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Mitsubishi Finance Options

Benefit from a range of finance options available to get you into a Mitsubishi.

Mitsubishi has been a staple in the Australian carscape for a long time now, so it’s not surprising if you’re considering one for your new vehicle. With a wide range of vehicles to choose from, such as the Lancer for zipping around the city or a more sturdy Pajero built for the off-road, there’s a vehicle in store for whatever your dreams are. Models are priced from $15,990 up to $46,990, so it’s a good idea to understand your financing options before making your final decision.

How can you finance a Mitsubishi?

There are a variety of options to choose from when you are 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 are usually only able to purchase a new car or a car that is up to 12 years old. The age restriction placed varies from lender to lender. Secured car loans generally start from around $5,000 and can go as high as $60,000.
  • Unsecured personal loan. An unsecured personal loan is ideal if you’re wanting to get a loan without needing to put up an asset (such as the car you’re purchasing, your savings, a term deposit or a caravan/boat). There are higher rates that are charged with this loan and they generally range between 8-17% p.a.. An unsecured personal is a loan to keep in mind if you’re looking to buy a used Mitsubishi or an older model on offer, such as a 2011 Mitsubishi Challenger.
  • Dealership finance. Mitsubishi have a range of personal and business finance options that can be tailored to your financial situation. They offer 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). The mortgage allows your financier to secure the loan using the ‘chattel’ or vehicle you want to purchase. You get ownership of the car and once you pay off the loan, the ‘chattel’ is removed. How handy is that! And as this counts as a business transaction, you are able to claim depreciation come tax time.

Compare car loans suitable for use to purchase a Mitsubishi

Rates last updated November 22nd, 2018
$
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.
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 5.14% (fixed)
5.8%
$18,000
1 to 7 years
$8.90
$457 (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 $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
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.
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.
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.
Australian Military Bank Car Loan
From 5.71% (fixed)
6.57%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
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.
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.
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.

Compare up to 4 providers

How much will a Mitsubishi cost?

Depending on what kind of Mitsubishi you want, the costs are going to vary. If you want a car for both work and play, a Mitsubishi Triton might be more your speed and that’ll cost you upwards of $36,000. However, if you want a smaller car, the Mitsubishi ASX is built for city living and is priced upwards of $26,000.

Some costs for you to consider before purchasing the vehicle include registration, insurance, fuel and servicing of the car. Although Mitsubishi offer capped price servicing for three years if you purchase the Diamond Advantage warranty package, the cost of servicing can seem expensive if it’s something you’re not used to paying. However, before getting too excited about the allure of the capped price servicing, make sure you’re close to a Mitsubishi dealership. This saves you time and avoids the issue of traffic.

If you’re worried about the cost of your loan, use a car loan calculator so you can see just how much interest will be generated over the duration of the loan. It’ll help calm your mind once you can see how much you’ll be paying over the duration of your loan.

How to decide on finance for 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, it can also be a brutal shock at the end of a loan term. Check if your loan requires this before making a final decision.

Frequently asked questions about financing a Mitsubishi

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 less quickly, 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.

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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.

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.

Stratton Finance New Car Loan

You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.

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.

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