Financing an MG in Australia
MG has established itself as one of the most affordable car brands in the Australian market. After all, you can buy a brand new MG3 hatchback for less than $23,000 drive away. MG’s compact SUV – the ZS – is only slightly pricer ($26,000 to $32,000 depending on the model) and was one of the best-selling new cars in 2024.
MG’s range of EVs also offers a relatively achievable entry point for drivers who want to go electric. The ZS EV starts from around $45,000 drive away.
Your MG will be all the more affordable if you get the best deal possible on your finance. Particularly if you’re buying an EV model, picking the right type of car loan could make a big difference to your costs.
MG finance options at a glance
- Finance for a MG HS, ZS, 3 and more
- Secured and unsecured car loans
- Discounted green loans for eligible MG models
- MG novated lease
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
MG finance rates compared
Compare car loan interest rates for a range of MG models to see your estimated monthly repayments.
MG model | MG3 Excite |
|---|---|
Estimated cost | $22,888 |
Monthly repayments (6% p.a. interest) | $442 |
Monthly repayments (8% p.a. interest) | $464 |
Monthly repayments (10% p.a. interest) | $486 |
MG model | MG ZST Vibe |
Estimated cost | $23,888 |
Monthly repayments (6% p.a. interest) | $462 |
Monthly repayments (8% p.a. interest) | $484 |
Monthly repayments (10% p.a. interest) | $508 |
MG model | MG5 Vibe |
Estimated cost | $24,990 |
Monthly repayments (6% p.a. interest) | $483 |
Monthly repayments (8% p.a. interest) | $507 |
Monthly repayments (10% p.a. interest) | $531 |
MG model | MG ZS |
Estimated cost | $25,990 |
Monthly repayments (6% p.a. interest) | $502 |
Monthly repayments (8% p.a. interest) | $527 |
Monthly repayments (10% p.a. interest) | $552 |
MG model | MG ZS Hybrid+ Excite |
Estimated cost | $32,990 |
Monthly repayments (6% p.a. interest) | $638 |
Monthly repayments (8% p.a. interest) | $669 |
Monthly repayments (10% p.a. interest) | $701 |
MG model | MG HS Vibe |
Estimated cost | $35,990 |
Monthly repayments (6% p.a. interest) | $696 |
Monthly repayments (8% p.a. interest) | $730 |
Monthly repayments (10% p.a. interest) | $765 |
MG model | MG4 Essence Long Range 77 180kW |
Estimated cost | $50,990 |
Monthly repayments (6% p.a. interest) | $986 |
Monthly repayments (8% p.a. interest) | $1,034 |
Monthly repayments (10% p.a. interest) | $1,083 |
| MG model | Estimated cost | Monthly repayments (6% p.a. interest) | Monthly repayments (8% p.a. interest) | Monthly repayments (10% p.a. interest) |
|---|---|---|---|---|
MG3 Excite | $22,888 | $442 | $464 | $486 |
MG ZST Vibe | $23,888 | $462 | $484 | $508 |
MG5 Vibe | $24,990 | $483 | $507 | $531 |
MG ZS | $25,990 | $502 | $527 | $552 |
MG ZS Hybrid+ Excite | $32,990 | $638 | $669 | $701 |
MG HS Vibe | $35,990 | $696 | $730 | $765 |
MG4 Essence Long Range 77 180kW | $50,990 | $986 | $1,034 | $1,083 |
Types of MG finance options available
1
Secured loan
A popular option for financing is a secured car loan, where your MG acts as security for the loan, lowering the lender's risk. However, if you miss payments or default, the lender can take ownership of the vehicle and sell it to recover the debt. Loan terms usually range from 1 to 7 years, and you can choose between fixed or variable interest rates.
2
Unsecured loan
An unsecured personal loan is similar to a car loan, but it doesn’t require your MG as security. Since there’s no asset backing the loan, lenders usually charge higher interest rates to cover the increased risk. Otherwise, unsecured loans work much like car loans.
3
Novated lease
A novated lease is an increasingly popular way to finance an MG, particularly the electric models – the ZS EV and MG4. This is thanks to a generous additional tax incentive for electric vehicle novated leases. With a novated lease you can finance a new or used MG for personal use (and cover car running costs) through your employer using your pre-tax salary.
Novated leases on eligible MG4 variants are also exempt from fringe benefits tax. This means significant savings compared to other options for financing an MG in Australia. The FBT exemption applies to MGs (and other EVs) valued below the luxury car tax (LCT) threshold.
4
Finance lease
If you'd prefer the flexibility of not owning your MG right away, a finance lease could be a great option for eligible business customers. In this arrangement, you make regular payments to the lender, who purchases the vehicle on your behalf and retains ownership during the lease term. At the end of the lease, you can choose to either take out a new lease or buy the MG outright.
5
Chattel mortgage
If you’ll be using your MG for business purposes more than 50% of the time, you may qualify for a type of business vehicle finance called a chattel mortgage. This works similarly to a secured car loan but offers extra tax benefits for businesses.
6
Green loan
If you're buying an MG ZS EV or any of the brand's other EVs on offer, you may be eligible for a discounted car loan rate through a "green loan." This type of finance is offered by some lenders specifically for environmentally-friendly vehicles and other sustainable purchases.
MG dealer finance
Most individual MG dealerships offer finance options for customers purchasing an MG. However, the terms and rates can vary depending on the dealer and the finance provider they work with.
It's important to carefully consider whether financing through the dealership is the best choice. While it may be convenient to arrange finance during the buying process, it doesn’t always guarantee the best deal.
Exploring finance options before you start shopping for an MG can help you prioritise your financing and ensure you’re getting the best offer on the vehicle itself.
How to get the best deal on MG finance
Getting the best MG finance deal means the loan with the lowest overall cost. That’s often the product with the lowest car loan interest rate advertised but it’s not always the case. To get the best MG finance deal overall, it’s important compare options based on a few different factors.
Your personalised interest rate
This is the actual interest rate you’ll be paying on your MG finance (not the one advertised). This will be calculated by the lender based on your application (e.g. factoring in your credit score) and the type of MG you’re buying.
Fees and charges
Pay attention to both upfront and ongoing fees charged by the lender when financing your MG. These fees can quickly increase the overall cost of your financing. This also includes fees for paying off the loan early or missing a repayment.
The finance term
Ideally, you'll want the shortest term possible for your MG finance, as this will mean paying less interest overall. For example, if you finance an MG ZS priced at $25,990 with an 8% p.a. interest rate, you'll pay an extra $2,408 in interest over a 7-year term compared to a 5-year term.
Repayment options
If your MG finance lets you make extra repayments and pay off the loan early without penalties, it can help you save on interest. It’s also important to see if you have the flexibility to choose repayment options, whether weekly, fortnightly or monthly, to match your budget.
Am I eligible for MG finance?
The eligibility criteria for MG car finance will vary from lender to lender. But the standard car finance requirements with a lot of providers are:
- You must be at least 18 years of age
- You must be an Australian citizen or - permanent resident
- You must have a regular source of income to cover the repayments
- You meet the lender’s other credit criteria (e.g. they will check your credit score)
How to apply for MG finance
Here’s a quick overview of the process for applying for finance to buy an MG:
- Compare tailored MG car loan quotes
- Choose your best deal or let a car loan broker help you
- Apply for finance with the lender
- Provide documents to support your application
- The lender will assess your application
If your application is approved, the lender will either grant you car loan pre-approval up to a certain amount (meaning you can go shopping for a MG based on that pre-approved budget), or final approval if you have already decided on the model you want to buy.
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