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MG finance options at a glance
- Finance for a MG HS, ZS, 3 and more
- Secured and unsecured car loans
- Discounted green loans for eligible MG models
- MG novated lease
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
MG finance Australia: What you need to know
MG has established itself as one of the most affordable car brands in the Australian market. After all, you can buy a brand new MG3 hatchback for less than $20,000 drive away. MG’s compact hatchback – the ZS – is only slightly pricer (around $24,000) and was one of the 10 best-selling cars in Australia in 2022.
MG’s range of EVs also offers a relatively achievable entry point for drivers who want to go electric. The ZS EV starts from around $45,000 drive away.
Your MG will be all the more affordable if you get the best deal possible on your finance. Particularly if you’re buying an EV model, picking the right type of car loan could make a big difference to your costs.
MG finance rates compared: What will your monthly repayments be?
MG3 (Auto Core) | |
Estimated cost | Drive away from $19,990 |
Monthly repayments (6% p.a. interest) | $386 |
Monthly repayments (8% p.a. interest) | $405 |
MG ZS (Excite) | |
Estimated cost | Drive away from $23,990 |
Monthly repayments (6% p.a. interest) | $464 |
Monthly repayments (8% p.a. interest) | $486 |
MG ZS EV (Excite) | |
Estimated cost | Drive away from $45,709 |
Monthly repayments (6% p.a. interest) | $884 |
Monthly repayments (8% p.a. interest) | $927 |
MG HS Vibe | |
Estimated cost | Drive away from $32,990 |
Monthly repayments (6% p.a. interest) | $638 |
Monthly repayments (8% p.a. interest) | $669 |
MG HS Plus EV Excite | |
Estimated cost | Drive away from $49,690 |
Monthly repayments (6% p.a. interest) | $961 |
Monthly repayments (8% p.a. interest) | $1,008 |
| Estimated cost | Monthly repayments (6% p.a. interest) | Monthly repayments (8% p.a. interest) | |
|---|---|---|---|
MG3 (Auto Core) | Drive away from $19,990 | $386 | $405 |
MG ZS (Excite) | Drive away from $23,990 | $464 | $486 |
MG ZS EV (Excite) | Drive away from $45,709 | $884 | $927 |
MG HS Vibe | Drive away from $32,990 | $638 | $669 |
MG HS Plus EV Excite | Drive away from $49,690 | $961 | $1,008 |
How to get the best deal on MG finance
Getting the best MG finance deal means the loan with the lowest overall cost. That’s often the product with the lowest car loan interest rate advertised but it’s not always the case.
To get the best MG finance deal overall, it’s important compare options based on a few different factors.
Your personalised interest rate:
This is the actual interest rate you’ll be paying on your MG finance (not the one advertised). This will be calculated by the lender based on your application (e.g. factoring in your credit score) and the type of MG you’re buying.
MG finance fees
Fees can quickly inflate the cost of financing an MG. Pay attention to fees you’ll be charged up-front as well as ongoing fees.
The finance term
The shorter the term on your MG finance is, the less you’ll to pay in interest.
Repayment options
If your MG finance offers the flexibility to make extra repayments and repay the loan early (without penalties applying) this could save you money in interest.
Am I eligible for MG finance?
The eligibility criteria for MG car finance will vary from lender to lender. But the standard car finance requirements with a lot of providers are:
- You must be at least 18 years of age
- You must be an Australian citizen or - permanent resident
- You must have a regular source of income to cover the repayments
- You meet the lender’s other credit criteria (e.g. they will check your credit score)
How to apply for MG finance
Here’s a quick overview of the process for applying for finance to buy an MG:
- Compare tailored MG car loan quotes
- Choose your best deal
- Apply for finance with the lender
- Provide documents to support your application
- The lender will assess your application
If your application is approved, the lender will either grant you car loan pre-approval up to a certain amount (meaning you can go shopping for a MG based on that pre-approved budget), or final approval if you have already decided on the model you want to buy.
Options for financing an MG
1
Secured or unsecured MG car finance
A secured car loan for your MG will usually work out cheaper than an unsecured car loan. Secured finance is less risky for lenders because the car being purchased acts as collateral. If you can’t repay the loan, the lender could repossess your MG and sell it to cover its costs.
2
Used MG finance
For borrowers looking to buy a used MG, the finance will likely work slightly differently. Specifically, you won’t be eligible for the very lowest car loan interest rates, which are generally only available for new cars. If you’re looking to buy a relatively new used MG, it should still be eligible for a secured car loan.
3
MG novated lease
A novated lease is an increasingly popular way to finance an MG, particularly the electric models – the ZS EV and HS Plus EV. This is thanks to a generous additional tax incentive for electric vehicle novated leases. With a novated lease you can finance a new or used MG for personal use (and cover car running costs) through your employer using your pre-tax salary.
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