Compare Mitsubishi financing options
Browse financing options for your new Mitsubishi on RateCity's database of over 90 lenders. Search and compare interest rates, repayments and fees to find a Mitsubishi car loan that suits your needs.
Real Time Rating™
$2k to $75k
Buying a new or second-hand car? Make a fast and simple online application today and enjoy no ongoing fees or early repayment fees.
New - Prime Special (Variable)
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$5k to $100k
specialYou could win a $1,000 fuel voucher ~ Ends in 5 months
Drive away with a competitive interest rate, unlimited extra repayments and no ongoing fees. Apply online and you may be approved within 24 hours.
Real Time Rating™
$5k to $79k
Tech-savvy new or used car buyers can complete a convenient online application with this digital lender, and pay no ongoing fees or early repayment fees.
New Car Loan
Real Time Rating™
$10k to $150k
Enjoy the freedom of choosing a new or used car, as well as the certainty of a fixed-rate car loan.
Where can you get a car loan for a Mitsubishi?
If you’re in the market for a new or used Mitsubishi, you may be considering taking out car financing to help fund your purchase.
You may be able to apply for a car loan directly at a Mitsubishi dealership, or with your current bank, but it may be worth comparing a wide range of options to ensure you’re getting the most competitive car loan.
There are a variety of car loan providers offering a range of potential interest rates, so it’s in your best interest to do your research and make sure you’re applying for the best car loan for your financial situation and budget before you drive away.
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What car models are offered by Mitsubishi?
Mitsubishi sells a variety of models in Australia, including SUVs, vans, utes, sedans, and hatchbacks. So, whether you’re looking for a compact car to zip around the city in, or hoping to upgrade your family car to a spacious SUV, there may be a style that suits your budget.
Popular models include:
- Outlander (from $30,490), an SUV offering MiTEC safety features and Super-All Wheel Control.
- Triton(from $38,940), a ute with 3.1 tonne braked towing capacity.
- Mirage (from $17,490), a hatch offering excellent fuel economy and Forward Collision Mitigation.
- Pajero Sport (from $52,458), an SUV powered by a 2.4-litre, four-cylinder turbo-diesel engine.
- ASX (from $24,990), a compact SUV packed with features like rear view camera.
- Eclipse Cross (from $31,490), an SUV with 8” touchscreen display and Forward Collision Mitigation.
Note: Prices based on Mitsubishi prices and current prices listed on carsales.com.au as of 29.10.2021.
Keep in mind that prices vary depending on make, model and the year manufactured, as well as the vehicle’s location. Mitsubishi’s Australian headquarters are based in Adelaide, with dealerships based across the country.
Mitsubishi also offers its customers financing, insurance, and maintenance, with Australia’s first 10-year new car warranty and 10-year capped price servicing available.
How do you compare Mitsubishi finance?
There’s more to choosing a car loan than just sticking with your childhood bank. There are a variety of factors worth comparing that may affect the overall cost and benefits of your car loan, including:
- Interest rate – The interest rate charged is one of the most significant factors affecting overall cost. Compare advertised rates, as well as the comparison rate, to discover how much a car loan may cost you in monthly repayments, as well as over the life of the loan.
- Fees – A car loan lender may charge you a range of fees, including application fees, ongoing account-keeping fees and late payment fees.
- Interest rate type – Choose between a fixed rate car loan, which may offer more stability for your budgeting, or a variable rate car loan that is subject to market fluctuation.
- Loan term – A short car loan term (1-3 years) may result in higher monthly repayments, but less interest charged over the life of the loan compared to a longer car loan term (4-7 years), which may offer lower monthly repayments but more interest charges.
- Features – Some car loan providers may offer helpful features, such as the ability to make extra repayments and a redraw facility.
- Secured vs. unsecured – Most car loans will generally be secured against the vehicle as collateral, but you may be able to find an unsecured car loan if you do not want to risk losing your new Mitsubishi car if you default on the loan. Keep in mind that a secured car loan typically comes with lower interest rates than an unsecured car loan.
