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Follow on Google News | Affordable Auto Loan in New York: Stay away from an Expensive Car PurchaseNew York is one of the most expensive states to live in. But, that doesn’t mean New Yorkers have to bear the burden of an expensive car purchase. You can reduce your car-related expenses by obtaining an affordable auto loan in New York.
By: Car Destination What is the cost of buying a Car in New York? The cost of buying a new car depends on the make and model that you choose. But, the approximate cost will be the total of the following expenses: Initial Cost of Owning a Car in New York • $33560 – Average price of new car • $50 – Title Fee of New York State DMV • $25 – License Plate Fee of New York State DMV • Other Taxes Annual Cost of Owning a Car in New York • $1196 – Average Annual Car Insurance • $365 – Repairs • $713 – Gas Now, you cannot reduce the cost related to the New York State DMV fees, insurance or maintenance. But, you can avoid an expensive car purchase by opting for an affordable auto loan in New York (http://www.cardestination.com/ How to obtain an Affordable Auto Loan in New York State? Choosing a car is an emotional decision for people. So, it is important that you keep your emotions in check and buy a car that doesn’t put a pressure on your wallet. Here’s how to work towards obtaining an affordable auto loan in New York State: Spending Plan You must prepare a spending plan that includes information of your monthly income and expenses. Make a list of your total monthly income that includes income from your job as well as investments. Remember to include all your expenses such as food, rent, utility bills, etc. to your total monthly expense. Once you calculate your monthly income and expense, you will be able to allocate a monthly budget for your car-related expenses. Monthly Payment Once you create your spending plan, you will be able to estimate a comfortable monthly payment amount. Make sure that you stick to the comfortable amount because if you opt for a New York auto loan with higher monthly payment amount, you will face financial trouble. Down Payment Down payment helps a New York car buyer in the following ways: • It reduces the total loan amount. • It reduces the loan-to-value (LTV) ratio. • It manifests a stable financial condition to the lender. • It reduces the interest rate. • It reduces the chances of an upside down auto loan. If you are buying a new car in New York State, 20% down payment is ideal. And, if you are interested in a used car, it is okay to have at least 10% down payment. Trade-in By opting for a trade-in, you will be able to reduce your total loan amount. The option is ideal for those NY car buyers who do not have adequate down payment. Before trading your old car for a new one, ascertain the selling price of your old car. If a car buyer is willing to give you a higher price than the dealer, sell it and use the money for down payment. Buying a car is expensive in New York State. But, if you work hard to make your New York auto loan affordable, you can avoid an expensive car purchase. Car Destination is NY’s trusted bad credit auto loan expert. It will help you obtain quick bad credit auto loans in Buffalo (http://www.cardestination.com/ End
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