Financing a Mitsubishi in Australia
Mitsubishi is one of the most popular car manufacturers in Australia. It sold almost 75,000 new vehicles in 2024 according to the Royal Automobile Club of Victoria (RACV).
This puts Mitsubishi behind only Toyota, Ford, Mazda and Kia in terms of popularity based on new car sales.
If you’re looking to buy a Mitsubishi with finance, there are a few ways you could go about it. The option you choose – particularly depending on what the car loan interest rate is – can make a big difference to your regular costs and how much you pay overall.
Mitsubishi finance options at a glance
- Finance for a Mitsubishi Outlander, Triton, Pajero Sport, ASX and more
- Secured and unsecured car loans
- Mitsubishi business finance options
- Mitsubishi novated lease
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
- Pre-approval available
Mitsubishi finance rates compared
Compare car loan interest rates for a range of Mitsubishi models to see your estimated monthly repayments.
Mitsubishi model | ASX (GS 2WD) |
|---|---|
Estimated cost | $24,490 |
Monthly repayments at 6% p.a. | $473 |
Monthly repayments at 8% p.a. | $497 |
Monthly repayments at 10% p.a. | $520 |
Mitsubishi model | Eclipse Cross (ES 2WD) |
Estimated cost | $31,990 |
Monthly repayments at 6% p.a. | $618 |
Monthly repayments at 8% p.a. | $649 |
Monthly repayments at 10% p.a. | $680 |
Mitsubishi model | Triton (GLX 4WD) |
Estimated cost | $41,440 |
Monthly repayments at 6% p.a. | $801 |
Monthly repayments at 8% p.a. | $840 |
Monthly repayments at 10% p.a. | $880 |
Mitsubishi model | Outlander (Aspire 7 Seat AWD) |
Estimated cost | $47,340 |
Monthly repayments at 6% p.a. | $915 |
Monthly repayments at 8% p.a. | $960 |
Monthly repayments at 10% p.a. | $1,006 |
Mitsubishi model | Pajero Sport (GLX 4WD) |
Estimated cost | $51,540 |
Monthly repayments at 6% p.a. | $996 |
Monthly repayments at 8% p.a. | $1,045 |
Monthly repayments at 10% p.a. | $1,095 |
| Mitsubishi model | Estimated cost | Monthly repayments at 6% p.a. | Monthly repayments at 8% p.a. | Monthly repayments at 10% p.a. |
|---|---|---|---|---|
ASX (GS 2WD) | $24,490 | $473 | $497 | $520 |
Eclipse Cross (ES 2WD) | $31,990 | $618 | $649 | $680 |
Triton (GLX 4WD) | $41,440 | $801 | $840 | $880 |
Outlander (Aspire 7 Seat AWD) | $47,340 | $915 | $960 | $1,006 |
Pajero Sport (GLX 4WD) | $51,540 | $996 | $1,045 | $1,095 |
Types of Mitsubishi finance options available
1
Secured loan
A popular option for financing is a secured car loan, where your Mitsubishi serves as collateral for the loan, reducing the lender's risk. However, if you miss payments or default, the lender has the right to reclaim and sell the vehicle to recover the outstanding debt. Loan terms typically range from 1 to 7 years, with the flexibility to choose between fixed or variable interest rates.
2
Unsecured loan
An unsecured personal loan is similar to a car loan, but without requiring your Mitsubishi as security. Since there’s no asset securing the loan, lenders typically charge higher interest rates to offset the increased risk. Otherwise, unsecured loans function much like car loans.
3
Novated lease
A novated lease through your employer is another financing option for your Mitsubishi. You can still use the vehicle for personal purposes without restrictions, but enjoy several tax benefits that make it an attractive alternative to a car loan. You can pay for the vehicle and its running costs using your pre-tax salary, resulting in significant tax savings. Additionally, you'll receive a GST discount on the cost of the Mitsubishi and its running expenses.
4
Finance lease
If you'd prefer the flexibility of not owning your Mitsubishi right away, a finance lease could be a great option for eligible business customers. With 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'll have the option to either take out a new lease or buy the Mitsubishi outright.
5
Chattel mortgage
If you’ll be using your Mitsubishi for business purposes most of the time (i.e. more than 50% of the time), you may be eligible for a type of business vehicle finance known as a chattel mortgage. This works similarly to a secured car loan but offers additional tax benefits for businesses.
6
Mitsubishi green loan
If you’re buying one of Mitsubishi’s plug-in hybrid electric vehicles (PHEVs), you may be eligible for a discounted car loan rate through a ‘green loan’. This is a type of finance offered by some lenders specifically for environmentally-friendly vehicles and other green purchases.
Mitsubishi dealer finance
Mitsubishi offers a secured car loan with terms ranging from one to seven years. The interest rate is fixed and based on the applicant’s risk profile. Borrowers may incur loan establishment fees as well as dealer facilitation fees. A balloon payment option is available for Mitsubishi’s car loan.
In addition to car loans, Mitsubishi provides businesses with chattel mortgages, finance leases, novated leasing and business lines of credit.
If you're considering dealer finance for your Mitsubishi, keep in mind that while it’s often promoted for its convenience, it may not always offer the best deal.
How to get the best Mitsubishi finance deal
To get the best deal on your Mitsubishi car finance, follow these steps:
Shop around for your best interest rate
Compare finance options from banks, credit unions, specialist lenders and Mitsubishi’s dealer finance. It’s worth noting that some dealer finance offers come with an introductory rate that reverts to a higher rate after a period of time. Regardless of how you finance your Mitsubishi, look for a low rate throughout the entire term.
Check the finance term
Choose a finance term that fits your budget, but keep in mind that a longer term will result in higher overall interest payments. For instance, if you finance a Mitsubishi Outlander (Aspire 7 Seat AWD) priced at $47,340 with an 8% interest rate, you'll pay an additional $4,387 in interest over a 7-year term compared to a 5-year term.
Review the fees
Some lenders charge application and ongoing fees, which can quickly add up. Other fees to watch out for include late payment fees or charges for paying off your loan or dealer finance early. Regardless of how you finance your Mitsubishi, it's likely there will be fees, so ensure they are low and don't outweigh the benefits of a competitive interest rate.
Consider loan flexibility
The ability to make extra repayments without fees gives you the flexibility to pay off your loan early and reduce interest. Also, check if you can choose weekly, fortnightly or monthly repayments to suit your financial situation. If your Mitsubishi finance includes a balloon payment, you'll have smaller repayments during the term, but a lump sum due at the end. Be sure to understand the total cost before committing.
Eligibility criteria for Mitsubishi finance
Eligibility for a Mitsubishi car loan will vary depending which lender you choose to apply with. But these are the basic requirements with a lot of lenders:
- 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
- You meet the lender’s other credit criteria (e.g. they will check your credit score)
How to apply for Mitsubishi finance
Here’s a quick overview of the process for applying for Mitsubishi finance:
- Compare tailored Mitsubishi car loan quotes
- Choose your best deal or use a car loan broker if you need assistance
- Make an application with the lender
- Provide documents to support your application
- The lender will assess your information
If you’re approved, you’ll be given either car loan pre-approval up to a certain amount (meaning you can go shopping for a Mitsubishi with a pre-approved budget), or final approval if you have already decided on the model you want to buy.
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