Well, rather than trying to cut out a circle, which would be a pain in the butt....
I'd suggest just making some radial cuts, maybe one every inch, maybe just going back a half inch or so, 3/4", whatever...
Then, you'll have several 'tabs' you can just bend back, into the hole - enlarging the hole.
This will work particularly well since your actual mouting baffle is your MDF ring.
Personally, if I were trying to cut a circle (if for some reason you want to stick with that idea), I'd use a reciprocating saw and a metal cutting blade (like I used for
my line array, or just a jigsaw with a metal cutting blade. Draw your circle with a sharpie and cut away.
Just make sure you use a short enough blade that you aren't poking that metal behind it - that's the
outer door skin of your car, and dents poking outward will really look weird..
