Latitude Financial Review

Latitude Financial Services is an old-school lender that has a rich history (previously owned by General Electric). However, its long history means outdated systems, manual processes, slower turn around times.

Best for

  • Older vehicles, with vehicles up to 20 years old at the end of the loan permitted
  • Open to some impaired credit history (e.g. payday loans, some late payments on credit cards)

Draw backs

  • Manual, paper-based processes meaning printing and signing required to get your loan sorted
  • Slow approval and funding times, so you may need to be patient if you pick Latitude as your preferred option

Latitude Financial Overview

Previously owned by General Electric, Latitude Financial Services is a diversified non-bank lender that offers a range of financial products. These include traditional products like unsecured personal loans, car loans and credit cards, but also buy now pay later (interest-free) and insurance products in both Australia and New Zealand.

Despite being one of Australia’s largest non-bank lenders, they are notoriously slow to review and approve loan applications and rely on manual, paper-based processes (we hope you have access to a printer!).

There are also many customers who have raised concerns about hidden fees and their customer service, which you can read more about on Product Review.

How to apply for a Latitude Financial car loan

Latitude Financial is a little bit less strict than other lenders, which means as long as you have a credit score above 300 (aren’t a new credit file), and the car you’re looking to buy is newer than 20 years old, you can apply for a Latitude car loan.

You’ll need to be in some form of employment, but if you’re fulltime employed there’s no minimum length of employment before you can apply (provided you’ve stayed in the same industry). If you’re a casual or contractor, you’ll need to have been in your role for at least 12 months (and 24 months for self-employed applicants).
Driva tip: Latitude Financial can come in handy for customers looking for a secured, fixed-rate product on an older vehicle. With Driva, you can play around with vehicle age at the time you’ve received your quote to see what your best loan matches are

See if you qualify for a Latitude loan in 60 seconds

Find my rates
Fixed rates from:
7.99% (10.46% comparison rate*)
Loan amounts:
$5,000+ (max loan amount depends on your financial situation)
Loan terms:
1-7 years
Loan types:
Consumer and commercial loans
Min. credit score:
300
Min. income:
N/A
Co-applicants?
No
Fees:
  • Establishment fee: $295
  • Monthly: $10
  • Early repayment fees: Maximum of $750 (reduces over the life of the loan)
  • Brokerage: up to $990

Big no-no's (automatic declines)

  • Bankruptcies - regardless of whether they are current or discharged
  • Unexplainable late payments (common sense rule applies)

Other hot tips

  • If you’re in a rush or don’t have a printer handy, look to another lender!

Latitude Financial - Frequently Asked Questions

01

How does Latitude decide what rate to charge me?

The honest answer - we don’t know! Latitude is the only car loan lender on our panel that hasn’t given us access to their lender pricing policies, which is why you won’t see Latitude when you get your personalised rate quotes.

The Driva team can still get you personalised quotes, and we may still recommend a Latitude Financial product after you’ve applied if they are your lowest repayment option, but because their pricing has not been built into the Driva platform you will not see them as an option at the time of your quote.

Learn: what other lenders look for when pricing your loan

02

Does Latitude Financial charge fees on their car loan product?

Like all lenders, there are some fees associated with a Latitude car loan.

  • Establishment fees: $295
  • Monthly fees: $10
  • Early termination fees: $750 pro rate (reduces over the life of the loan)

Don't forget that every lender charges fees and that these charges (including any money that lenders pay to Driva) are already built into the monthly repayment quoted.

03

How does Driva get paid by Latitude Financial?

We get paid by Latitude for every successful loan that settles. This payment generally includes two components:

  • Brokerage: up to $990
  • Commission: Up to 5% of the amount financed

As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Instead, Latitude incorporates this payment into your total loan amount, which is paid off over the life of the loan.

04

Driva’s rate quotes for Latitude Financial are higher than what I’ve seen elsewhere!?

All car loan brokers have access to the same interest rates, and Driva can match the rate you would receive from Latitude by going directly. This means that if you’ve spotted a lower rate for a Latitude financial somewhere else, it could be because you’re seeing a generic comparison rate (starting rates) that have not factored in the pricing criteria that is based on your personal situation and the vehicle you are buying, which can only be accessed via Latitude’s online portal.

If you still think our rates are higher than you’re seeing them elsewhere, we’re confident we’ll be able to beat it hello@driva.com.au.

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