Using A Tax Refund to Buy a Car

Our automotive financing specialists recommend paying a considerable deposit to help you get an auto loan for your next car purchase. Even if you are choosing to lease your new vehicle, having a considerable deposit can help reduce your month-to-month payments. By using your income tax return as a down payment, buyers may get approved for better auto funding options.

While new vehicles have their own set of advantages, a pre-owned car is a cost-effective choice for many budget car shoppers. With a little bit of research, it is easy to discover a good deal on a used car. And savvy customers can use their tax refund as the down payment towards the purchase of that car, truck, or SUV.

Beginning a car lease with a larger down payment can significantly reduce how much the monthly payment will be. It is extremely beneficial even when customers want to prolong the lease since most car dealerships will typically permit the customer to extend their present lease with a lower monthly payment on a month-to-month basis.

Using your income tax return to pay off an existing car loan is an exceptional idea. Customers can use that extra cash to substantially decrease the existing balance on their current car financing. And they can do this either by making a few extra payments or by paying off the balance in full. Paying off or significantly lowering the remaining balance will reduce the amount of interest that would have been paid over time.