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Mitsubishi dates back to 1870 when Yataro Iwasaki, its founder, began a shipping business with three aging steamships. A few of Yataro’s relatives eventually expanded the business and introduced its first car, the Mitsubishi Model-A, in 1917.
Today, the Japan-based company makes everything from SUVs to rocket engines. If you’re interested in getting a Mitsubishi (car, not rocket), read on. This article will provide an overview of Mitsubishi Motors’ financing, rebates and incentives plus alternatives to financing through Mitsubishi.
Mitsubishi partners with online lender Ally Bank to provide financing for its customers. When you apply for financing through Mitsubishi Motors Credit of America, you’re most likely receiving an Ally auto loan product. It’s difficult to know what kind of rate or terms you may be offered since Ally is an indirect auto lender — you can’t apply for an auto loan directly with Ally because it only offers loans through dealerships.
Ally offers two auto financing products:
To make financing one of its SUVs or cars more affordable, Mitsubishi offers several special programs. Let’s take a closer look at them:
Mitsubishi lease terms range from 36 to 60 months. All leases limit the amount of miles you can put on the vehicle. The higher the mileage limit you choose for your lease, the more expensive it will be. Mitsubishi offers 10,000, 12,000 or 15,000 annual mileage limits. You may be subject to fees for excess miles or wear.
At lease end, you’ll need to schedule a complimentary lease inspection. This can be done 60 days before your lease ends.
Once your inspection has been completed and any necessary repairs have been made, you’ll have 30 days to turn in your leased vehicle if you don’t end up purchasing it. At the end of your lease, Mitsubishi will allow you to lease a new Mitsubishi, buy a new Mitsubishi or purchase your current Mitsubishi.
Mitsubishi also offers incentives for leases on certain models for qualifying customers. A “capitalization cost reduction” from Ally may help reduce the overall cost of the vehicle, thereby potentially reducing your monthly lease payment.
If you’re trying to decide between leasing or buying a car, read this.
If you’re interested in financing through Mitsubishi, you could begin by checking out Mitsubishi’s online payment calculator, where you’ll be asked to plug in your zip code and select the model and trim of your vehicle of choice. This will allow you to get an idea of the type of financing options that may be available to you.
Then, use Ally’s dealer locator to find a Mitsubishi dealer near you. Once you do, you can visit the dealer to see if you qualify and receive accurate information about the rates and terms available to you. As with all auto financing, the better your credit, the more likely you are to secure a lower rate and more favorable terms.
It is in your best interest to get preapproved before you apply for financing through Mitsubishi so that you can set a realistic budget, strengthen your ability to negotiate and increase your chances of securing the best possible auto loan rate.
If you’d like a new Mitsubishi, understand that you don’t have to finance it through the dealership. Even if that turns out to be the best option for you, it’s still a good idea to compare rates. You can visit your bank, credit union or online lender to find out what they can offer you. It’s wise to get multiple loan offers so you can select the one with the lowest APR — remember, if you get the lowest APR possible, a low monthly payment should follow. To view your offers in one place, consider filling out the online form on LendingTree to view up to five auto loan offers from up to five different lenders, based on your creditworthiness.
Once you receive multiple offers, go to a Mitsubishi dealer to determine if they can beat the best offer you have. If they can, you’ve just saved some money and if they can’t, you’re still in good shape because you’ve done your research and have found the best option for you.
Though not as popular in the U.S. as other foreign automakers, Mitsubishi Motors may be in a position to take some market share from rivals — it has been named the fastest-growing Asian brand in the United States for the second year in a row. Mitsubishi continues to focus on popular crossovers, including a plug-in hybrid Outlander. The carmaker reported a sales volume of 118,074 vehicles in 2018, a 13.9% increase over 2017 and the brand’s best annual sales rate since 2007.
Its partnership with Nissan and Renault has recently captured headlines with the ouster of Nissan CEO Carlos Ghosn. Mitsubishi, Nissan and Renault, a French carmaker, announced the creation of a new board for the three-way alliance, the biggest of its kind in the world.
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