How to Use Your Tax Return Toward a New Vehicle

There are a few ways that you can use your tax refund toward reaching your automotive goals. Let's look at some of the more common ones:

Make a Down Payment

Your tax return can be used to make a down payment on a new vehicle. In some cases, your tax return will be enough on its own. In other cases, you may want to add it to any existing money that you have been saving for your next car. The larger the down payment, the lower your monthly payments will be. 

Shop for a Pre-Owned Vehicle

If your tax return is not large enough to cover a down payment on a new vehicle, you can shop our high-quality pre-owned inventory instead. You can still get a car, truck, or SUV with the features you need and have lower monthly payments. 

Maintain & Repair Your Current Vehicle

Most times, the smarter choice is to invest in the vehicle you already have. A tax return allows you to get the maintenance and repairs you have been putting off done. 

Pay Off Your Current Automotive Loan

You can also consider using your tax return to lower the amount that you owe on your current loan. If you are lucky, you may even be able to pay it off entirely. In either case, you will reduce the amount of interest that you have paid over the life of your loan. 

We would be happy to chat about the ways your tax return can help you bring home your next vehicle. Feel free to reach out to us today.