Car Loans

A secured car loan is a financing option where the vehicle itself is used as collateral. This type of loan is considered less risky for lenders, often resulting in lower interest rates compared to unsecured loans. If you're looking for a low-risk car loan with favorable rates, a secured car loan might be ideal.

In a secured car loan, you pledge an asset (the car you're buying) to secure the loan. Consequently, they offer lower interest rates. Many lenders accept a variety of assets, but it's common to use the car you're purchasing, provided it meets certain age and value criteria.

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, and may offer lower rates for newer cars. This makes secured loans less ideal for older or vintage vehicle purchases.

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 that unsecured loans usually have fewer restrictions on spending; you can use the funds for various related expenses like insurance, registration, or new tires. This flexibility can be advantageous if you prefer not to put any assets at risk.

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.
• Third-party self-administered Inspection Report: You'll complete this at no extra cost, this is to review the vehicles condition
• 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.

A comparison rate is a tool to help you understand the true cost of a car loan. This rate allows you to better compare the price of different loan providers by factoring in some of the fees and charges that are included in their loan. Some loan providers have very high fees that cover the costs for establishing the loan. 

Typically, the comparison rate on a car loan is calculated on a $30,000 loan amount over 60 months. This includes the interest rate and additional fees (including establishment fees, brokerage fees and monthly fees). 

While the comparison rate covers many costs, some are not included:

• Government Stamp Duty and On-Road Costs
• Late Payment Fees
• Break Costs or Early Termination Fees
• Cost savings such as fee waivers or the availability of interest offset arrangements which can influence the cost of a loan

The amount you can borrow to buy your new car, also known as the loan amount or principal, is the sum on which you will pay interest and any applicable upfront fees. In Australia, car loans typically range from $5,000 to $100,000, although some lenders may offer higher amounts. Your borrowing capacity is determined by considering a range of factors, which may include; your credit score, income, expenses and loan term.

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 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.
  

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