Finty
Latitude Personal and Motor Loans

Latitude Personal and Motor Loans Asset Loan

SecuredFixed or Variable rate

This loan product is available through broker channels. Loan amounts from $5,000. Consumer loan terms from 2 - 7 years. Secured loans. Weekly, fortnightly or monthly repayments. Extra repayments accepted. Purchase a car, boat or personal watercraft privately or through a dealer.

Written byDavid Boyd
Interest rate a year, from
8.99%
Comparison rate, from
10.67%
Establishment fee
$395
Monthly fee
$17
Borrow
From $5,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 8.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$652
Total repayments
$23,486
Interest and monthly fees
$3,486

Loan details

Rates

Interest rate (a year)
8.99%–27.99%
Comparison rate (a year)
10.67%–29.57%
Rate type
Fixed or Variable
Security
Secured

Limits and fees

Loan amount
From $5,000
Loan term
2 years to 7 years
Establishment fee
$395
Monthly fee
$17

How it compares

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

Comparison rate

10.67%

From 10.67%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$6,289

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$395

A typical setup fee is $258.

Monthly fee

$17

A typical monthly fee is $8.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • A higher starting rate. Its comparison rate starts at 10.67%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.99% to 27.99%, 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

Secured loans from other lenders that start at a similar comparison rate.