Latitude Car Loan

6.99% p.a.to 14.99% p.a.

8.10% p.a.to 16.06% p.a.based on $30,000
over 5 years

$295

Latitude Car Loan Review

Rates and fees information correct as at 22 August 2018.

Review published: 17 March 2017

What's hot:

  • Competitively low rates from 6.99%

  • Preloved vehicles are eligible

  • Choice of loan repayment schedule

What's not:

  • $295 signup fee

  • Early termination costs can apply

Mozo snapshot:

Want a car loan with an interest rate on the lower end of the scale? With fixed rates starting from 6.99%, 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 8.99% and are determined by the level of security the vehicle can provide. 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 20 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 billing cycle, 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 2-7 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.

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.

How are Latitude personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
4.4

Based on 63
Latitude personal loans reviews

3.7 3.9 5.1 4.6 4.5

Read Latitude personal loan reviews by the Mozo community

Latest reviews of Latitude Car Loan

Latitude

Latitude Car Loan (Fixed, Secured) personal loan review

Overall rating   9 / 10

Straightforward fast procedure with great service

Pros: trust created from the application stage, time frames given, friendly customer service, no hidden fee's, straightforward easy to understand procedure, One visit to sign contracts and documents could be sent online. cons- not the greatest...

Full review

Pros: trust created from the application stage, time frames given, friendly customer service, no hidden fee's, straightforward easy to understand procedure, One visit to sign contracts and documents could be sent online. cons- not the greatest interest rates and establishment fees

    Price   8 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ge (NSW), reviewed over 2 years ago

Latitude

Latitude Car Loan (Fixed, Secured) personal loan review

Overall rating   7 / 10

I recommend GE Money to anyone

GE Money is always keeping in touch, and ensuring I pay my loan off quickly.

Full review

GE Money is always keeping in touch, and ensuring I pay my loan off quickly.

    Price   7 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Amanda (NSW), reviewed over 4 years ago

Latitude

Latitude Car Loan (Fixed, Secured) personal loan review

Overall rating   6 / 10

Easy to secure car loan and good customer service

While the loan was easy to secure and good customer service has been received, the higher interest rate is a detractor.

Full review

While the loan was easy to secure and good customer service has been received, the higher interest rate is a detractor.

    Price   5 / 10

    Features   5 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Mozo reviewer (NSW), reviewed about 5 years ago

Latitude

Latitude Car Loan (Fixed, Secured) personal loan review

Overall rating   5 / 10

Convenient

It's convenient for me at this time even though I should have waited until I got more details.

Full review

It's convenient for me at this time even though I should have waited until I got more details.

    Price   7 / 10

    Features   7 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   -1 / 10

Less

doug (QLD), reviewed about 5 years ago

Latitude

Latitude Car Loan (Fixed, Secured) personal loan review

Overall rating   0 / 10

Bad rates and little customer service

Not interested at all in your personal circumstances. Watch out if they say you can afford payments, they are usually out of budget.

Full review

Not interested at all in your personal circumstances. Watch out if they say you can afford payments, they are usually out of budget.

    Price   1 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Jennifer (QLD), reviewed over 5 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Fixed

  • 6.99% p.a.to 14.99% p.a. fixed

  • 8.10% p.a.to 16.06% p.a.based on $30,000
    over 5 years

Fees

  • $295.00

  • $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

  • Vehicle

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • none

About Latitude

Latitude positions itself as an alternative to the "Big 4" banks in Australia and offer banking products and services with a focus on convenience and customer service. Latitude provides personal insurance and loans, financing options and credit cards.

*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. WARNING: 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.

Compare other personal loans
Advertisement