Ways to Use Your Income Tax Return Toward a New Vehicle

When it comes time to file your taxes, you may be looking forward to the extra cash you receive as a refund. If you plan on saving the money for a down payment on an upgrade to your current vehicle or want to save up for a new one, we can help you find the best way to use your tax refund toward buying a car.

Use Your Tax Refund Toward A Down Payment

One of the best ways to use your tax refund is a down payment on a new vehicle. The larger the down payment, the less you have to pay interest charges over time. Saving up for your down payment is also great if you are planning and know you'll need to purchase a new vehicle shortly. When it comes time to apply for financing, we can help find the best auto loan that suits your needs and budget.

Consider Buying a Pre-Owned Vehicle With Your Tax Return

A pre-owned vehicle can be a great way to save money and get a quality vehicle. There are many reasons that people sell their cars and trade them in, so don't let someone else's misfortune become your gain. Whether you need a new car for yourself, your teenager, or another vehicle for the family, consider buying a pre-owned vehicle.

Service Your Existing Vehicle

Servicing your car will help keep you safe, and it will also help maintain the value of your vehicle. Most manufacturers recommend you service your vehicle every 3,000 miles or three months. This can include an oil change, tire rotation, and a multi-point inspection. Some dealerships even offer free services to purchase or lease a new vehicle.

Pay Off An Existing Loan

Use your tax return to pay off an existing car loan. If you owe money on a current car loan, you can use your tax refund to pay it all off at once. This will erase the burden of making monthly payments and leave you with more money in the bank for other expenses. Pay off the loan by sending a check or money order to the lender's address. You can also wire the funds from your bank account directly to the lender.

The car you choose to bring into your life can impact your happiness, fitness, finances, and overall lifestyle. Whether for you or a loved one this tax season, we encourage you to buy a car that's going to improve your life. We're all about making smart decisions, and there's no reason why buying a new car can't be one of them.