Using An Income Tax Return to Buy a Vehicle

Are you thinking about using a tax refund to buy a new vehicle? Whether you are looking to purchase or lease a new car, tax season is always a perfect time for buying a new car. Lots of dealerships offer great tax season offers. Typically, American taxpayers can get around three thousand dollars in tax refunds every single year. This can mean that smart car buyers can leverage this money as a nice payment towards their next vehicle which often gives customers with low interest rates and even decreases monthly installments when financed.

how to use your tax return to buy a car

Using A Tax Refund to Purchase a Car

If you want to spend your income tax return on a new vehicle purchase or lease, we have some excellent news for you. The average refund is usually enough to cover part of the down payment. If you’re not wanting to get a new car, you can also use your refund to pay off a part or the entirety of your existing auto loan.

If you have questions about using your return to buy a new car we have some suggestions and tips from our automotive financing specialists.


  • Using Your Tax Refund Towards Down Payment:

  • Our financing professionals suggest paying a substantial deposit to help you get an auto loan for your next car purchase. Even if you are choosing to lease your new car, having a significant deposit can help decrease your month-to-month payments. By using your tax return as a down payment, purchasers may qualify for better auto financing options.

  • Tax Returns For Used Vehicle Buying:

  • While brand-new cars certainly have their own set of benefits, a used vehicle is a cost-efficient choice for many budget car shoppers. With a little bit of research, it is very easy to discover a good deal on a pre-owned automobile. And savvy car buyers can use their income tax refund as the deposit towards the purchase of that vehicle.

  • Use Your Return For an Auto Lease:

  • Starting a car lease with a bigger down payment might significantly reduce how much the monthly payment will be. It is very useful even when customers wish to prolong the lease since most dealerships will generally permit the customer to extend their current lease with a lower monthly payment on a month-to-month basis.

  • Paying Down Existing Auto Loan:

  • Using your tax return to repay an existing automobile loan is also an excellent idea. Customers can use that extra cash to significantly reduce the balance on their current vehicle financing. They can do this either by making a few extra payments or by paying off the balance in full. Paying off or significantly reducing the remaining balance will decrease the amount of interest that would have been paid over time.


Using An Income Tax Return to Buy a Vehicle | Gillman Honda Fort Bend

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Gillman Honda Fort Bend
Gillman Honda Fort Bend
26029 Southwest Fwy
Rosenberg, TX, 77471 US
(281) 341-2277
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Gillman Honda Fort Bend 29.5341448, -95.773817.