Play Your Cards Right and Get a New Car Under $200 a Month

Getting a New Vehicle with a Monthly Payment Under $200 is Possible

Amanda Hart

Get it under $200

Few people actually enjoy paying their bills. Even fewer enjoy it when they know they could be paying less than what they are. Your car payment is a huge part of your monthly expenses, so getting a low monthly payment could help out the budget a lot.

The cheapest payments available are from new cars for under $200 a month. This is not an easy figure to get to, but if you have all the ingredients in place, you can cook up this great financial situation.

What to do

The first thing to realize about these cars is that they are the lowest cost car deals on the market. You won’t be able to choose any car you wish, unless you have an enormous down payment ready.

This means you will probably be limited to the least expensive new cars. There are definitely some high quality cars in this segment. Car makers know that many people have no choice but to buy what is right for their budgets above all else, so there has been much attention on these vehicles.

Also, you have to get the best car financing deal. Extend the loan as long as possible, for 60 or more months. If you don’t have good credit, you will be hard pressed to find a low enough interest rate to push the monthly payment below $200.

Pros and cons

Low monthly payments are very easy on the budget, and most people could easily fit a $200 car payment into theirs. However, it is not always the best situation. Extending the loan so long means you will be paying more on interest over the life of the loan. It also means that it will take longer for you to pay off the vehicle. You could actually be upside down in your loan for quite a while.

Before you commit to anything, do as much research as possible and do the math to see which deal really benefits you the most.

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