How to Finance a Mitsubishi in the UK

Why People Finance a Mitsubishi

Mitsubishi vehicles have long held a reputation for reliability, practicality, and value for money. From the versatile Outlander to the rugged L200 pickup, their range appeals to drivers seeking durability and innovation. In the UK, the average price for a new Mitsubishi typically sits between £20,000 and £35,000, with used models often available from £10,000 upwards.

Given these price points, many buyers turn to finance options to make owning a Mitsubishi more accessible. Spreading the cost over a number of months or years makes a new or nearly-new Mitsubishi achievable for families, commuters, and business owners alike. Mitsubishi drivers often choose Personal Contract Purchase (PCP) or Hire Purchase (HP) to manage monthly budgets and retain flexibility.

With finance, you can drive away in a Mitsubishi without the burden of paying the full price upfront. This approach especially appeals to those interested in upgrading to the latest model every few years, or who want to avoid the depreciation hit of outright ownership.

Your Car Finance Options Explained

When considering how to finance a Mitsubishi, it’s crucial to understand the main types of finance available in the UK:

1. Personal Contract Purchase (PCP)

• You pay an initial deposit, followed by lower monthly payments compared to HP.

• At the end of the agreement, choose to pay the balloon payment and own the car, return it, or part-exchange for a new Mitsubishi.

• Pros: Lower monthly costs, flexibility at the end.

• Cons: Mileage limits and potential charges for excess wear.

2. Hire Purchase (HP)

• Pay an initial deposit, then fixed monthly payments.

• Once the agreement ends, the car is yours with no final balloon payment.

• Pros: Straightforward path to ownership, no mileage restrictions.

• Cons: Higher monthly payments than PCP.

3. Lease or Personal Contract Hire (PCH)

• Pay a set monthly fee to use the car for an agreed period; you never own the vehicle.

• Pros: Often includes maintenance, easy to upgrade frequently.

• Cons: No option to buy at the end, mileage restrictions apply.

4. Personal Loans

• Borrow money from a bank or lender to buy the Mitsubishi outright.

• Pros: Full ownership from the start, no mileage caps.

• Cons: Requires good credit, interest rates vary.

For example, Mitsubishi PCP deals in the UK often feature competitive APRs and lower monthly payments, but keep in mind that the final balloon payment can be significant. HP might suit buyers intending to keep their Mitsubishi long-term, while leasing appeals to those wanting hassle-free motoring.

How to Get the Best Deal on a Mitsubishi

Securing the best Mitsubishi car finance deals UK-wide requires a blend of research, timing, and negotiation. Here are key steps to consider:

1. Compare Lenders and Online Brokers

Direct dealerships, banks, and specialist online brokers like Kandoo all offer Mitsubishi finance. Use comparison tools to assess interest rates, terms, and acceptance criteria. Searching for “compare Mitsubishi PCP offers” can uncover hidden gems.

2. Check Your Credit Score

A healthy credit profile opens the door to the lowest rates. Obtain your credit report from Experian, Equifax, or TransUnion. Correct any inaccuracies before applying.

3. Negotiate Dealer Finance

Don’t accept the first deal. Dealers may have room to improve their APR or throw in extras such as free servicing. If you have a quote from an online broker, use it as leverage.

4. Consider Your Deposit Size

A larger deposit reduces your monthly payments and may improve your acceptance chances. Typical deposits range from 10% to 20% of the Mitsubishi’s price.

5. Time Your Purchase

End-of-quarter sales targets, new plate releases (March and September), and model run-outs can generate additional incentives or price reductions. Patience can pay off.

6. Read the Fine Print

Always review the agreement for mileage restrictions, early settlement fees, and end-of-term conditions.

Tip: Use online calculators to estimate your repayments and total interest before committing.

Eligibility & Credit Check Tips

Lenders assess several factors before approving your Mitsubishi finance application:

• Income and Affordability: You’ll need to demonstrate sufficient, stable income to cover repayments.

• Employment Status: Full-time employment is ideal, but self-employed and part-timers are often considered.

• Credit File: A good credit history helps, but specialist lenders may accept those with poor or limited credit.

• Existing Commitments: Lenders check your current outgoings to ensure affordability.

If you’re concerned about your credit history, don’t lose heart. Even if you have bad credit, Kandoo can help match you with lenders who may still approve your application. Checking your eligibility with a soft search means there’s no impact on your credit score.

Tip: Avoid multiple credit applications in a short period, as these can lower your score.

Example Finance Scenarios

Let’s say you’re eyeing a 3-year-old Mitsubishi Outlander priced at £18,000. Here’s how costs could break down:

• PCP: You’ll pay £220 per month for four years. At the end, either pay the £6,000 balloon to own the car, hand it back, or upgrade.

• HP: £355 per month for four years, after which you own the Mitsubishi outright with nothing more to pay.

Figures are illustrative; actual payments depend on interest rates and individual circumstances. Always check the APR and total payable before signing.

Common Questions About Mitsubishi Finance

Can I get 0% APR on a Mitsubishi?
While rare, certain Mitsubishi dealers may offer 0% APR finance on new models during promotional periods. These deals tend to require a larger deposit and may be restricted to specific vehicles.

Is it cheaper to lease or finance?
Leasing (PCH) usually results in lower monthly payments but you never own the car. Financing (PCP or HP) allows for eventual ownership, but can cost more over the long term. Your choice depends on whether you value flexibility or ownership.

Can I get Mitsubishi finance with bad credit?
Yes, some lenders specialise in bad credit car finance. Expect higher interest rates and stricter affordability checks, but it’s possible to drive away in a Mitsubishi even with adverse credit. Kandoo can help match you to suitable lenders.

Can I refinance my current Mitsubishi?
Yes, refinancing your existing Mitsubishi loan may reduce your monthly payments or help you access better rates if your credit has improved. Always compare the total cost before making a switch.

What’s the difference between PCP and HP for Mitsubishi finance?
PCP offers lower monthly payments and a choice at the end, but HP leads to outright ownership with higher payments. PCP suits those who like to change cars regularly, while HP is better for long-term keepers.

Are there mileage limits with Mitsubishi finance?
PCP and leasing agreements typically impose annual mileage restrictions, with charges for exceeding them. HP and personal loans do not have mileage limits.

How Kandoo Can Help

At Kandoo, we work with a panel of trusted UK lenders to help you find the best Mitsubishi finance deals — quickly, securely, and with no impact on your credit score. Our online application process is straightforward, and our team is on hand to guide you at every stage.

Whether you’re considering PCP, HP, or another finance type, Kandoo compares offers to ensure you access the most competitive rates tailored to your circumstances. Even if you have less-than-perfect credit, we’ll work to find a solution for you.

Compare Mitsubishi finance deals now →