We review the latest list of new cars that make up the 5-year "Cost to Own Award Winners" from KBB.com and narrow it down to those that are most affordable for borrowers with credit issues.

Financing New Cars with Bad Credit

Since new cars come with full manufacturer warranties in addition to their new car smell, and the strong auto lending market means many borrowers with bad credit may qualify to finance a new car, financing a new car right now is often a good decision.Cheapest New Cars to Own

Credit-challenged consumers also want to get the best deal possible. But the selling price of a new car is just the beginning. Fuel, finance charges and insurance are a few of the costs that add up every month. In fact, the actual cost of the vehicle itself – that is, the amount you pay minus the amount you get back when you sell it -- is typically less than half the total cost of ownership over five years.

Other expenses also have to be considered. These include depreciation (loss of value), fuel costs, insurance fees, maintenance and repair costs and state fees. Most borrowers, even those on a strict budget, often find it difficult deciding which cars offer the most value for their hard-earned money.

Fortunately, the experts at Kelley Blue Book have taken it upon themselves to recognize those new cars "with the lowest projected ownership costs" over a 5-year period.

2016 Kelley Blue Book 5-Year Cost to Own Award Winners

The latest list includes 22 vehicles in categories ranging from subcompact car to luxury sport utility vehicle as well as the overall luxury and non-luxury brand winners.

Although most of the vehicles on the list won't fit into the budgets of credit-challenged borrowers, three cars that may be affordable for at least some buyers did make the cut.

Brand Winner

Non-Luxury: Hyundai

According to Kelley, "In addition to a low Kelley Blue Book Fair Purchase Price, fuel, maintenance and repair costs across its full model lineup, Hyundai also has a mid-range depreciation and insurance cost, making it the 2016 5-Year Cost to Own: Best Brand among all automakers."

By Category

Nissan Versa, new cars Winner Subcompact Car:
2016 Nissan Versa (starting at $12,825 MSRP)
new car, Corolla Winner Compact Car:
2016 Toyota Corolla (starting at $18,135 MSRP)
new car, Honda HR-VWinner Compact Car:
2016 Honda HR-V (starting at $20,115 MSRP)

The Bottom Line

The three we've chosen from the list represent a good value as each has a starting MSRP of around $20,000 or less, something that's important to borrowers with credit issues.

Here's something else we consider important: Auto Credit Express helps consumers with bad credit find those dealers that can offer them their best opportunities for a car loan approval.

So if you're in this position and ready to take that first step, you can begin now by filling out our online car loan application.