MINI financing | From the Hatch to the Clubman

MINI finance options

From the Cooper S to the Countryman: learn how you can finance a new MINI in April 2021

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Owned by BMW, MINI has been an iconic motor vehicle brand for decades. Earlier generations of the MINI between 1959 and 2000 cemented its place in the motoring world, while the release of the New MINI in 2001 has seen the popular car retain much of its iconic shape and design while incorporating innovative new features.

Prices start from $28,000 for the hatch and rise to $41,300 for the Countryman. If you are looking to finance a new MINI, read on.

The line-up of second-generation MINI vehicles available in Australia includes the MINI Cooper Countryman, MINI Cooper Cabrio, MINI Cooper S and the iconic MINI Cooper.

Compare car loans suitable for purchasing a MINI

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Monthly Repayment View Details CTA
IMB New Car Loan
4.99%
(fixed)
5.34%
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Plenti Car Loan
From
4.89%
(fixed)
5.44%
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Loans.com.au - New and Dealer Used Car Loan
From
4.67%
(fixed)
5.22%
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
NRMA New Car Loan
From
4.99%
(fixed)
5.69%
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
MoneyForJam Car Loan
From
3.25%
(fixed)
5.82%
You'll receive a fixed rate from 3.25% p.a. based on your risk profile
Borrow between $5,000 and $120,000 with loan terms up to 7 years to finance a new or used car. Get access to more than 40 providers.
You'll receive a fixed rate from 3.25% p.a. based on your risk profile
Borrow between $5,000 and $120,000 with loan terms up to 7 years to finance a new or used car. Get access to more than 40 providers.
Credit Concierge Car Loan
From
3.85%
(fixed)
4.91%
You'll receive a fixed rate of 3.85% p.a. with a comparison rate of 4.91% p.a.
Get access to over 20 providers to fund a new or used car.

You'll receive a fixed rate of 3.85% p.a. with a comparison rate of 4.91% p.a.
Get access to over 20 providers to fund a new or used car.

Wisr Secured Car Loan
From
4.74%
(fixed)
5.01%
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

NAB Personal Loan Unsecured Fixed
From
6.99%
(fixed)
7.91%
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
OurMoneyMarket Car Loan
From
5.35%
(fixed)
5.65%
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
CUA Secured Fixed Car Loan
6.79%
(fixed)
7.16%
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Latitude Personal Loan (Secured)
From
5.99%
(fixed)
7.26%
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
Stratton Finance New Car Loan
From
3.85%
(fixed)
4.05%
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
SocietyOne Car Loan
From
6.99%
(fixed)
6.99%
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Driva Car Loan
From
3.95%
(fixed)
5.1%
You'll receive a fixed rate from 3.95% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
You'll receive a fixed rate from 3.95% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
RACV New Car Loans
From
4.99%
(fixed)
5.69%
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
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Compare up to 4 providers

How to apply for finance to buy a MINI

While there are some similarities between different loan types, the specific process of applying for vehicle finance and the documents you need to provide will depend on the lender and whether you are applying as an individual or a business.

The minimum requirements to be eligible for vehicle finance include the following:

  • Older than 18 years
  • Australian citizen or permanent resident
  • Earning a steady income

If purchasing a vehicle as an individual, you will most likely be asked to provide at least the following documents:

  • Ongoing expenses and credit card limits
  • Details of the vehicle you intend to purchase, including its total cost
  • Details of other assets and liabilities
  • Proof of ID
  • Proof of income and employment

How much does it cost to buy and run a MINI?

