Consumer lender Plenti has secured a A$250 million facility from Westpac and the Clean Energy Finance Corporation, which will allow it to maintain its strong growth in the auto finance market.

The structured facility will be used to fund the purchase of electric vehicles and related features, such as recharging equipment.

The new facility is Plenti’s second auto warehouse facility.

Auto loans have become the core of Plenti’s business, making up 54 per cent of its originations during the September half-year.

Auto loan originations grew by 218 per cent to $257.7 million during the half, compared with the previous corresponding period, while household renewable loans grew 63 per cent and personal loans grew 194 per cent.

During the December quarter, auto loan originations increased by 160 per cent, compared with the previous corresponding period, while household renewable loans grew by 105 per cent and personal loans grew by 108 per cent.

Overall, the company reported record quarterly loan originations of $307.6 million in the December quarter.