Finty
Latitude Personal and Motor Loans

Latitude Personal and Motor Loans Loans

Fixed or Variable rate

Loan from Latitude Personal and Motor Loans. Flexible repayment options including weekly, fortnightly, or monthly repayments via Direct Debit or BPAY. Minimum borrowing amount of $5,000 with the maximum depending on individual circumstances and financial situation.

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

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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%–29.39%
Comparison rate (a year)
10.67%–30.97%
Rate type
Fixed or Variable
Security
Not published

Limits and fees

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

How it compares

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

Comparison rate

10.67%

From 10.67%. A typical loan starts at 9.35%.

Cost of $20,000 over 5 years

$6,289

Interest and fees at its starting rate. Typical is $5,746.

Setup fee

$395

A typical setup fee is $520.

Monthly fee

$17

A typical monthly fee is $13.

Longest term

7 years

5 years is the usual longest term.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.99% to 29.39%, and only some people get the starting rate.
  • A $17 monthly fee. That adds $990 over 5 years, as well as the interest.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $45 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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