What type of steel, because cutting 1/4" mild is a breeze compared to cutting 1/4" stainless.
You’re going to most likely be looking at a table bandsaw, however a bandsaw with a 12" throat that’s going to have the power and proper speed(low FPM) to cut that thick of metal is going to cost a bit more than $200. My cheapo 12" is about $500, my bigger 18" metal Jet is sub $2500.
Nothing bigger than 12x12…invest in a sturdy vise and a good sawzall with blades. You can cut presise with that in .065(16gauge) and up. Thinner stuff, like 18-20 gauge body sheet metal, buy an air nibbler and go nutz. Or spend a few hundred on a used 110 volt plasma cutter and you could do it all with precision(1/4" might be pushign it on that but would still cut with multiple pass or REALLY slow single pass)