What credit score do you need to get a Mitsubishi car loan
In Australia, car loan lenders require borrowers to meet strict eligibility criteria to be qualified for loan approval. This helps protect both the lender and the borrower from potential missed loan repayments, defaults, and other adverse financial events.
To gain approval for a Mitsubishi car loan, you will typically need to have a credit score that sits in the good to excellent range. This is common across all car loans, with a good to excellent credit score indicating the borrower is less risky to lend money to.
Some car loan lenders may offer financing solutions to those with bad credit, but keep in mind that these typically come with higher-than-average interest rates, so the lender increases its chance of getting its money back.
What types of Mitsubishi car finance are available?
Whether you’re considering a new or used Mitsubishi, there are a range of car financing options available in Australia, including:
- Secured car loans – Where the vehicle is used as collateral against the loan.
- Unsecured car loans– There is no security against the loan and the vehicle will not be automatically seized if the borrower defaults.
- New car loans – Suitable for vehicles aged up to 2 years.
- Used car loans– Suitable for vehicles aged generally up to 10 years. Older vehicles may not be suitable for financing, depending on a lender’s eligibility criteria.
- Balloon payments – A percentage of the loan repayments (e.g. 35%) are reserved to be paid in one lump sum payment at the end of the loan.
- Chattel Mortgage – A specialist vehicle finance option for business use
- Operating lease – Leasing a car for business use for an extended period, like a long-term car rental arrangement.
- Commercial Hire Purchase – A car finance company will purchase the vehicle on your behalf and let you use it for regular rental repayments. Eventually, you may repay enough to own the vehicle – like a rent-to-buy arrangement.
- Novated lease– You acquire the vehicle from a second party (typically an employer), that in turn leases the vehicle from a third party (a finance company).
How much can you borrow to finance a Mitsubishi?
The loan amount you will be approved to borrow from a car loan lender or Mitsubishi dealer will depend on your current financial situation, as well as your credit score. As mentioned earlier, you will need to meet the lender's eligibility criteria to be approved for a car loan, which may include:
- Being 18 years or over
- Being an Australian citizen or permanent resident
- Having a good to excellent credit score
- Meeting a minimum income requirement
- Being steadily employed for over 3-6 months
If you’re looking to borrow a considerable sum for a new car, for example, the lender may require you meet a higher level of criteria, as they will want to ensure you can reasonably afford repayments.
Use RateCity’s Borrowing Power Calculator today to estimate how much you may be approved to borrow, based on your current financial situation.
How can you get a Mitsubishi car loan?
Applying for a Mitsubishi car loan can be a simple process if you are prepared and have your paperwork ready.
- Compare car loans: Compare a wide range of Mitsubishi vehicle loan options, including low interest rate car loans, by using the comparison table on this page to find one that best suits your individual needs.
- Assess your budget: Use RateCity's Repayment Calculator to gain an estimation of the potential repayment costs of your shortlist of car loan options. Then, compare this to your budget and income to help decide which car loan works best for you.
- Check the eligibility criteria: Hop online to see whether you meet all the eligibility requirements of your desired car loan lender. Take stock of the terms and conditions, as well as product disclosure statement, for more information.
- Prepare your application: Gather your paperwork ahead of time, including personal identification, bank statements, proof of income and more. If you're already comparing car loans on RateCity, you can click through to the lender's website where you can apply directly online for your chosen car loan.
- Submit your application and await a decision: Now you’re ready to submit your application! You may receive an immediate response from the lender with an update of your application status, but this typically may take as long as a few hours to several business days.
Can you get a car loan from a Mitsubishi dealership?
Yes, you may be able to access financing options from a Mitsubishi dealership directly. But, as you wouldn’t just buy the first car you see without doing a test drive, the same can be said about choosing your car loan.
It’s always worthwhile doing some research in the market and seeing if there are other car loan options that may better suit your budget, financial needs and goals. Also, consider looking to the Real Time RatingsTM score on each car loan for another way to compare and shortlist your options.
Personal Finance Editor
Alex Ritchie is a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over five years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.