Latitude car loans – Apply and get the ride you’re after
Latitude isn’t a bank, and it says it’s proud of its alternative lender status. More specifically, Latitude is a digital payments and finance business that operates in Australia and New Zealand. It offers a decent range of products, such as credit cards, insurance, and many types of loans.
When you borrow from Latitude, this lender isn’t shy about showing you how it compares to the Big Four. For instance, Latitude bills its new and used car loan rate as more competitive compared to ANZ, Westpac, NAB, and CAB. If the promise of low-rate car finance tickles your interest, read on to discover more about Latitude car loans.
Latitude car loans at a glance
- Loan amounts. From $5,000 (or $3,000 for motorbikes)
- Loan terms. 1-7 years for both dealer and private sale purchases
- Interest rate. Fixed rate from 5.99%
- Pros. Easy online application, fast response, flexible repayment options, and the ability to monitor your account online.
- Cons. Besides interest, you also pay an application fee, an ongoing monthly fee, as well as early exit penalties.
- Best for. Anyone looking to finance a new or used vehicle (up to 15 years of age).
Types of loans offered by Latitude
- New and used car loan. Besides buying a new car, this option also works well for used cars up to 15 years old. This is handy if you have your eye on a classic car that fits the description.
- Boat loan. You can also finance a boat with Latitude.
- Caravan loan. A Latitude caravan loan allows you to purchase a caravan or motorhome.
- Personal loan. Latitude personal loans are also available for anything from buying a car to debt consolidation, renovation, and holidays.
Features of Latitude Financial Services car loans
- Fixed rates. The fixed rate applies over the entire life of the loan. It means there are no surprises when it comes to your repayments. You’ll always know how much is due each time.
- Balloon payments. If you want to make smaller repayments, you can opt for a balloon payment. Keep in mind this involves making a lump sum payment of up to 30% of the vehicle’s value at the end of the loan term. Also, balloon payments are only available for cars that are not more than five years old.
- High loan to value ratio. Latitude allows you to borrow more than the vehicle’s purchase price. This is handy if you need to cover extras like insurance and on-road costs.
- Time off from payments. It’s possible to take a month off if you manage to squeeze 12 months’ worth of repayments into 11 instalments. This only applies to repayment periods of not more than five years.
- Flexible repayment option. Weekly, fortnightly, or monthly repayments are available. Our Latitude car loan calculator can help you narrow down the best repayment amount for your budget.
- Extra repayments. You can make extra repayments. However, an early termination fee may apply if you close your account sooner.
Rates, fees, and charges
Interest rates start at 5.99% for vehicles less than three years old. For all other vehicles that don’t fit this criteria, the rate is set at 9.99% p.a. The fees structure looks like this:
- Establishment fee – $395
- Monthly loan service fee – $10
- Late payment fee – $40
- Early termination fee – Up to $750
How to apply
Ready to get yourself a Latitude car loan? It’s as simple as scrolling up and clicking “Go to Site” in the table above. Once you click through to the online application form, fill in the required details and provide the necessary documents. According to Latitude, you can get a response in as little as 90 seconds.
When you receive a loan contract, all you have to do is accept the offer and return the signed contract via email. You’ll then receive your money within 24-48 hours. However, before applying, keep in mind the following requirements:
- Be at least 18 years
- Have Australian citizenship or permanent residency
- Earn a regular income and be employed
- Have a good credit history for the past five years
- Must not have been bankrupt in the last seven years
Additionally, if you opt for a loan with a rate of 5.99% p.a, you’ll need to:
- Buy a vehicle less than three years old
- Be a homeowner or mortgage holder
- Have full-time employment with the same employer for at least 18 months