Plenti Car Loan Review

Plenti has some of the best-in-market lending processes, with the quickest approval times and no paper documents required. However, they also have very strict credit criteria and don't allow for co-applicants - so if you have any blemishes on your credit file this might not be the lender for you.

Best for

Best-in-market processes - ~2 hour approval times, fast settlements and no paper documents required

No early exit fees - you can end your loan early without having to pay any additional charges

Home Owners and renters get more competitive rates!

Secured Cars, Bikes or Caravans!

Draw backs

They target top customers only who are mainly home owners or renting - very tight credit criteria meaning any credit impairment (e.g., late payments, payment holidays, defaults, payday loans) and you will be less likely to be eligible with Plenti.

No co-applicants allowed which can make it difficult to get approved if you share living expenses with your partner and your partner is the primary income earner.

Plenti overview

Founded in 2014, Plenti has become a fintech leader, aiming to provide faster and fairer loans using smart technology. Plenti offers a range of financial products, from personal loans to car loans, and loans for renewable energy products. They joined the ASX last year, raising $55 million to make it the largest IPO in 2020. As of November 2020, they also became the first Australian fintech to originate $1 billion in consumer loans.

Getting their start in what’s called “Peer-to-Peer” lending, Plenti has only recently become more focused on offering car loans to their consumers. However, their car loan product is one of their fastest growing segments and is a key point of focus for the lender.

Their approval times are best-in-class at around ~2 hours. They also don't charge any early repayment fees, which is great if you're wanting to pay back your loan earlier. They also have quite low rates, particularly for top-tier customers making them competitive with any lender if you can get approved. 

However, they are very strict with their credit criteria, which means that if you have any credit impairment, chances are you won’t be eligible for a loan with Plenti.

They also offer both secured and unsecured loan products, which means you can finance a car of any age through Plenti.

How to apply for a Plenti loan

To get access to the low rates available with Plenti, you'll need to be over 21 years old and have an Equifax credit score of at least 525. You'll also have to have a minimum income of $35,000 - and if you’re wanting their low rate secured product you’ll need to buy a vehicle that is less than 7 years old.

Looking to get an electric car? Find out your EV loan options here.

See if you qualify for a Plenti loan in minutes

Find my rates
Fixed rates from:

8.49% (10.09% comparison rate*)

Loan amounts:

$5,000 - $150,000

Loan terms:

1 to 7 years

Loan types:

Secured loans

Min. credit score:


Min. income:




  • Establishment fee: $499 dealer sale; $549 private sale
  • Monthly: $9.90
  • Early termination charges: None
  • Brokerage up to $2,000

*Last updated 15/04/24

Big no-no's (automatic declines)

If you've previously defaulted on a loan

If you've been employed for less than 3 months full-time, 6 months part time or 12 months casual  (there are occasionally exceptions to this if you're a very strong applicant)

They have no tolerance for Payday loans

Driva tip: Plenti’s credit criteria is stricter than some of Driva’s other lenders, so if you’ve got any credit impairment (like defaults or late payments) you likely won’t be eligible. Use Driva’s loan matching platform to take the guesswork out of applying and protect your credit file.

Other hot tips

Plenti offers a very competitive rate and fast process and they will look at securing cars, motorbikes and caravans.

Plenti - Frequently Asked Questions