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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
  • Pre-approval available

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?

Estimated vehicle costMonthly repayment at 6% p.a.Monthly repayment at 8% p.a.

MG3 (Auto Core) drive away from $19,990



MG ZS (Excite) drive away from $23,990



MG ZS EV (Excite) drive away from $45,709



MG HS Vibe drive away from $32,990



MG HS Plus EV Excite from $49,690



MG car loan examples are calculated using monthly repayments with a fixed interest rate, a 5-year term, and estimated vehicle costs for a private buyer in NSW as at 5 July 2023 (according to MG Australia’s website). Actual car pricing may be different. Estimated repayments do not include any fees the lender may charge. Actual car loan interest rates are calculated by the lender based on your application.

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.
  • MG finance with balloon payment: Some car loans offer a balloon payment option, meaning you have lower ongoing payments but a large one-off payment at the end of the term. Make sure you understand the total cost (including the balloon payment) when comparing options.
MG finance eligibility.

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)
MG finance application

How to apply for MG finance

Here’s a quick overview of the process for applying for finance to buy an MG:

  1. Compare tailored MG car loan quotes
  2. Choose your best deal
  3. Apply for finance with the lender
  4. Provide documents to support your application
  5. 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 a MG

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.

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.

MG novated lease

A novated lease is an increasingly popular way to finance an MG, particularly the electric models such as the MG 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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Frequently asked questions about MG finance

Most individual MG dealers offer finance to customers who buy an MG. However, the terms and rates available will vary depending on the individual dealer and the finance provider it works with.

The interest rate you get on your MG finance will be calculated by the lender when it’s assessing your applications. In many cases the actual interest rate is higher than the rate that’s advertised. Your personalised rate will be based on factors including:

  • The age of the MG vehicle you’re buying
  • Whether the loan is secured or not
  • Your credit history and score
  • Your financial situation (e.g. your income, expenditures, debts, and assets you own)

It may still be possible to get finance for an MG even if you have bad credit. This will of course depend on the other aspects of your applications. MG finance generally involves lower loan amounts than some other car brands, which may make approval more likely than it would be with a more expensive car.

However, if you do need to apply for a bad credit car loan for your MG, you will likely be charged a fairly high interest rate compared to borrowers with a good credit score.

Getting approved for MG finance can be a relatively fast process, particularly if your application is straightforward and you have all the necessary documents ready. Some lenders can approve car loan applications the same day. If you have a more complicated application the process will generally take longer.

Car Loans guides and resources

Where to next? Read our other car loan guides to understand more about your options for financing your next car.

Written by

Sean Callery Editor


Sean Callery

Reviewed by

Megan Birot writer

Senior Finance Writer

Megan Birot


*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.