Secured Car Loans
Get that new set of wheels, sooner
Upgrade your ride with a Plenti
secured car loan.
We've helped finance over 43,200 new and used cars so our customers can enjoy their new wheels sooner.
Benefits beyond just a personalised rate
Personalised rates, fewer requirements and big benefits are what make Plenti’s secured car loans so popular.
Borrow up to $100,000
3-7 year loan terms
24hrs average settlement time
$0 early repayment fee
$0 monthly fee
Personalised interest rate
Securing a loan with Plenti
A Plenti secured car loan uses the vehicle you’re purchasing as security on the money you borrow. Secured loans are the most popular type of loan for newer cars as they can help you receive a lower interest rate, borrow more money or access a longer loan term.
Applying for a secured loan
Lenders will request information about the assets — also known as collateral — that you’re securing your loan against. Every lender will request different information, but when applying for a Plenti secured car loan, some of the details you’ll be asked to provide will include:
- Your driver’s licence
- Insurance details
- Sales invoice for the vehicle
But don’t forget, a secured loan means that if you’re unable to meet your repayments, Plenti may (among other things) be required to repossess and sell the vehicle to cover any outstanding loan amount.
Looking for another type of car?
Find more information on different car brands below:
What is a secured personal loan?
A secured personal loan is one that uses nominated assets as security. If the loan can’t be repaid, the lender may choose to seize and/or sell those assets. At Plenti, secured car loans are secured against the vehicle you are purchasing.
Secured loans are typically seen as lower risk which means lenders may offer lower interest rates, longer loan periods, or higher borrowing amounts.
How much can you borrow with a secured loan?
There is no universal limit on how much you can borrow with a secured loan. Instead, each lender sets their own maximum loan amount. A Plenti secured car loan lets you borrow between $10,000 and $100,000, depending on your credit history, income and the value of your secured assets.
Is getting a secured loan a good idea?
The short answer is: It depends on your individual circumstances, however, a secured personal loan could be a good solution if you’re looking to borrow more than what an unsecured personal loan would let you access. Secured loans can also be handy if you’re looking to pay off your loan over a longer period of time or if you’re interested in making a balloon payment.
Is it hard to get a secured loan?
Secured personal loan rates and approval are based on a combination of things, including your income, credit history and the value of assets you’ve nominated as security. The inclusion of collateral or security means that it can often be easier to get a secured loan than an unsecured loan.
Do I need good credit for a secured loan?
A good credit history is helpful for any loan application. Credit files that show consistent successful repayments are typically more likely to be approved — and may help you lock in a lower interest rate. But keep in mind, your credit history is not the only factor in a loan application and lenders will consider your full financial picture.
Unsecured vs secured car loans
If you don’t have suitable assets of any value, but you do have good credit history and, a regular income, and you’re confident you’ll be able to meet the loan repayments, then you might qualify for an unsecured car loan. Plenti also offers unsecured personal loans that come with the same flexibility as a secured loan and typically involve less paperwork.