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Latitude Car Loan

Compare the top car loan offers with Savvy and find out more about Latitude’s finance product here.

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, updated on June 30th, 2023       

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As one of the top non-bank lenders in Australia, Latitude Financial offers loan products for personal finance, which encompasses car loans, as well as credit cards and insurance.

Before you start your loan application, though, it’s important to have a firm grasp of the deal you’re looking to sign up for; you should avoid any unwanted surprises which can cause you discomfort in the repayment process at all costs.

Fortunately, at Savvy, we break down the top car finance offers, including Latitude’s car loans, so you can be sure of exactly the loan you’re signing up for before you do so. We can also help you compare from our wide panel of reputable lenders quickly and easily.

The features and benefits of Latitude car loans

Interest rates starting at 5.99% p.a.

With a starting interest rate of 5.99% p.a. (7.24% p.a. comparison), you can minimise the potential cost of your loan and save over the course of your repayment period.

Repay your loan over one to seven years

Select a loan term which suits your own financial requirements, with available loan terms from one to seven years allowing you to avoid overburdening yourself.

Select your payment schedule

You can also decide whether to make weekly, fortnightly or monthly repayments, enabling you to pay off your loan on the same schedule you currently receive your income.

Balloon payments available

If you wish to reduce the cost of your regular instalments, you can add a balloon payment to your loan, which requires you to pay a lump sum at its conclusion.

Borrow more than 100% of your car’s value

You can also increase the size of your loan to include various on-road costs and insurance payments if you’re looking for assistance in paying for them also.

Extra repayments available

Latitude allows for free additional repayments, but you may be charged a fee if these payments result in an early loan exit, which could cost hundreds of dollars.

The pros and cons of Latitude car loans

PROS

Buy a car up to 15 years old

When you access finance with a Latitude car loan, you can choose to purchase a vehicle up to 15 years old at the beginning of your loan and have it accepted as security.

Payment pauses available

You can arrange to take a month off repaying your car loan with Latitude, which you can do by paying a small amount extra in each other month of the year.

90-second response time

If you apply directly to Latitude for your car loan, you can receive instant online pre-approval for your car loan in as little as 90 seconds before proceeding with your application.

CONS

Discount unavailable for cars three years or older

The minimum advertised rate is only available for vehicles under three years old (alongside other applicant conditions), with all other loans starting at 9.99% p.a. (11.08% p.a. comparison).

Variety of fees applied to the loan

There are several fees you’ll be required to pay as part of your car loan, including an establishment fee of $395 and an ongoing monthly fee of $10 (as well as early repayment fees).

Single-applicant loans only

If you’re looking to purchase a car with your partner or a co-borrower, you won’t be able to do so with Latitude, as single-applicant loans are the only type accepted.

More about Latitude car loans explained

What are the eligibility criteria for Latitude car loans?

Latitude car loan finance eligibility criteria are simple, without any major departures from the general criteria required by most other car loan financiers. It’s important to review this information thoroughly before applying for your loan, as doing so while ineligible is a very avoidable rejection that goes down on your credit file. Fortunately, when you apply with Savvy, your consultant will conduct eligibility checks for you.

The main criteria to meet with Latitude motor loans are:

  • You must be at least 18 years old
  • You must be an Australian citizen or permanent resident
  • You must be earning a regular, consistent income from stable employment
  • You mustn’t have been bankrupt within the last seven years and have maintained a positive credit record over the past five years

Additionally, there are criteria which you’ll have to meet in order to access the lowest interest rates, which are:

  • Your vehicle must be less than three years old
  • You must be holding permanent full-time employment and have done so with the same employer for at least 18 months
  • You must own property, either paid off or in the process of doing so

What is the application process for Latitude car finance?

It’s important to note that submitting your application through Savvy is the best way to maximise your chances of receiving the best loan for your needs, thanks to our diligent team of consultants and our panel of over 25 reputable lenders. We can help connect you with lenders who meet your preferences and whose eligibility criteria you meet also. The process of applying is as follows:

Fill out Savvy’s online form

Tell us about yourself, your financial profile and your credit history so we can get an idea of the sort of loan you might be able to get approved for. From here, you can also fill out your full application, which enables one of our consultants to compare offers and determine which offer is best for you.

Speak with your consultant

Once this comparison process has taken place, your consultant will get in touch with you to let you know about the offer they’ve found to confirm with you whether you’d like to pursue that avenue. If you choose to do so, you can sit back and let them handle the work for you.

Have formal approval arranged

Your consultant will prepare your application in line with your lender’s requirements, which is aided by our understanding of different lender criteria and what they look for in an application. Once this is submitted, your consultant will get in touch to let you know when it’s approved.

Sign your Latitude car loan contract

Your consultant will send through the final Latitude car loan contract for you to sign electronically and return, after which your agreement is set in stone. This allows your lender to advance the required funds and for you to take ownership of your vehicle.

Frequently asked questions about Latitude car loans

Does it matter what type of car I purchase with Latitude?

No – you can purchase any number of different makes and models with a Latitude motor loan, provided that it fits with their eligibility criteria. For instance, you can buy a BMW, Mazda, Volkswagen, Nissan, Toyota or anything else you’d like to.

How long will it take for me to receive my car?

From the moment you submit your initial application to Savvy to when you receive your car, the process may only take around 48 hours. We pride ourselves on helping borrowers get approved for quick car loans which provide the financial solutions that they’re looking for.

Is it better to take longer to repay my car loan?

Probably not – if you can avoid it, you should always select a shorter loan term wherever possible. This is because the longer your loan runs, the more you’ll pay in interest and fees. For instance, a seven-year car loan of $50,000 on the minimum 7.24% p.a. comparison rate would cost you an additional $13,883.15. However, choosing a five-year car loan instead with the same conditions would save you over $4,000 overall.

Are Latitude car loans available to single parents?

Yes – if you can show that you’re able to afford your loan’s repayments on a consistent basis, you can be approved for a car loan as a single parent. You won’t be immediately discounted from taking out a loan on the basis of single parenthood, so you can rest assured you’ll be considered for approval if your income is sufficient to cover your existing expenses and that of a car loan.

Am I still eligible if I’m a low income-earner?

Yes – again, provided your income is enough to cover your expenses and support car loan repayments comfortably, you can be approved for Latitude car loan finance on a low income. Financing is available for applicants who receive Centrelink as a low-income supplement, but not for those whose sole income source is Centrelink payments.

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