36 Cars You Can Finance for Under $300 a Month in 2015

SEE ALSO: Which Cars Can You Afford - New Car and Truck Ranked by Monthly Payment.

LOS ANGELES --April 6, 2015: Americans are borrowing record amounts for their new cars, with the average monthly auto loan payment today coming in at more than $480¹. To help car buyers find affordable, high-quality vehicles, leading personal finance site GOBankingRates uncovered 36 cars on sale today — from the Jeep Renegade to the Honda Civic — that can be financed for less than $300 a month.

GOBankingRates investigated dozens of affordable makes and models, consulting with car experts at Edmunds.com, Cars.com, AutoTrader.com and more to compile the list. The report also includes tips on which cars offer the best fuel economy and warranties, which will incur the lowest maintenance costs, and what kind of safety features drivers can expect.

"The truth is, you don't have to choose between a gigantic monthly payment and a junker when buying a new car," said Casey Bond managing editor of GOBankingRates. "Our research shows that some of the most popular cars this year can also be some of the most affordable — as long as you keep your credit high and choose a loan term length that works well with your budget."

36 Vehicles With Car Payments Under $300 a Month:

Additional details:

• Jeep: According to Kelley Blue Book, the 2015 Jeep Patriot is the most affordable small utility vehicle on the road this year — a five-year loan will cost you $242 a month.
• Ford: Experts at TrueCar say the 2015 Ford Focus is now built on the European-based platform, making it one of the sportiest cars on the list. The 2015 model year also offers segment-leading technology and safety features. You can buy one for about $249 a month with a five-year loan.
• Toyota: The 2015 Toyota Corolla will run you about $246 a month on a five-year loan. According to CarsDirect, the car is reliable even at higher mileages, meaning it will better hold its value and be worth more at trade-in.

Methodology:

Auto payments were calculated using the starting MSRP as provided by the car manufacturer, assuming a 20 percent down payment, a five-year term length and an interest rate of 3.44%. This rate is the daily national average on five-year new auto loans for consumers with excellent credit scores (740 to 850); it was pulled from Informa Research Services' database on April 1, 2015.