HOW TO SPEND YOUR TAX REFUND
What’s a good way to spend your tax refund? Thirty-three percent (33%) of Americans spend their refund on a new car or truck because a refund gives them more control in the buying process. Here’s how:
A tax refund can help you get an auto loan or lease with bad credit – One of the most important factors in securing an auto loan or lease for a buyer with poor credit is a down payment. Using a tax return as a down payment can create finance options that otherwise would not be available. Using your tax refund as a down payment shows lenders you are a serious buyer, reduces the chance that you will become upside down on your auto loan and even lowers your monthly payment! If you weren’t approved in the past due to credit issues, this is the perfect time to apply again. Schedule an appointment or complete an online lending form.
A tax refund can lower your monthly payments – Using your tax refund as a down payment will lower your monthly auto loan payment, making a new vehicle work within your budget. For buyers with questionable credit, lower monthly payments make it easier to get approved for a loan.
A tax refund can help you get a newer and nicer car – For buyers that want to trade in their current vehicle, the trade-in value combined with the down payment helps many people get into a newer or nicer model car at the same monthly payment.
A tax refund can fix or upgrade your current car – Have a car you don’t want to part with? Give ‘Ole Betsy the tender loving care she needs – set of new tires, tune-up, floor mats, dent repair or paint job.
A tax refund can help you refinance your current loan – If you originally financed your car at a high interest rate, your tax refund can help you structure a more affordable loan. Use your refund to reduce the principal on the loan and get a better interest rate on the balance. This is especially a smart move for individuals who have improved their credit rating since originally financing the car.
Tax season brings some of the year’s best deals – Manufacturers and dealers (including us!) offer big incentives in April. For example, Chevrolet is offering 15% off MSRP on all new 2015 models and up to $10,000 in rebates for 2016 models. In addition to OEM discounts, Martin Chevrolet Buick GMC has an April Monthly Special that reduces new car and truck prices further. Check out our Priced-to-Sell page for some of our best deals!