Hey UG i am looking for a good bass guitar that is cheat and sounds good. I am a beginner and would like some help getting one but i can only afford one up to $150 right now.
get a used squier. it doesnt matter whether you get a Jazz or a Precision. either are good. you honestly cant go wrong with squier (despite what some haters on here say). they're incredibly good basses, and in my honest opinion, better than the up to the $700 mexican made ones.

what are you doing about an amp btw?
i will probably buy an amp later. i just want a bass now so i can start practicing. but also im trying to find a packaged deal with a bass and amp together.
you should generally try and avoid those. a pakage deal looks good at first: but the bass and amps are usually horrid comming out of those.
no sir away a papaya war is on
^I concur. Usually shopping around for a good second on the amp and the bass, you can do better than a package deal.

I always caution people about buying a bass before the amp. The problem is that you tend to learn to pluck harder than you need to, in order to compensate for the lack of amp.

I've seen used KBA10 Kustoms go for under 35USD.
i've seen some of those fender and peavey 15 watters go for as little as $15 in pawn shops up here in canada. you may want to look around because they're super easy to find and you'll get by. the sound isn't the best, but at least there is a sound there.