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 type | Name | Min loan amount | Max loan amount | |
|---|---|---|---|---|
|
|
Fixed | Car Loan (Over 3 years old, Fixed, Secured) | $5,000 | |
|
|
Fixed | Car Loan (Under 3 years old, Fixed, Secured) | $5,000 |
Loan: $5,000
Loan: $5,000
Want a car loan with an interest rate on the lower end of the scale? With fixed rates starting from 6.99% (8.24% comparison rate*), a Latitude loan could help you get from A to B in a new or preloved vehicle.
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% (8.24% 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 6.99% fixed rate (8.24% comparison rate*). However, if you do not meet those requirements you will receive the 11.99% fixed rate (13.22% 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.
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.
You can be charged up to $750 in early termination fees for clearing your debt in the first half of your loan term.
|
Fixed |
|
|
11.99% p.a. fixed |
|
|
13.22% p.a.based on $30,000 |
|
$395.00 |
|
|
$10.00 |
|
|
$40.00 |
|
|
$0.00 |
|
|
$750 for loans over $12,000 otherwise 6.25% pro rata |
|
$5,000.00 |
|
|
none |
|
|
1 Year |
|
|
7 Years |
|
|
Various |
|
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.
|
Fixed |
|
|
6.99% p.a. fixed |
|
|
8.24% p.a.based on $30,000 |
|
$395.00 |
|
|
$10.00 |
|
|
$40.00 |
|
|
$0.00 |
|
|
$750 for loans over $12,000 otherwise 6.25% pro rata |
|
$5,000.00 |
|
|
none |
|
|
1 Year |
|
|
7 Years |
|
|
Various |
|
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.
Competitive interest rate if you have excellent credit rating.
Read full reviewCompetitive interest rate if you have excellent credit rating.
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
Read full reviewPros: 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
Good
Read full reviewGE Money is always keeping in touch, and ensuring I pay my loan off quickly.
Read full reviewGE Money is always keeping in touch, and ensuring I pay my loan off quickly.
While the loan was easy to secure and good customer service has been received, the higher interest rate is a detractor.
Read full reviewWhile the loan was easy to secure and good customer service has been received, the higher interest rate is a detractor.
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