A cheap drill press is junk and a waste of money. The table has to be made well enough that you can drill a 90 degree hole, etc. So yeah, $$$.
If money is an issue think about making a few drilling jigs that operate off of a hand electric drill. This takes some time to make but the price is almost nothing and the results very good. If you want to drill 1/16" holes for pin stock you'll get BETTER results on the drill jig.
I've covered this in past posts so it is probably in the archives but basically you build a three sided box with open ends, ( a base and two sides) the width a little wider than the stock. You epoxy putty a tube horizontally across the sides. Once the epoxy sets saw away the middle- you now have two perfectly aligned tubes. The inside diameter is for whatever drill you will use, so a 1/16" inside diameter for pins, larger for tang bolts, lock bolts, etc. You have to make separate jigs for each job.
To use the jig- mark on either side of the stock where the hole needs to be. Now drill in to the stock free hand but only about 1/16" deep. Now the hard part, you have to drive wedged shims on either side of the gaps between jig and stock and clamp in place and place drill bits on both sides to assure all is lined up. I normally have to undo everything and re-clamp 3 or 4 times until all is perfect. Then drill in from each side. I've never had the drilled holes not line up okay. By drilling IN on either side you'll never have a chip of wood break out as can happen when a drill bit exits the far side.
If you are confused on this but it is of interest- just ask more questions.
I'm pretty cheap. Every $ I save goes into another project so to me, saving $$$ is a big deal even if the alternative requires more time.
BTW- the last time we discussed drilling jigs some other folks posted their designs that looked very good.