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The Mitsubishi Group dates back to 1870, when it began as a Japanese shipping company. Mitsubishi arrived in Australia in 1980 after acquiring – and rebranding – the local Chrysler business. Mitsubishi manufactured cars in Australia for the next 28 years, before closing its factory in Tonsley Park, Adelaide, in 2008. Since then, it has imported all its vehicles. Mitsubishi has dealerships in Sydney, Melbourne, Brisbane, Perth, Adelaide, Hobart, Canberra and Darwin.

About Mitsubishi cars

Mitsubishi sells a range of small cars, sedans, family cars, SUVs, utes, sports cars, hybrids and electric vehicles.

Mitsubishi’s offering includes:

  • Mirage Hatch ($14,990 to $17,490), a hatchback available in manual and automatic
  • Lancer ($20,990 to $26,580), a sedan that comes in three different bodies
  • ASX ($23,990 to $32,990), a compact SUV with a 2.0L petrol engine
  • Eclipse Cross ($29,990 to $41,880), an SUV with a 1.5L engine
  • Outlander ($28,990 to $48,290), a family SUV with five- or seven-seat layouts
  • Outlander PHEV ($49,990 to $57,990), a plug-in hybrid SUV
  • Pajero Sport ($44,990 to $56,990), a 4WD with either five or seven seats
  • Pajero ($49,990 to $63,990), a 4WD with a seven-inch touch screen
  • Triton ($23,990 to $46,990), a ute with three different cab options

Mitsubishi review

Mitsubishi logo

Mitsubishi is a popular car brand, with models appealing to an assortment of tastes and prices.

Mitsubishi sells sporty hatchbacks for younger types who want to buzz around the city, roomy SUVs for couples who need space for kids and their gear, utes for tradies who want somewhere to store their tools and plug-in hybrid electric vehicles for those who value next-gen technology.

Mitsubishi dealers can be found in all eight capital cities as well as selected regional locations. All new Mitsubishi vehicles come with a warranty for five years or 100,000 kilometres – whichever occurs first.

Prices range from budget to mid-range, with Mitsubishi offering loans for those who need help financing their purchase. Buyers can also sign up for roadside assistance.

Mitsubishi also offers ‘capped price servicing’, which imposes maximum prices on scheduled regular services for up to three years.

How can I get a Mitsubishi car loan?

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Mitsubishi offers its own secured car loan product, which includes a fixed rate, a loan term of one to five years and three different repayment options (weekly, fortnightly, monthly).

However, by shopping around for a Mitsubishi car loan, there’s a good chance you’ll find a better deal than if you opt for the convenience of dealer finance.

If you want to organise your own Mitsubishi car loan, one option would be to go directly to your preferred lender.

Another option would be to engage a finance broker to compare options from a panel of lenders and organise the loan on your behalf.

A third option would be to use a comparison website like RateCity, where you can compare dozens of car loans and filter them based on interest rates, fees and features.

How much does a Mitsubishi car loan cost?

Here are the approximate running costs for three different Mitsubishi models, based on RACQ category averages:

Model Category Cents/km Average $ per week
Mirage Hatch Light 46.2c $133.38
Lancer ES Sport Medium 70.1c $202.16
Pajero Sport GLX SUV medium 71.9c $207.31

Here’s how much a five-year loan will cost for three different Mitsubishi models if you borrow 100 per cent of the purchase price over five years:

Model Price/loan Total repayments at 6% Total repayments at 8% Total repayments at 10%
Mirage Hatch $14,990 $17,388 $18,237 $19,110
Lancer ES Sport $20,990 $24,348 $25,536 $26,759
Pajero Sport GLX $44,990 $52,187 $54,734 $57,354

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Frequently asked questions

What is a loan term?

The loan term is the amount of time the lender gives you to repay the car loan. For example, if you take out a $20,000 car loan with a five-year loan term, you would be expected to pay off the entire $20,000 (plus interest) within five years.

How do you get a car loan?

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.

Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.

What is a loan-to-value ratio?

The loan-to-value ratio, or LVR, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have a loan-to-value ratio of 75 per cent. Loan-to-value ratios change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the loan-to-value ratio would now be 67 per cent.

What is a car loan?

A car loan, also known as vehicle finance, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Car loans can be used for both new and used vehicles.

What is a dealership?

