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
>>$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
>>$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 low rate 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.
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 is NY’s trusted bad credit auto loan expert. It will help you obtain quick bad credit auto loans Bronxville as well make your car buying experience stress-free. Apply now for low rate Hempstead car loans.
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