Finty
Plenti

Plenti Car Loan (Secured)

SecuredFixed rate

A secured loan that allows individuals to borrow funds for the purchase or refinance of an eligible vehicle, including new and used cars. The information set out below relates to an application made directly with Plenti unless otherwise noted. Credit subject to approval.

Written byDavid Boyd
Interest rate a year, from
7.99%
Comparison rate, from
9.78%
Establishment fee
Not published
Monthly fee
$15
Borrow
$5,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$642
Total repayments
$23,095
Interest and monthly fees
$3,095

Loan details

Rates

Interest rate (a year)
7.99%–12.99%
Comparison rate (a year)
9.78%–14.75%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$5,000 to $150,000
Loan term
Up to 7 years
Establishment fee
Not published
Monthly fee
$15

How it compares

Against the other secured car loans we compare. Typical means the middle half of them.

Comparison rate

9.78%

From 9.78%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$5,220

Interest and fees at its starting rate. Typical is $4,663.

Monthly fee

$15

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • A higher starting rate. Its comparison rate starts at 9.78%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.99% to 12.99%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $894 over 5 years, as well as the interest.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.