Not sure how tax refunds can help you get your dream car? You can use the money from tax refunds to make a larger down payment. You can even pay off your existing car loan with it. Upgrading your car for selling or trading it is another way to get one step closer to the car of your dreams.
Tax season is the time of the year when you are doing one of the two things; either filing your taxes, or applying for an extension. The pleasant surprise circling the tax season lies in obtaining a tax refund. Essentially, a tax refund is the money that you overpaid to the government, which is being returned back to you. As tax refunds are unplanned, many people view them as bonus and get ready to splurge. However, instead of spending it on extravagance, why not spend the money towards a fruitful investment? If you are looking to dump your old vehicle and buy a new car, tax refunds come in handy.
How can Tax Refunds help you in fulfilling your Car Dream?
1) Larger Down Payments help Credit Challenged Consumers
A good amount of down payment can work wonders for your auto financing. According to an Internal Revenue Service report of 2017, an average American obtains close to $3000 of tax refunds annually. An individual with a bad credit score can seek to entrust the lender by paying a hefty down payment amount. The seriousness of the deal increases in the eyes of the lender as your creditworthiness rises with a larger down payment.
2) Pay off Existing Car Loan
Tax refunds serve as great means by filling in the finance for your previous car loans. You can do two things in order to lessen the burden of your debt. One, you can make a double monthly payment or clear your balance and attract low interest rates on your next auto loan. Second, you can refinance your existing car loan at a competitive rate. A tax refund will significantly help you in reducing your principal amount and thereby, obtaining lower interest rates.
3) Upgrade or Trade-in Your Current Car
Selling your car or trading it can increase the probability of getting your hands on a high-end new car. But, you cannot get a good deal on a car that demands maintenance. So, use the tax refund money for maintenance and repairs. Upgrade the car to increase its features, efficiency and vehicle lifetime years. It will help you in getting a favorable deal.
Tax Refunds: Boons, Bonus & Bonanza
As unexpected as they may seem, tax refunds can come in handy when you need them the most. Your car purchasing and financing process can be simplified by wisely using your refund money. Be prepared while you go to a dealership and shop around a few dealerships before you settle. Tax refunds are annual so make the most of it in getting one step closer to your dream car.
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