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Cars under $5,000 for buyers with no credit

Posted on Sep 21, 2011 by Thalia Green
Sep 21

If you are just starting out in life, making a large purchase such as a car can be a challenging task. Odds are good that your lender will require a sizable down payment, and that the car loan amount may be relatively small compared to those with good credit. You may find that a used vehicle for under $5,000 might be your best option. Fortunately, there are some great options for cars under $5,000 that are not only affordable but also reliable. Here are some suggestions for cars that might fit well into a modest budget.

 

2002 Honda Civic
As a brand, Honda's are celebrated for their longevity and reliability. With regular maintenance, many Civic owners hang onto their cars for well over 10 years. For this reason the Honda Civic should be at the top of your list for cars to consider. The Civic is also very gas efficient, which will help keep the operational costs down, as well.

 

2001 Toyota Corolla
Almost as celebrated as the Honda Civic, Toyota Corollas are equally well known for their durability. Like the Honda, regular maintenance is essential for keeping your Corolla running for years to come. This car is an excellent choice for college students who need a dependable way to get back and forth to classes.

 

1997 Mazda Miata
Inexpensive does not necessarily have to me a lack of style! For those who think a convertible is outside of their means, a 1997 Mazda Miata migh change their perceptions. The Mazda Miata convertible is a great option for those who are looking for a fun ride that will still help them stay within their means.

 

1998 Ford Ranger
Fuel economy is important for those on a strict budget, but what about if you need a truck? The Ford Ranger is a fantastic option if this is the case. As a smaller truck, you can budget less money for fuel, and maintenance costs for Fords are more reasonable than their foreign counterparts.

 

As you can see, getting a car for under $5000 does not always mean sacrificing on reliability. There are many options available to those who are looking for a car with no credit. If you choose take out a car loan for your purchase, remember to make room in your budget for routine maintenance costs. If you take good care of your car, it can serve you for many years to come.

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