There are several sources of information here on the forums about DIY chillers, the simplest of which consists of copper tubing in a bucket of cold water.
I'd pick a good used craigslist find over some low-end new unit any day. The problem is knowing what to look for, and being patient and vigilant enough to catch one when it pops up. Unless you can afford $2000+, keep on the lookout for a good used compressor. Look hard enough, and you may even find a pump here, a motor there, and one or more may have a good tank. This can be hard of you don't know what you are looking for, but generally if it is very heavy, and made in the USA, you probably scored. If you mix and match, you'll have to know the optimum RPM for the pump at the given HP of the motor, and buy the right size pulley accordingly. Of course the major drawback is that you will buy something broken. The best thing would probably be to find one that is all together and working.
You'll want to avoid the little motors that run at ~3450RPM or so. Find a setup with a motor in the ~1750RPM range. Those will be the ones that actually live up to their HP claims, and have the grunt to turn a beast pump at low RPM for quiet longevity.