You can finance your Mitsubishi purchase with a traditional car loan from your bank or credit union, or by working with your dealership’s finance center. Your Mitsubishi dealer may be able to loan to you directly or act as a middleman for other banks and lenders, so you may be better off going directly through a source you know and trust.
With innovation at the forefront of their auto manufacturing, owning your own
Mitsubishi is a car-savvy badge of honor. You deserve a forward-thinking car loan that you can be proud of to match.
To help you find the best car loan option for you,
car insurance broker and loan expert
Jerry has everything you need to know about securing your Mitsubishi car loan.
How to get a Mitsubishi car loan
To get your Mitsubishi car loan you’ll need to
check your credit,
compare options from at least three different vendors, and
apply for preapproval before buying when possible. You can expect the same basic process whether you’re going for a brand-new
Eclipse Cross or a used
Outlander ES.
Check your credit
Before you begin shopping around for your loan, you’ll need to know your credit score, as it plays an important role in determining your loan eligibility. If you have a credit score of 660 or higher, you’re in a good place to start looking.
Applicants with credit scores below 660 could still qualify for a Mitsubishi loan, but you may have to work a little harder to get approved. Some lenders will accept applicants who supply proof of income, character references, or sign on with a co-applicant.
Check the table to see how average APR and monthly payments vary based on credit score for different Mitsubishi cars:
Car Make | Average Annual Interest Rate | Average Monthly Payment |
---|
MITSUBISHI | 8.55 | $363 |
Compare lenders
Once you know what type of loan to expect based on your credit score, you can begin comparing and choosing a lender. You may be able to go through your dealership, but you’ll want to compare three different lenders before committing to any decision.
Try looking for a loan from your bank, a credit union, or your Mitsubishi dealer, and take note of who can offer the following:
- The shortest loan term: 60 months or less
- The lowest APR: ideally at or below 4.93%
- Manageable monthly payments: try to stick to a budget of 10 to 15% of your monthly income
These are just the details of your loan you’ll want to look out for—you’ll also want to compare customer service! Playing the endgame for your loan means choosing a lender who is reliable, easy to contact, and will respect your patronage for the next five to six years.
Get preapproved
Always try to get approved for a car loan when you can. By doing so, you put yourself in a much better position to negotiate a better loan at the actual time of signing. Check your Mitsubishi dealership’s website to see if you can apply online for preapproval.
The preapproval process involves filling out a loan application and supplying the following information:
- Social Security number
- Valid photo ID like a driver’s license or passport (check the expiration date!)
- Proof of Employment
- Proof of income (paystubs, etc.)
Key Takeaway Check your credit score, compare different lenders, and apply for preapproval as you work towards getting a Mitsubishi car loan.
Average loan term for a Mitsubishi car loan
You’ll probably have the most say when it comes to setting a loan term with your lender (i.e. the amount of time you can expect to pay off your loan and any accrued interest). Car loans in the United States typically last 72 months, or six years, but try and negotiate a shorter term when you can.
Although a longer term may look appealing for the less expensive monthly payments, you’ll end up paying more on interest, making this option more expensive in the long run. By negotiating a shorter loan term, you’re getting a more affordable loan and prioritizing less debt over less time.
As you finalize your decision, avoid the mistake of assuming you’ll be able to pay off your loan early. Your lender may try to limit early payments with a
prepayment penalty which will incur
extra fees if you pay more than you’re supposed to. Lenders often do this to make up for any interest that the lender would be losing in the process.
Use the table below to see how different loan terms could affect your APR and monthly payment amount.
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
---|
24 | 11.2 | $697 |
36 | 8.61 | $470 |
48 | 8.23 | $364 |
60 | 8.2 | $302 |
72 | 8.56 | $264 |
Finding a Mitsubishi car loan in your state
As with most regulations and expenses around cars, the details of your auto loan will vary depending on your state. Take the financial demographics of your lender’s location into account, and feel free to use the local economic culture to your advantage if it could get you a better loan.
Here is a breakdown of Mitsubishi car loans by state:
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
---|
Fair | 16.66 | $416 |
Good | 8.53 | $361 |
Very Good | 5.12 | $341 |
Excellent | 3.89 | $333 |
Mitsubishi car loans: new vs. used
Getting a car loan for a new or used Mitsubishi follows the same basic outline, but the details of your offers will change with the vehicle’s age. For example, your dealer may limit their loaning options to new cars or certified pre-owned younger models.
No matter where you look for a used car loan, expect
higher APR rate across the board for used cars. You’ll likely only need a small loan—easiest to get
from a credit union, by the way—so a higher interest rate will at least be more manageable than on a loan for a new car.
Get an idea of how your Mitsubishi’s model year could affect your loan’s monthly payment and interest rate with the table below.
Car Year | Average Annual Interest Rate | Average Monthly Payment |
---|
2021 | 7.88 | $307 |
2020 | 8.67 | $314 |
2019 | 8.56 | $312 |
2018 | 7.96 | $307 |
2017 | 8.15 | $308 |
2016 | 8.29 | $309 |
2015 | 8.48 | $311 |
2014 | 8.45 | $379 |
2013 | 8.52 | $380 |
2012 | 9.43 | $511 |
2011 | 9.43 | $511 |
2010 | 9.43 | $511 |
How to calculate the costs for a Mitsubishi car loan
Now that you’ve got the basic steps down for financing your Mitsubishi, see everything in action with Jerry’s car loan calculator! Just input your credit score, loan preferences, and location to see the average monthly payment and APR you might expect to pay on your Mitsubishi car loan.
Average Annual Interest Rate | Average Monthly Payment |
---|
8.55 | $363 |
Save money on Mitsubishi insurance with Jerry
Whether you get your Mitsubishi car loan from a bank, a credit union, or the dealership, there’s only one place to go for cheap car insurance—the
Jerry app! Download today and in less than a minute you’ll be browsing competitive quotes specifically tailored to your needs from 50+ top providers across the country.
It’s simple: sign up, compare quotes, and choose your favorite. Jerry does the rest, from contacting your current insurance provider to locking in your new savings. No phone calls. No long forms. Just savings—**$887 a year** on average to be exact. Now that’s how you budget for a Mitsubishi car loan.
“Using
Jerry is a super straightforward process, and at each step, you can see exactly what coverage you’re paying for. Thanks to Jerry, I’m paying $900 less each year while keeping full coverage for my new car!” —Martin H.