Plenti Used Car Loan (Fixed)

Key features

Plenti offers tiered-based interest rates on its Plenti Used Car Loan (Fixed), so the rate you get will be personalised according to your credit rating. This is great if your credit score is in good shape as you’ll be rewarded with a lower rate.

Interest rates start at a low 5.29% p.a. (5.84% p.a. comparison rate)* but can go right up to 9.99% p.a. (10.56% p.a. comparison). The loan offers amounts from as little as $10,000 right up to $100,000, and flexible 3-7 year loan term options.

While there are no regular ongoing fees the loan does come with a steep $399 upfront application fee as well as a $30 late payment fee if you’re late to make a repayment.

This car loan comes with a monthly repayment cycle, plus the ability to make extra loan repayments, so you’ll be able to pay it off as quickly as possible. And with no early repayment fees, you won’t have to worry about being penalised for it either!

Just note that the secondhand car you purchase will also act as a security item against the loan, just in case you ever default.

Who is it good for

The Plenti Used Car Loan (Fixed) could be a great option if you’re looking to purchase a secondhand car and have maintained a solid credit score because it offers tiered-based interest rates which reward borrowers who have a clean credit score with better rates.

Any catches

With tiered fixed interest rates (based on creditworthiness) that range from a low of 5.29% p.a. (5.84% p.a. comparison rate)* to a high of 9.99% p.a. (10.56% p.a. comparison), this loan might not be the best option for borrowers with a poor credit score.

In addition, there’s a hefty $399 upfront application fee that you’ll need to watch out for, plus a $30 late payment fee if you’re late to make a repayment.