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Best New Car Deals in October for Problem Credit Buyers

Borrowers with damaged credit that qualify for an affordable new car loan will want to check this list of the ten cheapest new cars to buy this month
Best New Car Deals in October for Problem Credit Buyers
A new car in October

Here at Auto Credit Express we often get a question from car shoppers that goes something like this: “if I have terrible credit will I qualify for any kind of car loan and if I do can I finance a new vehicle?”

More often than not the answer to the first part of the question is “yes”.

The answer to the last part is that it depends on the payment call from the lender. That answer might not be helpful but we know it’s accurate. That’s because for the past twenty years we’ve been helping car buyers with bad credit that have been looking for online auto loans find those dealers for their best chances at auto loan approvals.

New cars

Most consumers with less than perfect credit will choose a used car with reasonable mileage. But sometimes these borrowers are offered a second choice – one that depends on their income, credit history and the lender programs available – an affordable new car.

The new car option does have its advantages. New cars are reliable, come with manufacturer warranties and, in most states, are covered by new car lemon laws.

Like buying used, choosing the right new car such as a subcompact or compact can save on interest charges as well as gas and auto insurance costs. With a less expensive vehicle, opting for a shorter finance term will also enable borrowers to position themselves to re-finance or take out a new loan at a lower interest rate even sooner.

It should also be pointed out that according to the latest NADA Official Used Car Guide update, while subcompact and compact used cars are becoming more affordable the year-over-year loss in value of compact cars up to 8 years old only dropped 0.5% through the month of August.

One more thing: with the closeout of current year vehicles and the rollout of the 2014 models, this should be the last month we include any 2013 models on this list.

Cheap new cars in October

As in the past, we’ve taken the most affordable new cars and eliminated those that typically don’t make sense – such as the smart fortwo which is too small and not versatile enough for most people. To vary the selection as much as possible, we’ve also listed the

least expensive trim level for each model. Since an automatic transmission is typically an additional $1,000 or so we believe most buyers can do the math. Besides, it allows for more models on the list– although different body styles (sedan, hatchback) of the same model are listed as separate entries.

Here they are:

#10 – 2014 Kia Soul 1.6L base 4-door wagon, 6-speed manual
Base price – $15,495
Rebate – $0
Price before taxes – $15,495

#9 – 2014 Toyota Yaris L 1.5L 3-door hatchback, 5-speed manual
Base price – $15,240
Rebate – $0
Price before taxes – $15,240

#8 – 2013 Chevrolet Sonic 1.8L LS 4-door sedan, 5-speed manual
Base price – $14,995
Rebate – $0
Price before taxes – $14,995

#7 – 2014 Ford Fiesta S 1.6L 3-door hatchback, 5-speed manual
Base price – $15,395
Rebate – $500
Price before taxes – $14,895

#6 – 2014 Nissan Versa Note 1.6L S 4-door hatchback, 5-speed manual
Base Price $14,780
Rebate – $0
Price before taxes – $14,780

#5 – 2014 Ford Fiesta 1.6L S 4-door sedan, 5-speed manual
Base price – $14,795
Rebate – $500
Price before taxes – $14,295

#4 – 2013 Kia Rio 1.6L LX 3-door hatchback, 6-speed manual
Base price – $14,550
Rebate – $500
Price before taxes – $14,050

#3 – 2013 Kia Rio 1.6L LX 4-door sedan, 6-speed manual
Base price – $14,350
Rebate – $500
Price before taxes – $13,850

#2 – 2014 Chevrolet Spark LS 1.2L 3-door hatchback, 5-speed manual
Base price – $12,995
Rebate – $0
Price before taxes – $12,995

#1 – 2014 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 new car this October is the 2014 Nissan Versa sedan that sells for less than $13,000 before taxes and comes with one of the largest dealer networks in the U.S. Since this Versa is the entry-level model, even though it’s a 2014 it might take a bit of patience and some luck to find one. Also note that with the close-out of the 2013 model year, the sooner you move on one of these, the better your chances will be in finding one.

As we see it

The majority of consumers with past credit issues can usually qualify for a subprime auto loan if they meet the lender requirements of down payment, income as well as debt to income and payment to income ratios.

In some cases, these buyers may even be given the option of financing a new car. Given this choice and choosing a vehicle from this list of affordable new cars such as the Ford Fiesta, Kia Rio or Toyota Yaris will enable them to enjoy the benefits of a comprehensive new car warranty and the reliability that goes along with that new car smell.

One more tip for these borrowers: Auto Credit Express matches consumers with questionable car credit, many of whom believe their only option is a BHPH car loan, with dealers that can offer them their best opportunities for approved auto loans.

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

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