Initial purchase cost

According to Redbook, the cost to purchase new 2018 MINI models in Australia is as follows:

  • 2018 MINI Clubman from $36,900
  • 2018 MINI Convertible from $39,600
  • 2018 MINI Countryman from $41,300
  • 2018 MINI Hatch from $28,000

Fuel efficiency

According to information provided by the Australian government's Green Vehicle Guide, the MINI Cooper D is the most fuel-efficient MINI vehicle available in Australia, with a minimum urban fuel consumption of 5.1 litres per 100 kilometres. The MINI One ranks next, with a minimum urban fuel consumption of 6 L/100km, followed by the MINI Cooper and the MINI John Cooper Works, both at 7.1 L/100km, the MINI Cooper S at 8 L/100km and the MINI Clubman at 8.9 L/100km.

The ATO defines a fuel-efficient car as one with a fuel consumption of 7 L/100km or less, so the MINI Cooper D and MINI One fall into the category while the other models available in Australia fall just outside the definition of a fuel-efficient car.

Other costs to consider

  • Servicing and repairs. While ongoing servicing comes at a cost, it can keep your car in good running order and prevent a big repair job in the future.
  • Dealer delivery. Dealer delivery is a cost incurred relating to the purchase of new cars and includes all expenses associated with delivering the car to you from the manufacturer. The amount you pay for dealer delivery can vary significantly and can be negotiated directly with the dealer.
  • New car extras. Choosing optional extras like automatic transmission, metallic paint and leather seats can see the once-reasonable advertised sticker price of a car balloon out significantly. Make sure you factor in the costs of any desired new car extras when comparing car prices.
  • Insurance. Several types of insurance are available to protect your car. Compulsory third party (CTP) insurance is legally required in Australia, while other types of motor vehicle insurance can cover the costs of repair or replacement should your car be damaged or stolen.
  • Stamp duty. Stamp duty is a form of government taxation that must be considered when calculating the total cost of a car. Based on a variety of factors including the purchase price, stamp duty varies between Australian jurisdictions. Use this calculator to estimate the amount of motor vehicle stamp duty you may need to pay when purchasing a new or used vehicle.
  • Finance costs. See the next section for a closer look at the costs associated with different MINI finance options that could be available to you.

What types of MINI finance options are available?

The next step after choosing the best MINI for you is to weigh up your options and decide which type of MINI finance would best suit your circumstances.

Consider which of these MINI finance options could be the right choice for you:

Chattel mortgage

A chattel mortgage can be a good finance solution for business buyers, particularly when used in conjunction with the Australian Federal Government small business tax break offer.

Credit card

It can be tempting to use a credit card to purchase a vehicle, particularly if you're interested in amassing credit card reward points. However, keep in mind that credit cards tend to have very high interest rates compared to other MINI finance options, which could drastically increase the total cost of the car. Before using your credit card, work out how long you will take to pay off the credit card debt and how much interest you'll accrue in the meantime, then compare the total amount paid with the total amount you may pay with other forms of lending. If you're thinking of taking out a new credit card to purchase the car, take the opportunity to compare credit cards to find the best deal for you.

Commercial hire purchase

Popular with self-employed people and small business owners, a commercial hire purchase allows for the car to be paid off in regular instalments over a set term, with the car purchased outright after all repayments have been made. A balloon payment typically falls due at the end of the term.

Secured car loan

As a form of secured lending, a secured car loan poses less risk to the lender and can attract interest rate discounts and other more favourable loan terms. Keep in mind that, should you default on the loan, the lender can repossess your car.

Unsecured car loan

An unsecured car loan tends to come with greater flexibility but can attract higher interest rates and fees because it presents a greater risk to the lender.

Mortgage redraw

If you have a redraw facility or offset account on your mortgage, you can potentially withdraw some of the excess in your mortgage to purchase a vehicle. Keep in mind that this means you would essentially be borrowing the money for the car on your mortgage's remaining loan term, which could potentially have up to 25 years left to run. The longer you take to pay off the loan, the more it ultimately ends up costing. However, mortgage interest rates can be considerably lower than car loan interest rates, making a mortgage redraw a viable option in certain circumstances.

