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Financing a Mitsubishi: the comprehensive guide

Financed-Mitsubishi-in-a-field

Different types of finance for your Mitsubishi 

Whether you’re looking for a family car, something to zip around the city or you need a ute for your next adventure, Mitsubishi has a lot of options on offer. 

And when it comes to financing the vehicle you fancy, there’s plenty of choice there too. It’s all about finding the right loan option for you. 

Let’s start with the three main options:
 

infographic-explaining-car-loan-personal-loan-and-dealer-finance

With both car loans and unsecured personal loans you’ll have the choice of a fixed or variable rate. Meanwhile dealer finance often comes with a fixed rate. 

Fixed rates
are handy for when you want consistency in your loan repayments. With a fixed rate you will pay the same each week, fortnight or month without the risk of your interest rate changing.  

On the other hand, customers can benefit from variable rates as they change with the market. This means if rates drop, you could save more. However if it spikes your interest rate could go up. 

What other options are there for financing a Mitsubishi?
 

If the three finance options above don’t do it for you, there are some other things you can consider. Here’s a quick rundown:

Chattel MortgageThis is where businesses can buy a car upfront and pay down the loan with the incomes the car generates. Usually the money owed is paid down over 2 to 5 years, but if a business cannot pay it back the lender can repossess the vehicle.
Novated LeaseA lease where you arrange to pay through salary sacrifice. After discussing it with your employer, you can make repayments on a car with your pre-tax salary, which actually can reduce your taxable income. These payments can also cover things like fuel maintenance and insurance on the vehicle.
Car LeaseUnlike with a car loan, your payments on a car lease are just to borrow the car not to own it. The benefit here is that these payments can be lower than a car loan and come with maintenance packages. Just remember, you don’t own the car so it may end up being more costly the longer the lease goes.

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Features of Mitsubishi finance 

Once you’ve chosen the right Mitsubishi finance option for you, there are still a few more things to think about. And it’s all about features. 

Whether you choose a loan option from a bank, online lender or credit union, you’re likely to run into some of these features: 

  • Headline interest rate: This is the rate that is attached to your car finance product. Essentially, it is what you pay the lender in return for the loan you are taking out with them. 
  • Comparison rate: The rate displayed next to the headline interest rate that incorporates fees and charges as well. This is to give customers a fuller idea of how much a loan could cost, so remember to compare these rates when weighing up Mitsubishi finance options. 
  • Loan term: This is the period of time you plan to pay your loan back. Terms can range from 1 to 10 years, just bear in mind the longer the loan the more interest you end up paying. 
  • Fees: Costs that are attached to the loan in addition to the interest rate. These could include things like the application fee, monthly service fee, exit charges, early repayment or late payment penalties. 
  • Repayment schedule: You’ll likely have a choice between a weekly, fortnightly or monthly repayment schedule. Consider choosing a repayment frequency that lines up with when you get paid. 
  • Flexible repayments: This refers to handy features like extra repayments and a free redraw facility. It means you can make extra contributions to your loan and redraw them if you need to. Just remember, you may face an early repayment penalty if you pay down your loan in full ahead of schedule.
mitsubishi-car-finance-features-checklist

The cost of Mitsubishi finance 

How much your Mitsubishi finance will cost depends on a number of things, the first being what type of car you decided to purchase. The rule here is to stay within your budget and choose a car that you can realistically pay back. 

On top of this, you’ll be paying interest as well as fees that come with your chosen finance option. So make sure you incorporate these costs into your budget on top of the principal borrowing amount. 

Want to work out how much your regular repayments could be? Give the Mozo Car Loan Repayment Calculator a go! 

What you need when applying for Mitsubishi finance 

So, we've discussed financing types, features and costs, and now we’re at the pointy end: the application.

Different lenders will have varying requirements for their products, but there are some general ones that you will likely come across. These include: 

  • Being over 18 
  • Being an Australian citizen or permanent resident
  • Having a credit history 
  • Meeting income requirements. 

Remember, you’ll also need a few things handy for when you start the application - whether it’s in person or online. This could be: 

  • Personal ID: driver’s licence, passport, medicare etc
  • Financial information: bank statements credit history 
  • Vehicle information: make, model, year etc. 

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Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney. She is also ASIC RG146 (Tier 2) certified for general advice.

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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