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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.
|Estimated vehicle cost||Monthly 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
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:
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:
Here’s a quick overview of the process for applying for finance to buy an MG:
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.
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.
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.
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:
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.
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.
*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.