Mortgage refinance

If you have plenty of equity in your mortgage, or if your credit score has improved since you took out your mortgage or your property has increased in value, it can be worth considering refinancing your home loan. Not only will refinancing allow you to free up some of the equity in your home to purchase the vehicle, but you will also end up with a better interest rate and more favourable loan terms for the remainder of your mortgage. Be aware of early exit fees, property revaluation fees and other fees you may incur when refinancing.

Pre-approved car loan

While some lenders will offer a pre-approved car loan and others won't, knowing in advance how much finance you can access can put you in a better position when negotiating the price of your new car as well as any extra features. You can also use your loan pre-approval to negotiate a better finance offer from the dealership's finance department.

Novated lease

A novated lease is a form of salary sacrificing for employees in which lease repayments are taken out of your pre-tax salary. This has the effect of reducing your taxable income while financing a car at the same time. At the end of the lease agreement, you have the option to return the car with no further amounts payable, enter into a new novated lease agreement for a newer model, or refinance or purchase the existing car outright. A common pitfall with novated leases is that you will still be subject to fringe benefits tax, the amount of which will depend on how many kilometres you drive. It is important to ensure that any income tax savings aren’t outweighed by fringe benefits tax. As a general guide, the benefits of a novated lease arrangement may be non-existent if you earn less than $100,000 per year and drive fewer than 15,000 kilometres.

MINI dealer finance

MINI offers a variety of dealer finance solutions to suit both private and business buyers. Private buyers can choose between a consumer loan or MINI Flex finance, while business buyers can choose between MINI Flex finance, prestige lease or chattel mortgage. Find out more about how dealer finance compares with other types of motor vehicle finance.

  • Consumer loan. Loan terms can be negotiated between two and five years, with fixed repayments made throughout. You can choose to add a balloon payment at the end of the loan term, or simply own the MINI outright by making higher ongoing repayments.
  • MINI Flex. A type of guaranteed future value program, MINI Flex is available for private and business buyers. Loan terms range between 2 and 5 years, with annual kilometre allowances of either 15,000, 20,000 or 25,000. At the end of the contract, you can choose to return the MINI, pay it out at the agreed price, refinance or trade in your MINI for a newer model.
  • Prestige lease. Lease terms range between two and five years, with the residual value of the car dependent upon the initial term of the contract and the repayment amounts.
  • Chattel mortgage. For business buyers, MINI offers a chattel mortgage which is a type of secured car loan. Loan terms range between two and five years, with a negotiable deposit amount and an optional loan payment at the end of the loan term.

Factors to consider when comparing MINI finance options

Take the following into account when comparing MINI finance options:

  • Interest rate. A competitive interest rate is an important consideration and will affect the total cost of the loan and your ongoing repayments. When you compare car loans consider the interest rates on offer, along with other factors.
  • Repayment frequency. Ensure that your loan repayment schedule suits your circumstances and coincides with your pay period or your business's cash flow.
  • Balloon payment. If a balloon payment is payable at the end of your loan term, ensure that the amount will be affordable and reasonable and won't outweigh the car's value at that time.
  • Loan flexibility. If you may want to pay out your loan early or trade in your car for a newer model, consider how flexible the loan will be or whether penalties will apply.
  • Loan term. Loan terms for standard car finance tend to range between one and seven years, while other forms of finance like a mortgage redraw or credit card could have a different loan term.
  • Loan amount. Ensure that the amount of the loan will be sufficient to cover all costs associated with purchasing, customising and delivering your new car.
  • Fees and charges. Make sure you understand all fees that may be charged during the loan term, from initial fees to ongoing fees and other penalties that may apply.

Compare car insurance side-by-side and get quotes

Data updated regularly
Name Product Roadside Assistance Accidental Damage Storm Choice of Repairer Agreed or Market Value
Budget Direct Comprehensive
Optional
Optional
Agreed or Market
Finder's summary: Awarded the 2019 Finder Award for the Best Value Car Insurance, this policy offers solid coverage at a low cost plus you will get 15% discount on first year's premium when you take out a policy online. Budget Direct’s claims service has received a 4.2/5 based on nearly 5,000 customer reviews.

