Financing a Mitsubishi in Australia
Mitsubishi is one of the most popular car manufacturers in Australia. It sold almost 80,000 new vehicles in 2022 according to the Federal Chamber of Automotive Industries.
This puts Mitsubishi behind only Toyota, Mazda and Kia in terms of popularity based on new car sales.
If you’re looking to buy a Mitsubishi with finance, there are a few ways you could go about it. The option you choose – particularly depending on what the car loan interest rate is – can make a big difference to your regular costs and how much you pay overall. Our Mitsubishi finance guide can help you understand your options so you get the best deal possible.
Mitsubishi finance options at a glance
- Finance for a Triton, Pajero, Outlander and more
- Secured and unsecured car loans
- Mitsubishi business finance options
- Mitsubishi novated lease
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
- Pre-approval available
Mitsubishi finance rates compared
Estimated vehicle cost | Mitsubishi Triton (Double Cab/Pick Up) drive away from $44,240 |
|---|---|
Monthly repayment at 6% p.a. | $855 |
Monthly repayment at 8% p.a. | $897 |
Estimated vehicle cost | Mitsubishi Pajero Sport (five seats) drive away from $47,740 |
Monthly repayment at 6% p.a. | $923 |
Monthly repayment at 8% p.a. | $968 |
Estimated vehicle cost | Mitsubishi Outlander (five seats) drive away from $41,380 |
Monthly repayment at 6% p.a. | $800 |
Monthly repayment at 8% p.a. | $839 |
Estimated vehicle cost | Mitsubishi Eclipse Cross drive away from $34,190 |
Monthly repayment at 6% p.a. | $661 |
Monthly repayment at 8% p.a. | $693 |
| Estimated vehicle cost | Monthly repayment at 6% p.a. | Monthly repayment at 8% p.a. |
|---|---|---|
Mitsubishi Triton (Double Cab/Pick Up) drive away from $44,240 | $855 | $897 |
Mitsubishi Pajero Sport (five seats) drive away from $47,740 | $923 | $968 |
Mitsubishi Outlander (five seats) drive away from $41,380 | $800 | $839 |
Mitsubishi Eclipse Cross drive away from $34,190 | $661 | $693 |
How to get the best Mitsubishi finance deal
To find the best deal on Mitsubishi finance in Australia, you’ll need to compare loans based on a few different factors. Don’t make the mistake of thinking the lowest advertised interest rate will automatically represent the best deal.
Here are the key factors to consider when looking for Mitsubishi finance:
Your personalised interest rate
This could well be different to the rate you see advertised by a lender. Make sure you know what rate you’ll actually be paying.
Mitsubishi finance fees
Look at the application and ongoing fees charged by the lenders. These will be reflected in the finance comparison rate, along with the interest rate charged.
The loan term
The longer your loan term, the more interest you will pay (assuming the interest rate does not change). Be wary of appealingly-low regular repayments that are simply spread over a longer period.
Repayment flexibility
If your Mitsubishi finance offers the flexibility to make extra repayments so you’re reducing the balance faster, this can save you money in interest.
Balloon payment?
Mitsubishi finance with a balloon payment means you make smaller repayments during the finance term, with a large one-off repayment at the end. This is a popular option but it can mean higher overall interest costs. Make sure you understand how much you’ll be paying overall before committing.
Eligibility criteria for Mitsubishi finance
Eligibility for a Mitsubishi car loan will vary depending which lender you choose to apply with. But these are the basic requirements with a lot of lenders:
- 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
- You meet the lender’s other credit criteria (e.g. they will check your credit score)
How to apply for Mitsubishi finance
Here’s a quick overview of the process for applying for Mitsubishi finance:
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Compare tailored Mitsubishi car loan quotes
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Choose your best deal
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Make an application with the lender
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Provide documents to support your application
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The lender will assess your information
If you’re approved, you’ll be given either car loan pre-approval up to a certain amount (meaning you can go shopping for a Mitsubishi with a pre-approved budget), or final approval if you have already decided on the model you want to buy.
Options for financing a Mitsubishi
1
Secured vs unsecured Mitsubishi car finance
A secured car loan for a Mitsubishi usually works out cheaper than unsecured finance. This is because the Mitsubishi you buy will be used to secure the loan, which reduces risk for the lender.
The drawback of a secured loan is that you can usually only borrow funds up to the value of the car itself. This means it generally won’t be possible to borrow extra to pay for other up-front costs, or to fund the first road trip in your Mitsubishi.
With an unsecured loan, you may be able to borrow extra to cover additional expenses, but your interest rate will likely be higher.
2
Mitsubishi ‘green’ loans
If you’re buying one of Mitsubishi’s plug-in hybrid electric vehicles (PHEVs), you may be eligible for a discounted car loan rate through a ‘green loan’. This is a type of finance offered by some lenders specifically for environmentally-friendly vehicles and other green purchases.
3
Finance for a used Mitsubishi
If you’re buying a used Mitsubishi, your finance options may be slightly different. For example, some of the lowest car loan rates are reserved for brand new cars. Used car loan rates tend to be higher and the older the Mitsubishi you’re buying, the higher your rate is likely to be.
But even a used Mitsubishi may be eligible for a secured car loan with certain lenders, as long as it’s not more than 12 years old at the end of the finance term.
4
Mitsubishi business finance options
If the Mitsubishi you’re buying will be used primarily for business purposes (i.e. more than 50% of the time), you could be eligible for a business car loan (sometimes called a chattel mortgage).
This works in much the same way as a secured car loan, but with different tax implications which can be beneficial for some businesses and sole traders.
There are also lease options available for businesses that want to finance a Mitsubishi that way.
5
Mitsubishi novated lease
Another option for financing a Mitsubishi for personal use is a novated lease through your employer. Particularly for an electric vehicle novated lease, there can be considerable tax advantages compared to a car loan.
If you take out a novated lease, you can pay for your Mitsubishi, as well as most running costs (fuel, insurance etc.), using your pre-tax salary. You’ll also get a GST discount on the cost of the vehicle and car running costs.
Mitsubishi’s Outlander PHEV and the Eclipse Cross PHEV are eligible for a significant additional tax incentive through a novated lease.
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