Mitsubishi finance options
Find out how to finance your Mitsubishi and quickly compare loans
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What type of Mitsubishi finance options are available?
There are a variety of options to choose from when you're looking to finance your Mitsubishi. Some of these include:
- Mitsubishi 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 your Mitsubishi as security against the loan. You will generally receive a higher interest rate than on a secured loan.
- Mitsubishi 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. In Australia, Mitbuishi's financial division is a part of Nissan Financial Services Australia Pty Ltd.
- 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 with a Mitsubishi finance option
Some of the features that will help you decide between your Mitsubishi 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 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.
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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.
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
- Express
- Pajero
- Pajero Sport
- Outlander
- Outlander PHEV
- Eclipse Cross
- ASX
- Mirage
How much does it cost to buy a Mitsubishi?
The driveaway prices (some of these may be limited time special offers) of popular Mitsubishi models are as follows:
- 2021 Mitsubishi Mirage ES Manual: $17,490
- 2021 Mitsubishi ASX ES Manual: $24,990
- 2021 Mitsubishi Eclipse Cross ES Automatic: $30,490
- 2021 Mitsubishi Outlander PHEV ES Automatic: $51,990
- 2021 Mitsubishi Outlander 5 seater ES Manual: $30,490
- 2021 Mitsubishi Pajero Sport 5 seater GLX Automatic: $47,490
- 2021 Mitsubishi Pajero 7 seater GLX Automatic: $POA
- 2021 Mitsubishi Express SWB Manual: $POA
- 2021 Mitsubishi Triton Single-cab cab-chassis: $POA
About Mitsubishi
Mitsubishi is a Japanese automotive manufacturer. The company was founded in 1970 and is currently part of the Renault-Nissan-Mitsubishi Alliance. Mitsubishi's name means "Three Water Chestnut", because in Japan, "Hishi" is also used for a diamond shape. Hence, the Mitsubishi logo features three rhombuses.
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