If you can afford a cheap hakama, you can afford to save your money for a few more months until you can purchase a custom fit one. It will fit perfectly and look great. And no one will make fun of your poorly pressed, if not non-existent pleats.
As Japanese clothes, including hakama, are all of one size fits many design, unless your body is of rather unusual dimensions, all you need to worry about is getting the right length. Unless you're tremendously fat, the only modification to off the rack hakama you need is extra-long himo. The only reason to get tailor-fit hakama is so you can say that you have tailor-fit hakama.
While, at least in kendo, most people eventually move on to all-cotton hakama dyed with natural indigo, tetro hakama are great, especially for beginners. In iaido, at least the groups I've practiced with, the regular training uniform is often tetron, even for kodansha. It's durable, extremely low maintenance, usually looks pretty decent, and for arts that do suwari-waza, it doesn't go all shiny at the knees. Though no longer my regular hakama, I still use my tetron hakama from BoguBag from time to time.
I didn't post a link a to "karate depot hakama."