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Purchasing a Car with Your Tax Refund

Are you hoping to use a tax refund to purchase a new car? Whether you are looking to buy or lease a brand-new car, tax season is always a perfect time for upgrading your ride. Many dealerships offer great tax season specials. Usually, American taxpayers can receive up to $3,000 in income tax refunds each year. This can mean smart car buyers can utilize this windfall as a nice deposit towards their next vehicle which typically gives customers with low interest rates and can even reduce monthly installments when financed.

how to use your tax return to buy a car

Using Your Tax Refund for Buying a Vehicle

If you wish to spend your return on a new vehicle purchase or lease, we have some good news for you. The average return is typically enough to cover part of the down payment. If you’re not looking to get a brand-new car, you could also utilize your income tax refund to pay off a part or the entirety of your existing auto loan.

If you have questions about how to use your tax refund to buy a new vehicle we have some suggestions and ideas from our automotive financing professionals.


  • Using a Tax Return Towards a Down Payment:

  • Our automotive financing experts recommend paying a significant deposit to help you get an auto loan for your next automobile. Even if you are opting to lease your next vehicle, having a substantial deposit can help lower your monthly payments. By using your income tax refund as a down payment, purchasers might get better car financing choices.

  • Tax Returns For Used Car Buying:

  • While brand-new cars certainly have their own set of advantages, a used car is an affordable choice for budget car buyers. With a little research, it is very easy to find a good deal on a used car. And savvy customers can utilize their refund as the down payment towards the purchase of that car.

  • Using the Cash On 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 very useful also when customers want to prolong the lease due to the fact that most dealerships will generally permit the customer to continue their present lease with a lower monthly payment on a month-to-month basis.

  • Paying Down Your Existing Car Loan:

  • Using your refund to pay off an existing auto loan is an outstanding idea. Customers can use that extra money to significantly reduce the existing balance on their existing automobile loan. And they can do this either by making a few extra payments or by paying off the balance completely. Paying off or significantly lowering the remaining balance will lower the amount of interest that would have been paid with time.


Purchasing a Car with Your Tax Refund | Land Rover Santa Fe

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2582 Camino Entrada Santa Fe, NM

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Land Rover Santa Fe
Land Rover Santa Fe
2582 Camino Entrada
Santa Fe, NM, 87507 United States
(505) 474-0888
https://di-uploads-development.s3.amazonaws.com/landroversantafegroup1automotive/uploads/2017/08/LandRoverSantaFeOGImage.png
Land Rover Santa Fe 35.6326819, -106.0228486.