4 New Cars You Can Drive for Less Than $250 a Month

Nissan Versa
Zoran Karapancev / Shutterstock.com

If you thought a new car was out of your price range, you might want to reconsider.

New research by GOBankingRates shows that you can finance a car for well under $300 per month.

The financial information website identified 52 cars that someone with excellent credit can drive home for $300 per month or less. Most of these vehicles also are likely to cost less than $300 per month for someone with good credit, and several cost the same even for someone with fair credit.

Kristen Bonner, lead researcher on the study, notes:

“Owning a car does not have to be detrimental to your finances. No matter your credit, you still have a wide range of models to choose from that will accommodate your wants and needs.”

In fact, with good credit, four of the vehicles identified by GOBankingRates can be financed for less than $250 per month. They are:

1. 2016 Nissan Versa Sedan

  • Starting MSRP: $11,990
  • Down payment: $2,398
  • Monthly car payment: $213

2. 2016 Chevrolet Spark

  • Starting MSRP: $12,660
  • Down payment: $2,532
  • Monthly car payment: $225

3. 2017 Mitsubishi Mirage

  • Starting MSRP: $12,995
  • Down payment: $2,599
  • Monthly car payment: $231

4. 2017 Mitsubishi Mirage G4

  • Starting MSRP: $13,995
  • Down payment: $2,799
  • Monthly car payment: $249

GOBankingRates identified these cars and the others on the list based on:

  • Manufacturer MSRP
  • 20 percent down payment
  • Five-year auto loan term
  • APR based on excellent, good or fair credit

Keep in mind that the above totals are for buyers with “good” credit. Totals can be even lower if you have “excellent” credit. For example, the Versa might only cost you $172 a month.

If you prefer to buy cars outright instead of financing them, the Nissan Versa might still be worth considering.

Earlier this year, Consumer Reports named the Versa among the 12 top-rated new cars that cost less than $25,000. Last month, YourMechanic also named it among the 10 cheapest cars to maintain over 10 years.

But if you are currently financing or are considering financing a vehicle — whether new or used — be sure to check out “Car Loans: Are You Paying Too Much?

What’s your take on these findings? Would you consider one of the top four vehicles identified? Let us know below or on Facebook.

How to earn $30 in less than 30 seconds

Earn extra money by using Rakuten (formerly known as Ebates) — a site that gets you cash back at more than 2,500 stores. As a bonus for joining Rakuten between now and Aug. 6, 2020, you'll earn $30 when you spend at least $30 shopping online through Rakuten within the first 90 days. Start earning cash back and claim a free $30 bonus today.

Read Next
26 Work-From-Home Jobs That Pay $100,000
26 Work-From-Home Jobs That Pay $100,000

These lucrative gigs let you work in your slippers.

6 Types of People Who Can’t Count on Social Security
6 Types of People Who Can’t Count on Social Security

If you fall into one of these groups, don’t assume that you will receive benefits.

7 Ways Coupons Waste Your Money and Time
7 Ways Coupons Waste Your Money and Time

Here’s why I hung up my scissors and quit clipping coupons.

6 Investing Tools That Help You Diversify
6 Investing Tools That Help You Diversify

Here’s how you can lend to startup businesses, fund social causes or get in on investments once available only to the very rich.

These Are the 9 Best Benefits of Amazon Prime
These Are the 9 Best Benefits of Amazon Prime

These top-notch perks of an Amazon Prime membership won’t cost you a dime extra.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

20 Things That Are Actually Worth Stockpiling
20 Things That Are Actually Worth Stockpiling

You probably don’t need a year’s supply of toilet paper to survive an outbreak, but consider stocking up on these items.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

22 Things You Should Always Buy at a Dollar Store
22 Things You Should Always Buy at a Dollar Store

The dollar store has great bargains on these purchases.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

16 Amazon Purchases That We Are Loving Right Now
16 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

The Top 11 Jobs That Employers Want Retirees to Do
The Top 11 Jobs That Employers Want Retirees to Do

Tired of age discrimination? Businesses are clamoring for older workers to fill certain roles.

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

7 Ways to Shop at Costco Without a Membership
7 Ways to Shop at Costco Without a Membership

You don’t necessarily need to join to get in on the warehouse store’s savings.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.