A dealership is a car yard or a place where cars are sold.

What is vehicle finance?

Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.

What is dealer finance?

Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.

Can you refinance a car loan with the same lender?

You may be looking to refinance your car loan to get lower interest rates or reduce the total monthly amount you have to pay. Often, this leads to the question ‘can I refinance a car loan with the same bank?’

While it’s always worth shopping around for a better deal or at least to compare offers from other lenders, you can sometimes refinance to a different loan with the same lender. It may be simpler,  as the lender already has your details and knows your repayment history. 

Having said that, knowing the terms offered by other lenders may help you negotiate a better deal with your current lender.

Should I service my own car?

There are also costs associated with vehicle ownership, such as paying for petrol and the obligatory ongoing maintenance. But should you cut down on costs by servicing your own vehicle?

If you’re considering getting out the tool box, spanner, and grease-laden towel, you need to carefully weigh up the risks and benefits. A trained mechanic will need to complete certain tasks, while you may be perfectly capable to handle other aspects yourself.

If you’re short on time, it may be worth paying for the convenience of a full vehicle service. However if you’re trying to slash your expenses, there are some basic maintenance tasks that you can complete yourself.

You should call a mechanic if you’re unsure about a vehicle maintenance task you’re about to take on. However there are a number of maintenance tasks that you may be able to complete with your own two hands including:

  • Replacing your car battery
  • Changing the oil
  • Replacing worn windscreen wipers
  • Replacing blown fuses

Remember to keep your car’s body in good condition, by washing and applying a protective wax on a regular basis, too.

Always check your car warranty agreement as some new car purchases come with an extended car warranty provided your services are conducted at the vehicle service centre where you purchased the car. In these circumstances, you may find the service fee is capped, alleviating some of the maintenance woes.

Can you get a chattel mortgage with bad credit?

Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments. 

How to find a great car loan

Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.

To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.

Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.

Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.

When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:

  • Choosing a low interest car loan can reduce costs
  • Selecting an option with low fees and charges is ideal, because these can really add up
  • Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
  • Consider the features that best suit your situation

There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.

Where can I get a student car loan?

Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.

A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.

Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.

To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.

What is a secured car loan?

A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

How do I get car loan approval from Bankwest?

Bankwest offers loans for cars that are less than seven years old or have a minimum value of $10,000. Loan terms are between three and seven years  at a fixed interest rate, with the option to make extra payments without any extra charges.

To apply for Bankwest car loan pre-approval, you’ll need proof of your identity and income. You’ll also need other documentation, such as insurance certificates and registration papers. 

Once you receive conditional approval and have selected your car, you may have to provide supporting documents to proceed to the next stage.

What are loan repayments?

Loan repayments are the regular payments you make to pay off your car loan. Loan repayments generally occur on a monthly basis, although many lenders will also give you the option of making fortnightly or weekly loan repayments.

What is a car loan calculator?

A car loan calculator is an online tool that helps consumers understand how much they would have to repay under different scenarios. Consumers can create these different scenarios by entering different borrowing amounts, interest rates, loan terms and repayment schedules into the car loan calculator.

What is a guarantor car loan?

A guarantor car loan is a type of loan that features a guarantor on the agreement. The guarantor is a third-party individual, often a friend or relative, who guarantees the loan will be repaid if the borrower defaults on the car loan.

Guarantor car loans are often geared at people who might otherwise struggle being accepted for a secured car loan when purchasing a vehicle. Some of the reasons might include a lack of credit history such as with a student or young person, if there’s bad credit, or age as a factor such as with pensioners.

What is a guarantor on a car loan?

A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.

Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.

Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.

What is an unsecured car loan?

An unsecured car loan is a loan that is not connected to a form of security, or collateral. Not all lenders provide unsecured car loans – and if they do, they generally charge higher interest rates for their unsecured car loans than their secured car loans.

What is an LVR?

The LVR, or loan-to-value ratio, is a percentage that expresses the amount of money owed on the car compared to the value of the car. For example, if you take out a $15,000 loan to buy a $20,000 car, you have an LVR of 75 per cent. LVRs change over time as you pay off your loan and your car depreciates in value. For example, two years later you might now owe $10,000 on your car, which might now be worth $15,000. In that case, although there would still be a $5,000 difference between the size of the outstanding loan and the value of the car, the LVR would now be 67 per cent.