what the investors at Plenti are comfortable with lending.
The Plenti RateEstimate allows you to put in your details so that you can see how much your repayments will be before you commit to the loan. This process will also show you all the fees and charges you will need to pay so that you're aware of everything before committing to the loan.
This lender charges a one-off Credit Assistance Fee but does not charge monthly fees, early repayment or exit fees.
Who is eligible for a Plenti car loan?
To be eligible for a Plenti car loan you’ll need to meet the following criteria:
- Be 21 years or older
- Be an Australian citizen or permanent resident
- Earn at least $30,000 per year
- Have proof of this income
- Have a positive credit record
- Hold a provisional or full driver’s licence
How to apply for a Plenti car loan?
Borrowers can apply online for a Plenti car loan through their website. The application process takes around 10 minutes to complete and involves the following steps:
- Find out your personalised interest rate – this will not affect your credit score and takes about 1 minute.
- Apply for a car loan online.
- You should receive pre-approval within two business days.
- Organise to buy your car.
- Complete online loan settlement process.
- Once you’ve accepted your loan offer, the funds will usually come through the same day (if accepted before 2pm).
At the time of application, you’ll need to provide the following documentation:
- Driver’s licence
- Bank details
- Proof of income and employment
- Details of expenses and any other financial commitments
Plenti car loan review
The maximum amount you may borrow is $100,000 for a secured loan. All Plenti car loans have fixed rates, which means borrowers don’t need to worry about rates moving up during their loan term. However, borrowers may not be able to benefit from any potential rate cuts.
Plenti offers personalised interest rates, which means different interest rates apply to different borrowers. This is determined by their credit history, financial circumstances, loan amount and vehicle age.
As such, this car loan may not offer the most competitive interest rates if you have a poor credit rating. But you might qualify for a very low interest rate if you have a good credit history.
However, Plenti stands out from other competitors through its Plenti RateEstimate system. You’re able to see what your loan repayments may look like, without needing loan approval or having a hard credit check performed. If you have poor credit history, this may be able to give you a good indication of whether its loans would suit your budget before you were potentially rejected or took on too much debt.
Before applying for any car loan, it’s worth comparing your options to make sure you’re getting a car loan that suits your budget, needs and lifestyle.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
