Finty
Latitude Personal and Motor Loans

Latitude Personal and Motor Loans Commercial Asset Loan

Equipment financeSecured

A secured loan available to Sole Traders for purchasing a new or used vehicle for business use only.

Written byDavid Boyd
Interest rate a year, from
6.99%
Establishment fee
$495
Monthly fee
$17
Borrow
From $10,000

Monthly repayment

$100,000 over 1 year

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What it would cost

At the lowest published rate of 6.99%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$8,669
Total repayments
$104,025
Interest and monthly fees
$4,025

Loan details

Rates

Interest rate (a year)
6.99%–25.99%
Rate type
Fixed
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
From $10,000
Loan term
Up to 1 year
Establishment fee
$495
Monthly fee
$17

How it compares

Against the other secured business loans we compare. Typical means the middle half of them.

Setup fee

$495

A typical setup fee is $549.

Monthly fee

$17

A typical monthly fee is $20.

Longest term

1 year

6 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.99% to 25.99%, and only some people get the starting rate.
  • A $17 monthly fee. That adds $990 over 5 years, as well as the interest.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.