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Buy a New Car with Bad Credit

Car buyers with problem credit looking for an auto loan this month should check out our list of the ten cheapest new cars to buy in March
Buy a New Car with Bad Credit
New car questions

Here at Auto Credit Express one question we get from applicants visiting our site, most of whom have problem credit, is “can you buy a new car with bad credit” with the car loans offered by the higher risk lenders our dealers are signed up with.

The answer to that question is that it usually depends upon the payment call the dealer receives from the lender. We know this isn’t the answer they were expecting, but we know it’s the right one because for more than twenty years we’ve been helping car buyers with poor credit find those new car dealers that can give them their best opportunities for auto loan approvals.

Poor credit financing choices

Most buyers that have experienced past credit issues will end up financing a lower-mileage used car. But in some instances these consumers are given another option – one that largely depends on factors such as income, credit history and the programs offered by their particular lender – an affordable new car.

Buying new has a number of advantages. New cars are reliable and covered by a manufacturer’s warranty as well as the lemon laws in most states.

As with used cars, choosing a subcompact or compact new car can save on interest charges as well as gas and car insurance costs. In addition, financing one for the shortest term possible will enable buyers to be in a position to re-finance or take out a new loan at a lower interest rate even sooner.

One more thing: according to a recent report from Kelley Blue Book, depending on the model some new cars are nearly as affordable as their used counterparts.

“Used compacts have been in high demand with fuel prices nearly $3.42 per gallon nationally, and values have held strong as a result,” said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book.  “A consumer looking to save at least $100 or more per month on a used car would need to consider a model-year 2009 or older, which likely would have 50,000 miles or more on the odometer.  While the difference between new and used pricing is relatively low for the segment, there are several models that offer nearly identical pricing whether new or slightly used.”

Affordable new cars

With that in mind we’ve taken the most affordable new cars and eliminated those that simply don’t make sense because they’re too small – such as the smart fortwo. To keep the models as varied as possible, we’ve also stuck to the least expensive trim level for each model. Since an automatic transmission is typically an additional $1,000 we thought you could do the math and besides, it allows us to list even more models – although we have listed different body styles (sedan, hatchback) separately.

So here it is:

#10 – 2013 Hyundai Accent 1.6L GLS 4-door sedan, 6-speed manual
Base price – $15,340
Rebate – $0
Price before taxes – $15,340

#9 – 2013 Kia Soul 1.6L base 4-door wagon, 6-speed manual
Base price – $15,175
Rebate – $0
Price before taxes – $14,650

#8 – 2013 Toyota Yaris L 1.5L 3-door hatchback, 5-speed manual
Base price – $15,165
Rebate – $0
Price before taxes – $15,165

#7 – 2013 Chevrolet Sonic 1.8L LS 4-door sedan, 5-speed manual
Base price – $14,995
Rebate – $0
Price before taxes – $14,995

#6 – 2013 Ford Fiesta S 1.6L 3-door hatchback, 5-speed manual
Base price – $14,995
Rebate – $250
Price before taxes – $14,745

#5 – 2013 Kia Rio 1.6L LX 3-door hatchback, 6-speed manual
Base price – $14,550
Rebate – $0
Price before taxes – $14,550

#4 – 2013 Kia Rio 1.6L LX 4-door sedan, 6-speed manual
Base price – $14,350
Rebate – $0
Price before taxes – $14,350

#3 – 2013 Ford Fiesta 1.6L S 4-door sedan, 5-speed manual
Base price – $13,995
Rebate – $250
Price before taxes – $13,745

#2 – 2013 Chevrolet Spark LS 1.2L 3-door hatchback, 5-speed manual
Base price – $12,995
Rebate – $0
Price before taxes – $12,995

#1 – 2013 Nissan Versa S 1.6L 4-door sedan, 5-speed manual
Base price – $12,780
Rebate – $0
Price before taxes – $12,780

The least expensive car to buy in March is the 2013 Nissan Versa sedan that sells for less than $13,000 before taxes and has one of the largest dealer networks in the U.S. Since this Versa is a base model, even though it’s a 2013 it may take a little luck finding one.

As we see it

In some cases you can buy a new car with imperfect credit. If a lender offers you this option, choosing from this list of affordable new cars such as the Ford Fiesta, Kia Rio and Toyota Yaris is a great way to enjoy the reliability and comprehensive warranty coverage that goes along with that new car smell.

And while not all buyers with credit problems will qualify for one, we want you to know that at Auto Credit Express we specialize in helping applicants with damaged credit find those dealers that can give them their best opportunities for approved auto loans.

So if you’re ready to reestablish your car credit, you can begin now by filling out our online auto loans application.

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