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How to finance a MINI

Returning customers and business owners may be able to take advantage of special programs.

Updated

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As one of the most iconic British car brands, a new or preowned MINI can be an eye-catching vehicle to take for a spin. But with its base models starting at nearly $25,000, you’ll want to explore all your financing options before hitting the dealership.

CarsFast Car Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $75,000
  • Interest Rate: 4.90% to 29.90%
  • Loan Term: 12 months - 8 years
  • Choose from thousands of vehicles
  • Multiple financing options
  • Pre-approval in 60 seconds
  • Vehicle delivery to your door

CarsFast Car Loans

Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $75,000
  • Interest Rate: 4.90% to 29.90%
  • Loan Term: 12 months - 8 years
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How can I finance a MINI?

Like all vehicles, you can opt for a car loan from a bank, credit union or online lender. Even if you end up opting for the MINI financing programs available below, applying for preapproval from multiple lenders will allow you to see your potential rates — making it easier to choose the loan that best suits your budget. However, this isn’t the fastest option, since it takes times to compare offers.

Another option is to consider financing or leasing directly through MINI Financial Services. This is typically the fastest way to go, though you might not get the most competitive rates. Here’s how it breaks down:

MINI retail financing.

MINI Financial Services provides 2 ways to own its vehicles. Current offers include financing a 2020 Mini Cooper Convertible for as low as 2.99% APR for 72 months with no down payment required – your monthly payment in this case would be $539.*

  • MINI Standard financing. The MINI Standard financing program allows you to the flexibility of selecting from a variety of down payment amounts and repayment terms ranging from 24-84 months. Interest rates are said to be competitive, and there are no early termination fees should you pay back your car loan ahead of schedule.
  • MINI OwnersChoice program (not available in Quebec). Similar to the Standard financing program, OwnersChoice provides you with a low monthly payments for a set term. Once the term ends, your remaining balance is charged as one, larger balloon amount, which you can choose to pay off, finance or discharge after trading in your vehicle.

MINI leasing.

MINI Financial Services also offers 3 lease programs: standard, multiple security deposit and single payment lease. You also have 3 mileage options to choose from including 12,000 km, 16,000 km and 20,000 km. MINI leases last for up to 48 months, except for the MINI Convertible, which can be leased for up to 45 months.

Current offers include leasing a 2020 MINI Cooper 5-door for 48 months with 2.99% APR and no down payment – in this case, your monthly payment would be $373.*

  • Standard Lease. With a Standard Lease, you make monthly payments on a model of your choice for a period of time, after which you can return your vehicle and walk away or lease a new one. Enjoy a variety of contractual terms and lease maturity options.
  • Multiple Security Deposit. With a Multiple Security Lease, you pay up to 9 more security deposits upfront when getting your vehicle. Each additional deposit lowers your interest rate and monthly payment, and once the lease is up, you get your deposits back less any outstanding charges on the car.
  • Single Payment Lease. Single payment leasing works much the same as buying a car in cash. With this arrangement, you make one, large payment upfront that covers all your lease payment plus interest. The advantage is 3-fold: (1) you don’t have to make any monthly payments, (2) you only pay interest on the residual amount instead of the full lease amount, and (3) you’re given a 0.25% discount on the interest rate. Once the lease concludes, you have the right to buy your vehicle.

As with all types of financing, the exact terms and rates you qualify for will depend on your creditworthiness and personal financial situation.

*Rates as of December 9, 2019.

What’s better for your money – leasing or buying a vehicle?

