The term Latino is preferred by many in the community because it is better suited and more encompassing for the collective group rather than the term Hispanic.
By claiming that you are Latino, you are acknowledging that there are other ethnicities that you are comprised of rather than just being of European decent. The term Latino, most commonly embraces Afro and Indigenous backgrounds in combination with those that stem back to Europe. Although Latinos have come to grip with accepting that we are not direct descendants of the Europeans who conquered our lands, we still seem to have a tendency to claim that we are more White and/or European than Afro and/or indigenous.
I came across a trailer for a new movie called AfroLatinos Documentary. I suggest everyone find some way to watch it. From what I see of the trailer, there are many great things that will further my education about this group of my people. As I always say, you can never know too much about anything.