How to Use Your Tax Return to Purchase a Car

Are you hoping to use an income tax refund to get a new car? Whether you are looking to buy or lease a new vehicle, tax season is always a good time for buying a new car. Lots of car dealerships have fantastic income tax season deals. On average, American taxpayers can receive up to $3,000 in tax returns each year. This means that smart car buyers can use this cash as a good payment towards a new car which often gives customers with low interest rates and even lessen monthly payments when financed.

how to use your tax return to buy a car

Using An Income Tax Return to Buy a Vehicle

If you wish to invest your tax refund on a new car purchase or lease, we have some excellent news for you. The typical tax refund is usually enough to cover a substantial part of the down payment. If you’re not wanting to get a brand-new car, truck, or SUV, you can also utilize your return to pay off a part or the entirety of your existing car loan.

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


  • Using a Tax Return Towards Down Payment:

  • Our financing experts recommend paying a substantial down payment to help you get a car loan for your next car. Even if you are choosing to lease your new car, having a substantial down payment can help reduce your monthly payments. By utilizing your income tax refund as a down payment, customers may receive better auto funding options.

  • Tax Returns For Used Car Buying:

  • While brand-new vehicles have their own set of advantages, a used car is a cost-efficient choice for many budget car buyers. With a little research, it is easy to find a good deal on a pre-owned vehicle. And savvy customers can utilize their income tax refund as the down payment towards the purchase of that vehicle.

  • Use the Cash On a New Car Lease:

  • Beginning an automobile lease with a larger down payment can significantly minimize how much the month-to-month payment will be. It is extremely useful also when customers want to prolong the lease because most dealerships will generally allow the customer to extend their current lease with a reduced monthly payment on a month-to-month basis.

  • Pay Down Your Existing Car Loan:

  • Using your refund to settle an existing car loan is also a superb idea. Customers can utilize that extra money to considerably reduce the existing balance on their current vehicle loan. And they can do this either by making a few extra payments or by paying off the balance in full. Paying off or significantly decreasing the remaining balance will decrease the amount of interest that would have been paid over time.


How to Use Your Tax Return to Purchase a Car | Porsche El Paso

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Porsche El Paso
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