52 Cars You Can Own for Under $300 a Month

LOS ANGELES, July 6, 2016 /PRNewswire/ -- To help consumers who are in the market for a new, affordable car GOBankingRates.com released a list of popular cars on sale now for $300 or less a month.

See the full list here

From Honda, Chevrolet, Jeep, Ford and 11 other car manufacturers, 52 vehicles were identified using the following factors:

  • Manufacturer MSRP
  • 20 percent down payment
  • 5-year auto loan term
  • APR based on excellent, good and fair credit     

Most Budget-Friendly Car

  • The 2016 Nissan Versa Sedan tops the list as the most budget-friendly vehicle, with a monthly car payment as low as $172

Budget Friendly Cars for People with Excellent Credit (Price for monthly payment cost)

American Manufacturers

  • Chevrolet: Spark ($182) , Sonic ($206), Cruze ($251) and Trax ($292)
  • Dodge: Dart ($244)
  • Ford: Fiesta ($203) and Focus ($248)
  • Jeep: Patriot ($254), Renegade ($259) and Compass ($283)

Foreign Manufacturers

  • Fiat: 500 ($244) , 500L ($280) and 500X ($287)
  • Honda: Fit ($228), Civic Sedan ($268), Insight ($269), Civic Coupe ($274) and CR-Z ($292)
  • Hyundai: Accent ($212), Elantra ($247), Veloster ($259) and Elantra GT ($270)
  • Kia: Rio ($204), Rio 5-door ($223), Soul ($229), Forte ($230), Forte5 ($260) and Forte Koup ($286)
  • Mazda: Mazda3 4-Door ($257), Mazda3 5-Door ($267) and CX-3 ($287)
  • Mitsubishi: Mirage ($187), Mirage G4 ($201), Lancer ($253) and Outlander Sport ($282)
  • Nissan: Versa Sedan ($172), Versa Note ($205), Sentra ($241), Frontier ($263), Rogue Select ($290) and Juke ($291)
  • Scion:  iA ($253) and iM ($287)
  • Smart: Fortwo ($211)
  • Toyota: Yaris ($214), Corolla ($249) and Prius C ($281)
  • Volkswagen: Jetta ($254), Beetle ($285) and Golf ($290)

Affordable Rides for People with Good Credit

  • Chevrolet: Spark ($225) and Sonic ($255)
  • Ford Fiesta ($251)
  • Honda Fit ($283)
  • Hyundai Accent ($262)
  • Kia: Rio ($252), Rio 5-door ($276), Soul ($283) and Forte ($285)
  • Mitsubishi: Mirage ($231) and Mirage G4 ($249)
  • Nissan: Versa Sedan ($213), Versa Note ($253) and Sentra ($299)
  • Smart Fortwo ($261)
  • Toyota Yaris ($265)

Affordable Cars for People with Fair Credit

  • Chevrolet: Spark ($252) and Sonic ($285)
  • Ford Fiesta ($280)
  • Hyundai Accent ($293)
  • Kia Rio ($282)
  • Mitsubishi: Mirage ($258) and Mirage G4 ($278)
  • Nissan: Versa Sedan ($238) and Versa Note ($283)
  • Smart Fortwo ($291)
  • Toyota Yaris ($296)

The prices for all cars listed above are for the newest models on the market, ranging from 2014 to 2017.

"Owning a car does not have to be detrimental to your finances," said Kristen Bonner, lead researcher on the study. "No matter your credit, you still have a wide range of models to choose from that will accommodate your wants and needs."

Methodology: GOBankingRates surveyed the MSRP from popular car manufacturer's websites for brands popular with American drivers and identified car makes and models that can be financed for $300 or less per month. Payments were determined taking the MSRP of vehicles and applying the following assumptions: (1) 5-year auto loan term; (2) 20 percent down payment; (3) monthly payments based on a 3.00% APR for excellent credit, 12.00% APR for good credit and 17.00% APR for fair credit, based on a calculator from CarMax (sourced June 15, 2016).

MSRP amounts were sourced on June 15, 2016. Vehicles missing prices for fair credit or good credit are those that cost more than $300 per month to maintain.

About GOBankingRates

GOBankingRates.com is a news and features personal finance and consumer banking website, offering visitors the latest on everything from tips for saving money, investing for retirement, finding a good interest rate and getting a loan. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, Business Insider, and dozens of other top-tier media outlets. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs and financial situation.