5 New Cars You Can Finance for Less Than $400 a Month

Buying a new car has become increasingly unaffordable, with the average new car payment now exceeding $700 a month. Fortunately, there are still certain models that you can purchase with a budget of $400 or less for your monthly payments, assuming a 20% down payment.

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Here are some of the most affordable new cars you can buy right now , as identified by CoPilot.

2024 Nissan Versa

• Incentive: None
• Average price: $20,596
• Monthly payment with 20% down: $327.66

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2024 Kia Forte

• Incentive: 4.25% APR for 60 months
• Average price: $20,596
• Monthly payment with 20% down: $305.31

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2024 Kia Soul

• Incentive: 4.25% APR for 60 months
• Average price: $23,475
• Monthly payment with 20% down: $347.99

2024 Nissan Sentra

• Incentive: 4.9% APR for 60 months
• Average price: $24,174
• Monthly payment with 20% down: $364.07

2024 Toyota Corolla

• Incentive: 5.49% APR for 60 months
• Average price: $25,625
• Monthly payment with 20% down: $391.48

Data is sourced from CoPilot and is accurate as of August 2024. Monthly payments assume a 7.18% interest rate (average for new cars) and a 60-month loan.

Photo Disclaimer: Please note photos are for illustrative purposes only and might not feature exact models, base models or the cars’ specific trim levels. As a result, some of the cars in the photos might have different MSRPs than the ones listed in this article.

This article originally appeared on GOBankingRates.com : 5 New Cars You Can Finance for Less Than $400 a Month