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How can I finance my Mitsubishi?

When planning to purchase a Mitsubishi, it’s essential to understand the different Mitsubishi finance options available. Two main options are Personal Contract Purchase (PCP) and Hire Purchase (HP).

A PCP is a flexible finance option that allows you to drive a new car every few years. At the beginning of the agreement, a Guaranteed Future Value (GFV) of the car is established, determining your monthly payments. After the agreed period, you can either pay the GFV and own the car, return the car without further payments, or trade it in for a new Mitsubishi lease.

On the other hand, an HP is a simpler finance plan. You borrow the money for your Mitsubishi and pay it off over a set period. There’s no need to worry about mileage limits or wear and tear. Once you make the final payment, the car is yours. Owning the car outright at the end of the Mitsubishi loan term is a great option.

Mitsubishi Wheel

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Frequently asked questions about Mitsubishi

What are the available Mitsubishi finance options?

There are two primary finance options: Personal Contract Purchase (PCP) and Hire Purchase (HP). With PCP, you can enjoy the flexibility of changing your car every few years, and at the end of the agreement, you have the choice to either pay a final balloon payment to own the car or return it. On the other hand, Hire Purchase allows you to spread the cost of the car over a fixed term, and once all the payments are made, you become the outright owner of the vehicle.

How do Mitsubishi lease deals work?

Mitsubishi lease deals function like long-term rental agreements. You make monthly payments to use the car for a predetermined period, typically 2-4 years. At the end of the lease term, you have several options: you can return the car to the dealership, renew the lease for another period, or in some cases, purchase the vehicle at a predetermined price. Lease deals often require a smaller initial deposit compared to traditional financing.

What factors affect Mitsubishi lease costs?

Several factors influence the cost of leasing a Mitsubishi. The model of the car you choose plays a significant role, as more expensive models will naturally have higher lease costs. Your credit score also affects the lease deal, as a good credit score may result in lower interest rates. The duration of the lease and the annual mileage limit are critical factors too; shorter lease terms and lower mileage limits might lead to more affordable monthly payments.

What happens at the end of a Mitsubishi lease?

When your Mitsubishi lease reaches its end, you have several options to consider. You can return the car to the dealership and explore other vehicle options. If you’ve grown attached to the car, you may have the opportunity to renew the lease for another term, which can be advantageous if you want to continue driving the latest Mitsubishi models. Additionally, some lease agreements offer a purchase option, allowing you to buy the car at a predetermined price if you’ve grown fond of it during the lease period.

Is it possible to pay off a Mitsubishi loan early?

Yes, it’s generally possible to pay off a loan early. Doing so can be beneficial as it reduces the overall interest you’ll pay over time and grants you full ownership of the car sooner. However, it’s essential to review the specific terms and conditions of your loan agreement, as some lenders may impose early repayment fees or penalties.

What costs should I consider when taking a Mitsubishi loan?

When obtaining a Mitsubishi loan, it’s crucial to consider more than just the loan repayment amount. Additional costs include regular running expenses like fuel, insurance, and maintenance. It’s also prudent to consider the potential depreciation of the car’s value over time. Understanding these costs will help you budget more effectively and make an informed decision about the affordability of the loan and the specific Mitsubishi model you wish to finance.

Always seek advice from a financial advisor or car finance expert to thoroughly understand the available options, the implications of each choice, and how they align with your individual financial situation and preferences.

What to consider when choosing a Mitsubishi

Selecting the perfect Mitsubishi model is a crucial step before exploring Mitsubishi lease deals. Mitsubishi has a broad lineup of cars, from sleek sedans to robust SUVs, catering to varying customer preferences. Before you consider a Mitsubishi lease, it’s essential to understand your requirements. Whether you need a car for daily commuting, long road trips, or off-road adventures, Mitsubishi has a model that will cater to your needs. 

Remember, the type of Mitsubishi model you choose will influence the Mitsubishi lease deals you qualify for. High-end models tend to have higher lease costs. Therefore, consider your budget and financial goals before settling on a specific model. Do not forget to factor in running costs such as fuel efficiency, insurance, and maintenance when considering a Mitsubishi loan or lease.