How to Use Your Income Tax Refund to Purchase a Car
If you want to invest your income tax return on a new vehicle, the average tax return is usually enough to cover a big part of the down payment. If you’re not looking to get a brand-new car, truck, or SUV, you could also utilize your return to pay off a part or all of your existing auto loan.
If you have questions about using your income tax refund to purchase a new car we have some tips.
Use Your Tax Refund For a Down Payment
Most financial experts recommend paying a significant deposit to help you get the best financing for your next auto purchase. Even if you are choosing to lease your new vehicle, having a substantial down payment can help reduce your month-to-month payments. By using your tax return as a down payment, buyers might receive better car funding choices.
Use Your Income Tax Return For a Used Car, SUV or Truck
Shopping for a used car instead? With a bit of research, it's easy to find a great deal on a used vehicle at Joe Ball GMC. Smart buyers use their tax return as the deposit towards the purchase of that car, truck, or SUV.
Use Your Income Tax Return For a New Car Lease
Starting a car lease with a bigger down payment can significantly decrease how much the month-to-month payment will be. Talk to our leasing specialists for more information.
Pay Down Your Existing Loan
Using your income tax refund to pay off your existing car loan is also a practical idea. Paying a little extra every month or paying off your loan completely will significantly lower the amount of interest that would have been paid over time. That's always a smart choice!
If you're ready to use your tax refund to start shopping, browse our new and used inventory and see all of the vehicles we have available. You can contact us prior to coming to set up an appointment to test drive a few vehicles, or you can stop by the dealership whenever it's convenient for you. You'll find that every person you work with at Joe Ball GMC is here to help you find a great vehicle at the best price possible!