car loan Archives - FREE CONSULTATION

U.S. Cities Seeing the Highest Increase in Millennial Debt

Posted on February 24, 2020by Admin

Consumer debt is increasing nationwide, affecting individuals in all types of economic and sociographic groups. However, millennials seem to be the generation hit the hardest. In fact, millennials living in certain U.S. cities are hurting the most when it comes to their debt, according to a recent study from LendingTree.

LendingTree found that individuals in the millennial generation, born between the years 1981 and 1996, carried large amounts of auto debt, as well as student loan debt. These two categories made up the biggest portion of non-mortgage debt carried by millennial consumers.

Credit, Debt Relief, Timothy Kingcade Posts

How to Reduce the Cost of Your Auto Loan

Posted on June 9, 2017by Admin

When applying for an auto loan with less than perfect credit, it is inevitable the loan will come with a higher interest rate. While this makes the vehicle more expensive, there are ways you can reduce the cost of your loan. Follow these simple tips:

Consider the choice of your vehicle. This is probably the most important decision, when it comes to determining the cost of your loan. You can save more money simply by choosing an affordable vehicle. Subcompact, compact and midsize cars are better choices than trucks, vans and large SUVs. These cars not only come with a lower price tag, but insurance rates, gas mileage, depreciation and maintenance costs will also be less. Important consumer tip: Make sure your car payment is below 10-15% of your monthly income.
Keep the loan term short. The length of your car loan plays a big part in how much you will end up paying for your vehicle. The shorter the loan term- the lower the overall cost of the loan.
Make a down payment. Making a down payment will help reduce the cost of your car loan. If you can put down at least 10% at the time of purchase, this will save you a lot of money in the long run. Making a solid down payment will also help offset the higher interest rate over the life of the loan.

Your goal when financing a car should be to get the vehicle you need while getting the chance to improve your credit through on-time loan payments. Here are three more tips to keep in mind: know your budget before beginning your car search; stick to your instincts and do not allow yourself to get talked into a more expensive car; focus on the total cost of the loan as opposed to just the monthly payment.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

5 Financial Lies that keep you in Debt

Posted on December 31, 2015by Admin

To get out of debt and start planning for the future, you need to take an honest look at your financial situation. Start by owning up to these five common financial lies in the New Year.

I’ll put back the money I took out of savings. If you have to tap into to your savings to afford a new pair of shoes, a TV or other item- you probably can’t afford it. It’s even more unlikely you will put the money back into your savings account. Avoid impulse purchases and save for the future, instead.

I still have time to save for retirement. When it comes to retirement, the earlier you start the better. Timing is key. For example, if you’re 30, and save 10 percent of your $50,000 salary in a tax-deferred account, you will have $1.1 million by age 67, assuming a 6 percent rate of return and salary growth of 1.5 percent and including Social Security. However, if you start at age 35, you will only have $717,021 by age 67.

I don’t need to worry about my credit score. While you shouldn’t obsess about your credit score on a daily basis, you should check it once a year. Look for any discrepancies, like suspicious activity or inaccurate reports of late payments. Fixing these issues can make a BIG difference when it comes to the interest rate you’re offered on a mortgage, car loan, or even on a washer and dryer you choose to finance.

The bank is the best place to keep my money. Having a savings account set aside for emergencies is a sound choice. However, many people put far too much money into these low-interest savings accounts. With these type accounts, when you take into consideration inflation, you’re actually losing money. Consider alternatives such as money market accounts that yield higher interest rates.

I will never be able to pay off my debt. As you consider your budget, put additional money toward paying down your loans and debts. Consider alternatives like transferring your current credit card debt to a zero percent introductory interest rate.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.