Buffalo, N.Y. — It’s a $500 million car loan you can’t get.
And you’ll likely have to borrow money from family or friends to do so.
The average Buffalo car rental is only $5,000 per month, according to a study released by the state of New York.
That’s well below the average rate of $8,000 to $12,000 for a standard 2-year lease.
For most homeowners, the cost of buying a new car is a more pressing financial concern than getting a new vehicle.
So why would someone take out a loan for a $5 million vehicle they probably can’t afford?
According to the research, more than half of the borrowers in Buffalo are struggling with debt, and many of them are looking for a loan to make a down payment on a home or car purchase.
In Buffalo, the average car loan amount ranges from $400 to $600 a month.
The average loan length ranges from two years to three years.
The average annual interest rate for a typical Buffalo car loan is 1.4 percent.
That means a car that costs $600 per month can cost $1,000 a month, or nearly $2,000 more than the typical car loan in New York City.
Many of the residents in Buffalo who need the money for car loans say they need help getting their financial lives in order.
“I am struggling to get a loan on my home.
My kids need a loan, and my wife is working two jobs to pay the bills,” said Ashley Miller, an owner of the Buffalo restaurant Red Door.
Miller said her husband works part time and has had to pay his bills on time because of the car payments.
He can only afford to pay for $1.25 for gas.
“We are looking at a $150,000 car,” Miller said.
“I don’t think I can do that on my own.”
The average loan amount for a Buffalo car is $600,000.
The median loan length is two years.
According to a state report, the median amount of auto loan debt in Buffalo is $1 million.
And the average monthly loan payment is $150.
Miller’s situation is not unique.
More than 10 percent of Buffalo residents in the city are struggling to pay off their auto loan, according a recent analysis by the Center for Community Progress.
While the average Buffalo home mortgage is less than $700,000, the typical loan amount is $3 million.
For some borrowers, that means they’re paying about $1 per month to make payments on their car loans.
If you’re looking to get an auto loan for $500 to $1 billion, here’s a quick primer on the types of loans and where you can apply.
Here are the 10 most common types of auto loans in Buffalo:Average monthly loan payments: $1 to $3,000If you have a downpayment of $1 or less, you’re eligible for an average monthly auto loan of about $500.
For a home with a downpay of $2 million or more, the monthly rate would be up to $2.25 million.
Average monthly payment: $3 to $7,000Average monthly payments for a car loan: $7 to $20,000The average monthly payment for a home that has a downpaid down payment of $7 million or less is $2 for a 2- and 3-year auto loans, according the Center’s analysis.
The typical monthly payment would be $3.25 per month for a two-year loan.
Average monthly payments are based on the average of two of the five loan factors listed above.
For a 3- and 4-year car loan, the lowest monthly payment is about $2 a month for the lowest of the six loan factors.
Average yearly payments: up to 30 percentIf you are paying a monthly auto payment of more than 30 percent of your income, you are eligible for a payment of up to 60 percent of the loan amount.
For example, if you are making $100,000 in a year and are paying $2 per month on your loan, you could get up to an average of $6,200 a year.
For two- and three-year loans, the highest monthly payment, at up to 45 percent of income, is usually the maximum that can be made on a 2.5-year deal.
For four- and five-year deals, the maximum payment is typically $15,000 of the $35,000 you would have paid.
For five- and six-year offers, the best option for the highest payment would usually be a 4- and 5-year, up to a total of $20.5 million.
For more information, visit www.billsbankruptcy.gov.
For some of the more expensive cars in Buffalo, you can find an alternative for a lower monthly payment with a low down payment.
That could mean a $1-million down payment or