Compare the top car loan offers with Savvy and find out more about Latitude’s finance product here.
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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.
*Latitude is among Savvy’s panel of car loan financiers. All information in this article is correct as of 29 July 2024.
Latitude offers car loans with a starting interest rate of 9.49% p.a. (10.93% p.a. comparison), but can reach as high as 29.99% p.a. (31.83% p.a. comparison).
Select a loan term which suits your own financial requirements, with available loan terms from two to seven years allowing you to avoid overburdening yourself.
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.
You can decide whether to lock in your interest rate from the start of your loan for greater stability or opt for a variable rate and potentially benefit from interest decreases during your term.
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.
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.
Latitude car finance can not only go towards the purchase of a new or used car, but also a motorbike or caravan that meets the lender's requirements.
Should you decide to keep your loan's interest rate variable, you won't have to pay any fee for finishing your loan up early.
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 60 seconds before proceeding with your application.
Compared to other lenders on the market, the minimum 9.49% p.a. rates available through Latitude are steep, meaning you could pay more for your loan.
There are several fees you’ll need to pay as, including an establishment fee of $395 and a monthly fee of $13 (as well as $500 for early repayment on fixed loans).
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.
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:
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 40 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.
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