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Are you thinking about using your tax refund to buy a new car? Whether you are looking to buy or lease a brand-new car, tax season is always a perfect time for upgrading your ride. Lots of dealerships offer fantastic tax season specials. On average, American taxpayers can receive up to $3,000 in income tax returns each year. This can mean that smart car buyers can use this windfall as a substantial initial payment towards their next car, truck, or SUV which typically provides customers with low interest rates and can even minimize regular monthly installments when financed.
If you want to invest your income tax refund on a new vehicle purchase or lease, we have some good news for you. The average refund is usually enough to cover a substantial part of the down payment. If you’re not wanting to get a brand-new car, you could also use your tax return to pay off a part or all of your existing car loan.
If you have questions about how to use your return to purchase a new car we have some recommendations and ideas from our automotive financing specialists.
Our financing experts recommend paying a substantial down payment to help you get automotive financing for your next vehicle purchase. Even if you are opting to lease your next car, having a significant down payment can help reduce your monthly payments. By using your tax refund as a down payment, buyers may get better automobile financing options.
While brand-new cars certainly have their own set of benefits, a used vehicle is an affordable choice for many budget car purchasers. With a bit of research, it is easy to find a good deal on a pre-owned automobile. And smart customers can utilize their income tax return as the deposit towards the purchase of that car, truck, or SUV.
Beginning a car lease with a bigger down payment can significantly minimize how much the monthly payment will be. It is very advantageous even when customers want to prolong the lease because most car dealerships will typically allow the customer to continue their existing lease with a lower monthly payment on a month-to-month basis.
Using your tax return to pay off an existing automobile loan is always an excellent idea. Customers can make use of that extra cash to significantly reduce the balance on their current car loan. And they can do this either by making a few extra payments or by paying off the balance in full. Paying off or significantly minimizing the remaining balance will decrease the amount of interest that would have been paid over time.