One of the main considerations that lenders take into account when you apply for any auto loan is the price and affordability of the car being purchased. This is especially true when you have low credit scores. The lenders that specialize in this type of loan want to see at least a 20% down payment and a reasonable monthly payment, as well as cars that are fairly reasonable to insure.
Here are the ten most affordable cars for people who need a low credit score auto loan. The prices listed reflect MSRP in November, 2011.
- 2012 Nissan Versa 1.6 S manual…$11,750
- 2011 Kia Rio base 4dr manual…$12,990
- 2012 Hyundai Accent GLS 4dr. Manual…$13,205
- 2012 Ford Fiesta S sedan manual…$13,995
- 2011 Kia Soul base manual…$13,995
- 2012 Kia Rio base 5dr manual…$14,350
- 2011 Chevrolet Sonic LS 4dr. Manual…$14,495
- 2011 Kia Forte…$15,690
- 2011 Nissan Versa S 4dr 1.8 manual…$14,860
- 2012 Toyota Yaris 3dr manual…$14,875
Each car on this list is fuel efficient and offers an affordable payment. Down payments could be as low as $2,350 and the insurance payments should be affordable on most budgets. All of these factors spell an approved auto loan with low credit.