Credit challenged car buyers should check out the list of the least expensive new cars to buy in November
Thankful for New Cars in November
While the majority of borrowers with bad credit finance a used car, lenders will sometimes offer the option of a new car. If this is the case, we recommend choosing something affordable.
Specifically, we suggest looking for a smaller sedan or hatchback, since subcompact and compact cars are not only less expensive to buy, they can also save money on fuel and car insurance costs.
A more affordable car also means it can be financed for a shorter term – saving on interest charges and allowing borrowers to trade for their next vehicle more quickly and, provided they've made timely payments, typically a loan with a lower interest rate as well.
Most Affordable New Cars in November 2014
This month's list has changed a great deal from the one in October. This is largely due to the fact that, whenever possible, we've changed over from 2014 to 2015 models. Despite the increase in prices for most models in 2015, there are still a number of standout buys: Ford continues a $1,000 rebate plus a "Sync and Sound" discount on the fun-to-drive Fiesta, while Mitsubishi's entry-level Mirage, already a great buy with an entry-level price of $13,790, also sports a $750 new car rebate.
Both Hyundai Accent models have rebates (they're both 2014 models), and while the Mazda Mazda2 has no rebate, it's also a 2014 – the 2016 model is due sometime early next year. Once again for comparison purposes, only manual transmission models are listed –an automatic is typically an additional $1,000-$1,400.
#10 tie - 2014 Hyundai Accent GS 1.6L 4-door hatchback, 5-speed manualBase price - $15,705
Rebate - $750
Price before taxes - $14,955
#10 tie - 2014 Hyundai Accent GLS 1.6L 4-door sedan, 5-speed manualBase price - $15,455
Rebate - $500
Price before taxes - $14,955
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#8 – 2015 Kia Rio 1.6L LX 4-door hatchback, 6-speed manual Base price - $14,790
Rebate - $0
Price before taxes - $14,790
#7 - 2015 Kia Rio LX 1.6L 4-door sedan, 6-speed manualBase price - $14,700
Rebate - $0
Price before taxes - $14,700
#6 – 2015 Nissan Versa Note S 1.6L 4-door hatchback, 5-speed manualBase Price $15,005
Rebate - $500
Price before taxes - $14,505
#5 - 2015 Ford Fiesta S 1.6L 4-door hatchback, 5-speed manualBase price - $15,190 (includes $490 SYNC and Sound Discount)
Rebate - $1000
Price before taxes - $14,190
#4 – 2015 Ford Fiesta S 1.6L 4-door sedan, 5-speed manualBase price - $14,690 (includes $490 SYNC and Sound Discount)
Rebate - $1000
Price before taxes - $13,690
#3 – 2015 Chevrolet Spark LS 1.2L 4-door hatchback, 5-speed manualBase price - $13,095
Rebate - $0
Price before taxes - $13,095
#2 - 2015 Mitsubishi Mirage 1.2L ES 4-door hatchback, 5-speed manual Base price - $13,790
Rebate - $750
Price before taxes - $13,040
#1 – 2015 Nissan Versa SV 1.6L 4-door sedan, 5-speed manualBase price - $12,815
Rebate - $0
Price before taxes - $12,815
As it was in October, the least expensive new car for the month is the Nissan Versa SV 4-door sedan, this one a 2015 model, that sells for just under $13,000 before taxes and fees.
The Bottom Line
When given the choice of financing a new car, we suggest that buyers looking for auto loans with bad credit choose an affordable compact or subcompact – vehicles that are also fuel efficient and inexpensive to insure. Opting for the shortest loan term possible, once they've reestablished their credit these consumers will be in a much better position for their next loan.
One more tip: Auto Credit Express matches applicants that have experienced car credit issues with dealers that will give them their best chances for auto loan approvals. So if you're ready to reestablish your credit, you can begin now by filling out our online auto loan application.