Compare car loans to buy a MINI

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
Car Loans Canada
$7,500
3.99% to 29.95%
12-84 months
300
3+ months employed, min. income of $2,000/month
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
CarsFast Car Loans
$500
4.90% to 29.90%
12 months - 8 years
300
Gross income of $1,800/month, 3+ months employed
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
Loans Canada Car Loans
$500
0% to 29.99%
3-96 months
300
Employed for at least 3 months, min. income of $1,800/month
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Carloans411 Car Loans
$500
1.90% to 19.99%
Up to 72 months
300
Employed for 3+ months, min. income of $1,600/month
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
LoanConnect Car Loans
$500
10.00% to 46.96%
6-60 months
550
No min. income requirement
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Auto Arriba Car Loans
$3,500
8.99% to 29.50%
6-84 months
N/A
Currently employed for 3+ months
Auto Arriba offers car loans starting at $3,500 up to $100,000, with as little as a 30 minute loan turnaround time. On a limited number of approved loans, Auto Arriba is currently offering a rebate of the amount of your first scheduled payment 30 days after it has been processed up to a maximum of $500.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
3-10 years
560
Have an established credit history and own your home
Fairstone offers secured personal loans up to $35,000.
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Compare up to 4 providers

Representative example: Savana buys a MINI

Savana, a resident of New Brunswick, is in the market for a new car and has her eye on a 2020 MINI Convertible Cooper S priced at $48,500.00. She trades in her old car for $5,800.00 and puts a 20% deposit of $8,540.00 on the MINI. Savana then applies for dealership financing to cover the rest of the cost ($34,160.00) plus 15% HST. Thanks to her solid credit history and good income, she is approved. In addition to the cost of her loan, she also pays around $100.00 to register her car with the provincial government.

Cost of new vehicle $48,500.00
Loan type Auto loan (term loan)
Loan amount $40,565.00
Interest rate (APR) 5.90%
Loan term 7 years
Additional fees 4.00% origination fee ($1,622.60)
$0.00 application fee (waived by dealership)
Payment $590.65 monthly or $272.32 biweekly
Total loan cost $49,614.60 with monthly payments or $49,562.24 with biweekly payments

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Does MINI offer special discounts or programs?

Yes, MINI has a variety of programs that offer discounts and reimbursements to customers. Note that you may be able to get special offers from programs offered by private dealerships including discounts for graduates and military service people.

What will a new MINI cost me?

Like all new cars, prices will vary based on where you live and your negotiation skills at the dealership. The basic trim of a MINI ranges from around $24,500 to $47,500 — your final price will depend on any add-ons or other features you choose as well as fees for delivery, administration and related services. The following prices are for 2020 models.

MINI 3-door car

3-door MINI Hard Top

  • Starting MSRP: $24,590
  • City/highway (L/100km): 8.3/6.4 (or approx. 28/37 MPG)
MINI 5-door car

5-door MINI Hard Top

  • Starting MSRP: $25,890
  • City/highway (L/100km): 8.3/6.4 (or approx. 28/37 MPG)
MINI Clubman

MINI Clubman

  • Starting MSRP: $28,690
  • City/highway MPG: 28/27
MINI Countryman

MINI Countryman

  • Starting MSRP: $31,690
  • City/highway MPG: 28/27
MINI Convertible

MINI Convertible

  • Starting MSRP: $31,190
  • City/highway MPG: 32/30
MINI Countryman SE ALL4 Plug-in Hybrid car

MINI Countryman
SE ALL4 Plug-In Hybrid

  • Starting MSRP: $47,556
  • City/highway MPG: 65 EPA-estimated

Does a new MINI come with a warranty?

Yes, all MINIs come with a standard 4-year, 80,000-km limited warranty that covers defects in material or workmanship and includes 24-hour roadside assistance at no extra charge.

MINI also includes complimentary maintenance for the first 3 years or 40,000 km — whichever comes first. Covered items include:

  • Brake fluid services
  • Cabin air microfilter
  • Engine oil services
  • Engine air filter
  • Remote control/key battery
  • Spark plugs
  • Vehicle check

Bottom line

Known for its sporty design and sleek interior, getting behind the wheel of a new MINI will run you more than $25,000. But you may be able to cut down on costs by taking advantage of one of its many car-buying or financing programs. Before you get started, explore your car loan options to get an idea of what rates and terms you might qualify for.

Frequently asked questions

Pictures: Getty Images and mini.ca

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