The details shown below are for a fixed loan of at least $5,000

The details shown below are for a fixed loan of at least $5,000

Choose the version of this loan that suits you best

  • Loan: $5,000

  • Loan: $5,000

Interest rate from
9.99% p.a.
Comparison rate from
11.08% p.a.based on $30,000
over 5 years
Upfront fee
$395
Interest rate from
5.99% p.a.
Comparison rate from
7.24% p.a.based on $30,000
over 5 years
Upfront fee
$395

Mozo editorial review Latitude Car Loan - last updated: 19 March 2021

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What's hot
  • Competitively low rates from 6.99% (8.10% comparison rate*)
  • Choice of loan repayment schedule
  • Preloved vehicles are eligible
What's not
  • $395 signup fee
  • Early termination costs may apply
Mozo snapshot

Want a car loan with an interest rate on the lower end of the scale? With fixed rates starting from 5.99% (7.24% comparison rate*), a Latitude loan could help you get from A to B in a new or preloved vehicle.

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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 5.99% (7.24% comparison rate*) and are determined by what you put up as security. If your vehicle is less than three years old, you are a homeowner or mortgage holder and you are employed full time (with the same employer for at least 18 months), you'll be eligible for the low 5.99% fixed rate (7.24% comparison rate*). However, if you do not meet those requirements you will receive the 9.99% fixed rate (11.08% comparison rate*) on your loan. 

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.

Car loans by Latitude generally start from $5k, although they can be lower when used to buy other vehicles such as motorbikes. 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 $395.
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Who is it 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.

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Any catches

You can be charged up to $750 in early termination fees for clearing your debt in the first half of your loan term.

Details

Rates and fees information correct as at 18 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

9.99% p.a. fixed

11.08% p.a.based on $30,000
over 5 years

Fees

$395.00

$10.00

$40.00

$0.00

$750 for loans over $12,000 otherwise 6.25% pro rata

Other financial bits

$5,000.00

none

1 Year

7 Years

Various

Features

Weekly, Fortnightly, Monthly

yes

no

none

none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Details

Rates and fees information correct as at 18 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

5.99% p.a. fixed

7.24% p.a.based on $30,000
over 5 years

Fees

$395.00

$10.00

$40.00

$0.00

$750 for loans over $12,000 otherwise 6.25% pro rata

Other financial bits

$5,000.00

none

1 Year

7 Years

Various

Features

Weekly, Fortnightly, Monthly

yes

no

none

none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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