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Buying a Vehicle with An Income Tax Refund

Are you hoping to use a tax refund to get a new vehicle? Whether you are looking to purchase or lease a brand-new car, truck, or SUV, tax season is always a great time for buying a new car. Lots of dealers offer excellent income tax season offers. Generally, American taxpayers can receive up to $3,000 in income tax returns every year. This can mean smart car buyers can leverage this windfall as a nice initial payment towards their next car which typically gives customers with low interest rates and even decreases monthly payments when financed.

how to use your tax return to buy a car

How to Buy a Vehicle with An Income Tax Refund?

If you want to invest your return on a new vehicle purchase or lease, we have some good 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 car, you could also use your return to pay off a part or all of your existing auto loan.

If you have questions about how to use your tax refund to purchase a new vehicle we have some recommendations and tips from our automotive financing professionals.

  • Using Your Tax Refund Towards a Down Payment:

  • Our automotive financing experts recommend paying a significant down payment to help you get a car loan for your next vehicle. Even if you are opting to lease your next vehicle, having a considerable deposit can help reduce your monthly payments. By using your tax refund as a down payment, buyers might receive better car funding options.

  • Income Tax Returns For Pre-Owned Car Purchase:

  • While brand-new cars have their own set of advantages, a pre-owned vehicle is a cost-effective option for budget car shoppers. With a little research, it is very easy to discover a good deal on a pre-owned car. And smart buyers can use their return as the down payment towards the purchase of that car.

  • Use Your Cash For a New Car Lease:

  • Beginning a car lease with a bigger down payment could considerably decrease how much the monthly payment will be. It is extremely helpful even when customers want to extend the lease since most dealerships will usually allow the customer to continue their existing lease with a reduced monthly payment on a month-to-month basis.

  • Pay Down Your Current Car Loan:

  • Using your tax return to pay off an existing auto loan is always a superb idea. Customers can use that extra cash to significantly reduce the existing balance on their current automobile financing. And they can do this either by making a few extra payments or by paying off the balance in full. Paying off or considerably decreasing the remaining balance will lower the amount of interest that would have been paid with time.

Buying a Vehicle with An Income Tax Refund | Miller Toyota of Anaheim

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