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Mitsubishi finance options

Find out how to finance your Mitsubishi and compare loans now.

Mitsubishi is a Japanese automotive manufacturer and the 16th biggest carmaker in the world. The company was founded in 1970 and is currently part of the Renault-Nissan-Mitsubishi Alliance.

Mitsubishi models available in Australia

There are currently 10 new Mitsubishi models available for purchase in Australia, including a hatchback, sedan, SUVs and utes.

  • Triton
  • Pajero
  • Pajero Sport
  • Outlander
  • Outlander PHEV

  • Mirage Hatch
  • Triton 18
  • Eclipse Cross
  • ASX
  • Lancer

Compare car loans

Rates last updated February 21st, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Latitude Car Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$10
$295
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Finance a new or used car up with loans from $5,000 and benefit from flexible repayments.
IMB New Car Loan
5.89% (fixed)
6.24%
$2,000
1 to 7 years
$0
$250
You'll receive a fixed rate of 5.89% 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.
Beyond Bank Low Rate Car Loan
From 5.69% (fixed)
5.97%
$25,000
1 to 7 years
$0
$175
You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
Loans.com.au - New Car Loan
5.44% (fixed)
5.99%
$5,000
3 to 5 years
$0
$400
You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.
Stratton Finance New Car Loan
From 5.34% (fixed)
6.6%
$7,500
1 to 7 years
$8.90
$459.20 (for private seller vehicles this fee is $608)
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $150,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans
From 5.99% (fixed)
6.55%
$15,000
1 to 7 years
$0
$399
You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.
Westpac Car Loan
From 8.49% (fixed)
9.67%
$10,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$0
$250
You'll receive a fixed rate of 6.89% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
NRMA New Car Loan
From 5.99% (fixed)
6.55%
$5,000
1 to 7 years
$0
$399
You'll receive a fixed rate of 5.99% p.a.
Purchase a new car with this loan and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.

Compare up to 4 providers

How much does it cost to buy a Mitsubishi?

The purchase prices of popular Mitsubishi models are as follows:

  • 2019 Mitsubishi Mirage ES Manual: $14,990
  • 2019 Mitsubishi Lancer Manual: $20,990
  • 2019 Mitsubishi ASX Manual: $23,990
  • 2019 Mitsubishi Outlander ES Manual: $28,990
  • 2019 Mitsubishi Pajero Manual: $49,990

Other costs to consider

  • Maintenance and repairs. You will need to cover the cost of any repairs or servicing, so it's worth keeping your car in good working condition to avoid any unnecessary repairs.
  • Insurance. You're required to purchase compulsory third party (CTP) insurance to be able to drive in Australia. There are also other insurance products to cover incidents of theft, fire or any other accidental damage. The price of insurance varies based on the type of insurance you require, as well as your own driving history, age and gender.
  • Fuel. You will need to cover the cost of any fuel you use, which is determined by how much you use the car, as well as the fuel efficiency of the model you choose. The ATO defines a fuel-efficient car as one with a fuel consumption of less than 7L/100km. According to Redbook, the 2019 Mitsubishi Mirage ES Manual has a fuel efficiency of 4.7L/100km, whereas the 2019 Outlander ES Manual has a fuel efficiency of 7L/100km and the 2019 Pajero GLX Auto has an efficiency of 9.1L/100km.
  • Stamp duty. You will need to pay stamp duty when you purchase a new or used car, and this will vary by state or territory. You can estimate what you'll need to pay using our vehicle stamp duty calculator.
  • New car extras. Optional add-ons such as automatic transmission and leather seats can add significantly to the overall purchase price of your vehicle.
  • Cost of finance. If you plan on using a car loan or other finance option to fund your Mitsubishi purchase, you will need to factor in the cost of the finance as part of your overall costs. See below for more information on your financing options.

What type of financing options are available?

There are a variety of options to choose from when you're looking to finance your Mitsubishi. Some of these include:

  • Secured car loan. A secured loan has a more competitive interest rate as your new Mitsubishi is used as security, so there is less risk to the lender. However, there are restrictions with these loans as you're usually only able to purchase a new car or a used car that is up to six years old. The age restriction varies from lender to lender. Secured car loans generally range from $5,000 to $100,000.
  • Unsecured personal loan. An unsecured personal loan doesn't require to you use the vehicle as security against the loan. You will generally receive a higher interest rate than on a secured loan.
  • Dealership finance. Mitsubishi has a range of personal and business finance options that can be tailored to your financial situation. It offers a number of personal loan options with balloon payments as well as various business finance options such as salary packaging.
  • Novated lease. This agreement between you, your employer and a finance company allows you to make your car repayments pre-tax, giving you more disposable income and less stress about making repayments.
  • Chattel mortgage. A chattel mortgage is where funds are advanced to you and the finance company retains title of the car until you pay off the loan. A chattel mortgage is an option to consider if you want to use a vehicle primarily for business (50% or more).

Factors to consider when financing your Mitsubishi

Some of the features that will help you decide between your finance options include:

  • The interest rate. Remember to compare the interest rates on similar loans. To give you an idea of the true cost of your loan, look at the comparison rate. This includes the interest payments plus fees.
  • Fees (upfront and ongoing). Whether a loan has an application fee, a monthly charge or a steep late repayment fee will be factors to consider, as these all add to the cost of your loan.
  • Repayment flexibility. Lenders will generally allow you to tailor your repayments to your cash flow, whether that be weekly, fortnightly or monthly. The ability to make extra repayments will also bring your interest down, but check if you can redraw on these if needed.
  • Balloon payments. This is an amount (usually $5,000 or more) that is deducted from your principal and must be paid in a lump sum at the end of your loan. Balloon payments usually come with dealership finance loans. While a balloon payment reduces your regular repayment amounts, you will need to keep it in mind as you pay off the loan. Check if your loan requires this before making a final decision.

Other questions to consider

Should I get a used or new Mitsubishi?

There are pros and cons to both. For example, a new car comes with no faults and a warranty, but it can be a big expense and devalues quickly. If you decide to go with a used car then you may be able to get a better model for your budget and it will depreciate more slowly, but try to learn as much as you can about the car’s history and any faults before making a decision. Also be aware that you may not be able to get a secured loan on a used car, depending on its age.

Where do I find the features of a loan?

If you’re trying to find this information on a lender’s website, the features should be clearly listed with the interest rate. If you can’t find them, maybe give that one a miss. Most lenders are more than happy to tell you about the benefits of their loans, but remember to look closely at any costs as well.

Are there other business options for me if I want to purchase a vehicle?

You have the option to choose between a chattel mortgage, a financial lease, a commercial hire purchase or a novated lease. If you want to know more about these options, click here.

Mitsubishi reviews

Not completely sure if you want to buy a Mitsubishi? Compare it with its competitors by reading our car reviews and comparisons.

Updated February 21st, 2019
Name Product Number of seats Ancap Rating Price (from) finder Score Read Review
7 seats
5 stars
$28,750
73.75%
5 seats
5 stars
$22,490
78.6%

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Car Loan Offers

Important Information*
Latitude New and Used Car Loan

You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.

Beyond Bank Low Rate Car Loan "Special Offer"

You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.

RACV New Car Loans

You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees. Note: Product only available to residents of Victoria.

Loans.com.au - New Car Loan

You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.

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