Latitude Car Loan

Mozo snapshot:

Want a car loan with an interest rate on the lower end of the scale? With fixed rates starting from 6.99% (8.10% comparison rate*), a Latitude loan could help you get from A to B in a new or preloved vehicle.

Key features:

The Latitude Car Loan is designed to help customers purchase a new or preloved vehicle, whether it’s a motorbike, car or boat. Rates start from 6.99% (8.10% comparison rate*) and are determined by what you put up as security. Car loans by Latitude generally start from $5k, although they can be lower when used to buy other vehicles such as motorbikes.

Some providers offer car loans exclusively to those after a brand new ride. But the good news is if you go for the Latitude Car loan, preloved vehicles aged up to 15 years at end of loan can also get approved.

Latitude is flexible about the loan repayment structure too. As a customer you’re able to choose between a weekly, fortnightly or monthly repayment schedule, as well as the day of the week repayments are due. But while cutting down debt faster in the form of additional repayments is fee-free, there isn’t a redraw facility and fees may kick in if you finalise your loan before required.

Loan terms range from 1-7 years, and spare some room in your budget for those $10 monthly admin fees. You’ll also need to consider the upfront cost of taking out the loan and securing your vehicle which is $295.

Who it's good for:

Borrowers looking for a car loan with set loan repayments thanks to the fixed interest rate and the ability to purchase a preloved vehicle with it too.