Should I Use My Tax Refund as Down Payment On a New Car?

By blogsadmin | Posted in Financing, New Vehicles, Used Cars on Wednesday, February 15th, 2017 at 10:07 am
Buying a Car with tax refund money tips

Tax season isn’t something we look forward to very much, but there are benefits to getting them done and using the potential refund money for something you’ve been meaning to do. Whether this is paying off a car loan or investing in a new car, we’ve got the tips for you. Check out the info below to help prepare yourself for the process of buying a new car with your tax refund.  

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Using Tax Refund Money on New or Used Car

Buying a car with the money you got as a tax refund might seem like a no-brainer, but there are a few things you have to consider. First of all, are you interested in putting the refund towards the down-payment on a new car, or are you more interested in buying something previously-owned and paying a larger chunk of the total? Here are a few benefits to each:

  • Buying a new car usually means you’ll be paying for fewer repairs and maintenance in the near future, but it’s important to consider what your finances will look like in the future. Will you be able to cover the cost of monthly car loan payments?
  • Something previously-owned might be more cost-effective now, but does the vehicle need expensive repairs and maintenance to continue running? Be sure to have a professional inspect the vehicle’s important systems before you put your money on the table.

Used Cars Under $10,000 Orwigsburg PA

If you’d like to see what we have to offer for used vehicles at an incredibly affordable price, check out the inventory here. We’ve got something to fit your needs and budget, and even offer quick and easy financing pre-approval online!

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