Who it might be good for: People who want a comprehensive policy without breaking the bank.
Bingle Comprehensive
Market
Finder's summary:Bingle consistently comes up as one of the cheaper insurers out there. It only covers the basics, so you don't get to choose your own repairer, you're not covered for personal items in the car and unless you add it as an option, you won't get a hire car if your car is stolen. But this keeps its premiums low.

Who it might be good for: Someone who wants a low-cost option that covers them for the basics.
Coles Comprehensive
Optional
Agreed or Market
Finder's summary: Coles have two-tiers of comprehensive car insurance to choose from. You'll earn double flybuys points at Coles supermarkets and you can get $10 off your Coles grocery bill every time you redeem 2,000 Flybuys points. If you're over 30, you can get roadside assistance free for a year.

Who it might be good for: Coles customers and Flybuys collectors.
Poncho Comprehensive
Agreed
Finder's summary: Poncho works like a monthly subscription – you pay monthly and can cancel and leave at any time. You can also list multiple cars and drivers under one policy, making it ideal for families and groups living together under one household.

Who it might be good for: People who want their car insurance month to month.
Woolworths Comprehensive
Optional
Agreed or Market
Finder's summary: Woolworths catches our eye due to some unique perks like a price-beat guarantee, where it'll beat any current comparable comprehensive renewal notice if you're over 25. You'll also get 10% off your grocery shop once a month and can add roadside assistance onto your policy for just $7.35 per month.

Who it might be good for: Woolworths shoppers and those that want to take advantage of its price-beat guarantee.
Qantas Comprehensive
Optional
Optional
Agreed or Market
Finder's summary: You'll be able to choose how comprehensive you want your cover to be with optional extras like choice of repairer and the option of agreed or market value. Plus earn Qantas Points for joining and paying your premium. Sign up by 2 May 2021, you can earn up to 30,000 Qantas Points (points awarded will be based on your premium). T&Cs and eligibility apply.
ahm Comprehensive
Optional
Both
Finder's summary: ahm comprehensive car insurance lets you choose higher excess to reduce your premiums plus you can get up to 15% off when you purchase a new car insurance policy. T&Cs apply. Additionally, their Fixed Kilometre Plan can save you up to 30% compared to their standard comprehensive cover.

Who it might be good for: People who drive less than 15,000 km per year.
Virgin Comprehensive
Optional
Optional
Agreed or Market
Finder's summary: Finalists for the 2019 Finder Awards for Best Value Car Insurance, Virgin Comprehensive provides a good level of cover for a decent price. Get 15% off on your first year’s premium when you purchase a new eligible comprehensive car insurance online. T&Cs Apply.
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Frequently asked questions

Where are MINIs manufactured?

MINI's Countryman, Convertible and Hatch models are assembled in the Netherlands, while the Roadster, Coupe and New MINI Hatch are manufactured at the Plant Oxford facility in England.

Are all MINI vehicles front-wheel drive?

Carrying on from the tradition of the original MINI from 1959, all MINI vehicles sold in Australia are front-wheel drive. Indeed, there are no rear-wheel drive or all-wheel drive MINI models available to the public, with the notable exception being an all-wheel drive MINI model that was raced in the World Rally Championship.

How long does the finance approval process take?

Despite finance approval requiring several steps, the process is usually relatively quick. In some instances, conditional approval can be provided almost instantaneously or within a few hours, with most vehicle finance approvals being finalised within a few business days.

More guides on Finder

Car Loan Offers

Important Information*
Logo for IMB New Car Loan
IMB New Car Loan

You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.

Logo for Beyond Bank Low Rate Car Loan "Special Offer"
Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

Logo for RACV New Car Loans
RACV New Car Loans

You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.

Logo for NRMA New Car Loan
NRMA New Car Loan

You'll receive a fixed rate of 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

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