If you are looking for a modern, stylish and reliable car, pay your attention to Mitsubishi models. From the moment of their appearance on the market, these cars immediately attracted the attention of buyers. If you do not have an amount to buy a car, you can purchase Mitsubishi on credit. Banks and car salons offer many profitable lending programs. However, before you decide to get a Mitsubishi loan, get acquainted with the main points and possible pitfalls.
How do Mitsubishi loans work?
First of all, the future car owner who has decided to buy a vehicle on credit needs to prepare an appropriate package of documents. The standard package includes:
- income statement;
- driver’s license;
- US citizen passport;
- loan application.
After the potential client has provided all the necessary documents, they are checked by the security service. Based on the results of the audit, the bank makes a decision on the possibility or impossibility of providing funds in debt to the client who has applied. In the case of a positive verdict, the parties (borrower, bank, car dealer and insurance company) enter into an agreement.
Depending on the loan term, down payment, loan currency, banks set the interest rate, which is not initially fixed. The final rate depends on the size of the first installment of the loan.
If a loan is granted in foreign currency, its repayment period does not affect the size of the interest rate, and its size is 12-19%.
The borrower who wants to buy Mitsubishi quickly has the opportunity to receive the vehicle on the same day. At the same time, you do not need to submit a statement of income to the bank. The maximum repayment period for such a loan is 3 years. Of course, the rate on this loan will be much higher. Depending on the size of the down payment, it will be 30-50%.
If the borrower wants to buy a used car under a loan program, he/she must keep in mind that the interest rate for such a program can be 2% higher. The size of the down payment on the loan should be at least 20% of the car cost, which, as a rule, authorized employees of the bank estimate.
In addition, a car should be produced no more than 10 years ago and first sold by an official car dealer in the country. You must purchase a used car through the lender’s car dealership. The loan term is from 3 to 5 years.
How much will a new Mitsubishi cost me?
Mitsubishi cars price starts at $13,995 (for Mitsubishi Mirage) and goes up to $36,095 for the top-level model Mitsubishi Outlander PHEV.
How much will a used Mitsubishi cost me?
The main factors that determine the price of a used car are mileage and its age.
What are the benefits of using a Mitsubishi loan?
- Quick application review;
- Different options for loan repayment period;
- The possibility of granting a loan without guarantors and down payment.
Also, our website provides detailed information about Mazda loans and Nissan loans. Webmoneyloans is always ready to help you.
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