Best Low Monthly Car Payments: Which Cars Have The Lowest Monthly Payments in Michigan

Are you looking to drive a new car but don’t wanna break the bank? Finding a car with a low monthly payment can be a game changer when it comes to managing your budget. In Michigan, where winter weather can be rough on the vehicles and the road , having an affordable car loan is essential to many drivers. In this blog post, we will explore what cars are best for monthly payments under $150, financing options and where to get the best deal.

What is a low monthly car loan payment? 

A low monthly payment card loan is a simple loan that helps you purchase a car while keeping your monthly payment manageable. Typically, these payments are for vehicles that have lower price tags, smaller down payment, or larger loan terms. However, keep in mind that choosing a longer term loan could mean that you’re paying more interest overtime, so it is essential to balance your loan term with the cars total price.

If you are aiming for a payment under $150 a month, you will likely be looking at either small, used cars or financing deals that have excellent terms. Fortunately plenty of these vehicles fall into this category. Let’s take a look at some of the best options for low payment cars in Michigan .

Best cars with payments under $150 per month

Chevrolet Spark

• Average monthly payment: $120
• Why is it a great option? The Chevy spark is a compact car that offers excellent fuel economy making it perfect for city driving. It’s budget friendly, starting around $14,000 so it makes for an easy option when aiming for a low monthly payment.
• Financing options with a down payment of $1000 in financing over 60 months, you can secure a payment that is comfortably under $150 a month.

Nissan versa

• Average monthly payment: $135
• Why is this a great option? Another affordable compact car the Nissan versa offer a smooth ride with a spacious interior for size. With an MSRP around $15,000 it’s often included in promotional offers with low monthly payment terms.
• Financing options, many dealers offer low interest financing deals that help bring this monthly payment under $150 even for the new models.

Hyundai Accent

• Average monthly payment: $140
• Why is there a great option known for its reliability and feel efficiency, the Hyundai Accent is a great choice for anyone looking for an inexpensive car with low maintenance costs. It’s also backed by Hyundai’s long warranty, making it a great option for first time, car buyers.
• Financing options many dealerships provide low rate financing options on this car, and you can get an Accent for a payment that stays under $150 per month if you put down a reasonable down payment. 

Toyota Yaris 

• Average monthly payment: $145
• Why is it a great option? The Toyota Yaris is another affordable sub compact that offers excellent fuel economy and the reputation for reliability. Starting around $17,000 the Yaris is a practical choice for anybody that wants a car that’s both affordable and dependable.
• Financing options you can usually find special financing deals at Toyota dealerships in Michigan, helping you keep your monthly payment low. 

Kia Rio

• Average monthly payment: $150
• Why is it a great option with the attractive design and solid features, the Kia Rio offers a great value for those that are seeking a low payment car. It’s perfect for both city and highway driving, offering both comfort and fuel efficiency.
• Financing options Kia often offers 0% APR financing deals, making it easier to secure a low monthly payment on a Rio.

Financing your low payment car

When it comes to financing these low payment monthly cars in Michigan, there are several options to consider. Here are some tips to get the best deal.

• Always stay in tune with your credit score. Your credit score plays a big role in determining the interest rate. If your score is higher, you may be able to get a better financing term. Make sure to check your credit before applying for any loans.
• Consider a larger down payment, if possible, put a larger down payment. This will help reduce the amount that you need to finance, making your monthly payments, even lower.
• Explore the zero % financing offers many manufacturers offer 0% financing promotions for qualified buyers, which will help you secure the best possible payment terms.
• Loan term options longer loan terms, like 72 months, can help you reduce your monthly payments, but be cautious not to end up paying more and interest overtime. A 60 month loan is often a good balance.
• Use online card loan calculators, many websites in car dealership to offer loan calculators to help you determine your monthly payment based on your car price, down payment, and interest rate in loan term.

Where to find the best deals

In Michigan, there’s a few places where you can find the best low payment car deals.

• Local dealerships, many Michigan dealerships offer seasonal promotions, including low payment financing options. It’s worth checking with multiple dealers in your area to find the best offer.
• Online car shopping sites websites like auto trader, cars.com and true car allow for you to search for the low Payment cars in Michigan. You can also compare prices, financing offers and reviews, and make a better informed decision.
• Manufacturers websites manufacturers like Chevrolet, Nissan and Hyundai after run special deals on their own websites. You may find 0% APR financing offers and discount on new used cars. 
• Credit unions and banks you don’t wanna forget to check your local credit union or bank for car loan rates. Often credit unions have better rates than traditional banks, which can reduce your monthly payment. Here’s another side note to consider if you’re part of a credit union and you’ve been there for a while they may be able to catch a break on an interest rate because of the longevity of you being a member.

Conclusion

Finding the car with a low monthly payment in Michigan doesn’t have to be that challenging. Whether you’re looking for a compact car like a Chevy spark or a reliable option like a Toyota Yaris, there are plenty of affordable vehicles to choose from. By checking your credit score, exploring your financing options, and shopping around for the best deals, you can drive away with a car that fit your budget and your lifestyle.