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.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
Don’t Toss These 7 Household Items — Sell Them
Don’t Toss These 7 Household Items — Sell Them

Here’s how to earn cash as you give new life to these unwanted items.

Drivers Give These 5 Car Insurers the Highest Marks
Drivers Give These 5 Car Insurers the Highest Marks

One company claimed the top ranking in several categories.

15 Purchases That Make Life Easier As You Age
15 Purchases That Make Life Easier As You Age

There are many products that can make getting older — or any time of life — a little easier.

11 ‘Disposable’ Items You Should Be Reusing
15 of the Fastest-Growing Jobs Today
15 of the Fastest-Growing Jobs Today

Times are tough, but these career fields are thriving.

View this page without ads

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

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Vacuums from this brand can last a half-century, if not longer — and they’re hot on the resale market.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

36 Things That Will Be Obsolete Soon
36 Things That Will Be Obsolete Soon

The writing is on the wall for dozens of things we have grown up with.

17 Surprising Things You Can Sell for Extra Money
17 Surprising Things You Can Sell for Extra Money

You probably don’t realize these items are worth decent cash.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

8 Federal Income Tax Breaks for Homeowners
8 Federal Income Tax Breaks for Homeowners

Some of these deductions and credits are available to a wide swath of homeowners.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

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.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

10 Types of Retirement Income That Are Not Taxable
10 Types of Retirement Income That Are Not Taxable

There are lots of things Uncle Sam can’t touch — so long as you play by the rules.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

These 5 States Are the Most Expensive Places to Retire
These 5 States Are the Most Expensive Places to Retire

If you expect to have modest retirement income, you may want to avoid spending your golden years here.

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.