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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.
|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
Mitsubishi Pajero Sport (five seats) drive away from $47,740
Mitsubishi Outlander (five seats) drive away from $41,380
Mitsubishi Eclipse Cross drive away from $34,190
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:
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:
Here’s a quick overview of the process for applying for Mitsubishi finance:
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.
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.
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.
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.
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.
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.
The interest rate you get on your Mitsubishi finance will be tailored to you based on the information in your application and the specific car you buy.
Some of the factors that impact car finance rates include:
Mitsubishi offers a secured car loan with loan terms of between one and seven years. Mitsubishi says the interest rate on the loan is fixed and is determined based on the applicant’s risk grade. Borrowers may be charged loan establishment fees, as well as dealer facilitation fees.
It’s possible to include a balloon payment on Mitsubishi’s car loan for vehicles up to four years old and for terms up to five years.
This will depend on the type of Mitsubishi finance you apply for and which lender you go with. If it’s a straightforward application and you have all your supporting documents ready to go, it can be possible to have finance for your Mitsubishi approved with some lenders the same day. For more complex applications, the process will 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.