How to Use A Tax Refund for Buying a Car

Are you thinking about using a tax return to buy a new car? Whether you are looking to buy or lease a new vehicle, tax season is always a good time for upgrading your ride. Most car dealerships have great tax season deals. Usually, American taxpayers can receive up to $3,000 in income tax refunds each year. This can mean smart car buyers can leverage this money as a substantial payment towards a new car which often gives customers with low interest rates and even decrease regular monthly payments when financed.

how to use your tax return to buy a car

Buying a Vehicle with Your Income Tax Return

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

If you have questions about using your income tax refund to buy a new car, truck, or SUV we have some recommendations and ideas from our automotive financing professionals.


  • Using Your Tax Return For Down Payment:

  • Our automotive financing experts recommend paying a substantial down payment to help you get automotive financing for your next automobile purchase. Even if you are opting to lease your next car, having a substantial deposit can help lower your month-to-month payments. By utilizing your income tax refund as a down payment, buyers may receive better auto financing options.

  • Tax Returns For Pre-Owned Car Buying:

  • While brand-new vehicles have their own set of advantages, a used car is a cost-effective choice for many budget car buyers. With a little bit of research, it is very easy to find a great deal on a used automobile. And smart buyers can utilize their income tax refund as the down payment towards the purchase of that car.

  • vUse Your Cash On an Auto Lease:

  • Beginning a car lease with a larger down payment might considerably reduce how much the monthly payment will be. It is extremely advantageous even when customers wish to prolong the lease due to the fact that most dealerships will typically permit the customer to extend their current lease with a lower monthly payment on a month-to-month basis.

  • Pay Off a Current Car Loan:

  • Using your income tax refund to settle an existing auto loan is always a superb idea. Customers can utilize that extra money to substantially decrease 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 lower the amount of interest that would have been paid with time.


How to Use A Tax Refund for Buying a Car | Sterling McCall Lexus

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Sterling McCall Lexus
Sterling McCall Lexus
10025 Southwest Fwy
Houston, TX, 77074 US
(800) 256-6225
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Sterling McCall Lexus 29.669721, -95.546642.