Are you thinking about using an income tax refund to purchase a new car? Whether you are looking to purchase or lease a new vehicle, tax season is always a great time for purchasing a new ride. Many dealers provide excellent tax season deals. Generally, American taxpayers can get around $3,000 in tax returns every single year. This means smart car buyers can utilize this windfall as a substantial deposit towards their next car, truck, or SUV which typically gives customers with low interest rates and even reduce monthly installments when financed.
If you wish to spend your refund on a new automobile purchase or lease, we have some excellent news for you. The typical return is typically enough to cover a big part of the down payment. If you’re not looking to get a brand-new vehicle, you can also utilize your refund to pay off a part or all of your existing auto loan.
If you have questions about using your income tax return to get a new car, truck, or SUV we have some suggestions and ideas from our automotive financing experts.
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.
Using A Tax Refund to Buy a Car | Bob Howard Acura