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CNBC published a report on America’s most expensive states to live in 2015. And, the New York State is at number 3. Living in the Empire State is to live a royal life. Everything from a house to a cup of coffee will cost a fortune in the state. And, buying a car is expensive in New York as well.

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.

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:

1. It reduces the total auto loan amount.

2. It reduces the loan-to-value (LTV) ratio.

3. It manifests a stable financial condition to the lender.

4. It reduces the interest rate.

5. 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 will help you obtain low-rate New York auto loans in the Empire State. Do not worry if you have bad credit history. The NY bad credit auto loan expert ensures guaranteed car financing in Bronx at the click of mouse. Apply now.

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With the housing-market crash and resulting economic downturn, hundreds of thousands of Americans currently find themselves in significant amounts of debt. To meet the demand for help from struggling consumers, some private companies offer debt management counseling, debt consolidation and debt management plans, also called DMPs. However, such programs and services cannot offer the same benefits as good, old-fashioned bankruptcy. Be sure to look at these programs with careful scrutiny and examine all the facts.

Debt management and consolidation

DMPs are very popular and consist of budgets and plans as to how the debtors will pay their way out of debt within the next three to five years. A DMP is created after a debtor and a counselor complete a comprehensive review of the debtor’s financial situation, which includes analyzing the debtor’s assets, debts, income and expenses.

A counselor may also work with creditors to reduce or eliminate the debtor’s interest payments so payments go toward principal instead of interest. While analyzing your finances and establishing a budget is always a smart move, a DMP will have little to no positive impact on a credit score. In fact, if you miss a payment your credit may continue to suffer. And, interest continues to accrue without any sort of legal order (i.e., bankruptcy) in the mix.

Debt consolidation generally involves a loan that combines all of one’s debts into one lump sum with a lower interest rate. The lower rate results in a lower monthly interest rate, but what is not advertised up front is that the lower rate is in exchange for a longer loan term. The longer loan term means more of a chance of missing a payment and dinging your credit again. So while the monthly payment is reduced, the debtor ends up paying more overall to pay off the full loan amount. And, again, interest and fees can be accruing the entire time. Not to mention, a lot of the money you pay in at the beginning does nothing to resolve the debt but only pays the company for its services.

Nine times out of ten, six months into a debt consolidation or settlement program, debtors get extremely frustrated and turn to bankruptcy at that point. But, at that point, you have lost another six months. Make a smart, economical and time-effective choice the first time and you can get to rebuilding your credit and moving on much faster.

Bankruptcy

Bankruptcy is a much better approach to improving your credit score and it comes in two forms. A Chapter 7 bankruptcy prevents creditors and debt collectors from harassing the debtor and allows for a discharge of nearly all credit card and medical debt. A Chapter 13 bankruptcy also prevents creditor harassment, but sets up a three to five year debt repayment plan. The choice between the two depends on the debtor’s individual financial situation.

A Chapter 13 bankruptcy filing will usually stay on a consumer’s credit report for seven years, while a Chapter 7 bankruptcy filing generally remains there for up to 10 years. Though a bankruptcy will remain on the debtor’s credit report, bankruptcy gives control back to the debtor by wiping the slate clean (mostly) of debt and allowing him or her to rebuild credit. The debtor will not be constantly dragging old bills and accounts with him or her in the attempt to improve his or her credit score. Bankruptcy truly is a fresh start.

If you or a loved one is suffering under the pressure of debt, contact an experienced bankruptcy attorney to discuss your financial situation and the benefits of filing Chapter 7 or Chapter 13 bankruptcy. Despite the claims of debt management and consolidation companies, bankruptcy is likely your best option to start anew.

Article provided by Trepeck Bane PC
Visit us at www.chicagodebtsolutions.com

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