How to Buy a Vehicle with Your Income Tax Return

Are you hoping to use a tax refund to buy a new vehicle? Whether you are looking to purchase or lease a new car, truck, or SUV, tax season is always a great time for purchasing a new ride. Many dealerships have great tax season offers. On average, American taxpayers can receive up to $3,000 in tax refunds each year. This can mean smart car buyers can utilize this cash money as a substantial deposit towards their next car which generally provides customers with low interest rates and can even minimize regular monthly installments when financing.

Using Your Tax Return for Buying a Car

If you wish to spend your income tax refund on a new car purchase or lease, we have some good news for you. The average refund is usually enough to cover a big part of the down payment. If you’re not wanting to get a brand-new car, truck, or SUV, you can 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 get a new car, truck, or SUV we have some recommendations and tips from our automotive financing specialists.

Using Your Income Tax Return For Down Payment:

Our automotive financing specialists recommend paying a considerable down payment to help you get a car loan for your next automobile purchase. Even if you are opting to lease your next car, having a substantial deposit can help reduce your monthly payments. By using your refund as a down payment, purchasers might receive better vehicle funding options.

Income Tax Returns For Used Vehicle Buying:

While brand-new vehicles certainly have their own set of advantages, a pre-owned vehicle is an affordable choice for budget car shoppers. With a bit of research, it is very easy to find a great deal on a pre-owned vehicle. And savvy car buyers can utilize their income tax return as the down payment towards the purchase of that vehicle.

Using the Cash For a New Car Lease:

Starting a car lease with a bigger down payment might substantially minimize how much the monthly payment will be. It is extremely useful also when customers want to prolong the lease because most car dealerships will generally allow the customer to continue their present lease with a reduced monthly payment on a month-to-month basis.

Paying Off a Current Car or Truck Loan:

Using your tax refund to repay an existing car loan is always an outstanding idea. Customers can make use of that extra money to significantly lower the existing balance on their existing vehicle financing. And they can do this either by making a few extra payments or by paying off the balance completely. Paying off or considerably reducing the remaining balance will reduce the amount of interest that would have been paid with time.

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Hendrick Vehicle Disclaimer:

$599.00 Closing Fee included in advertised price. The Closing Fee is a charge that is permitted but not required by law.

All prices exclude all taxes, tag, title, registration fees and government fees. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer.

All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

Additional Disclaimers:
Mention this advertisement to the dealer to receive the advertised price. Coupon not valid with any other offer. Must present coupon at time of purchase. Limit one coupon per person. Coupon does not apply to prior purchases. Other restrictions may apply. Coupon not valid with any other offer. Must present coupon at time of purchase. Limit one coupon per person. Coupon does not apply to prior purchases. Other restrictions may apply. $150 max discount.

For well-qualified buyers. Example: 10% down payment. 48 months financing at $21.65/month per $1,000 financed. Expires 2/28/23. For well-qualified buyers. Example: 10% down payment. 48 months financing at $22.53/month per $1,000 financed. Expires 2/28/23. For well-qualified buyers. Example: 10% down payment. 48 months financing at $22.09/month per $1,000 financed. Expires 2/28/23.

Eligible through 2/28/23. $1,000 toward Cap Cost Reduction or Down Payment Assistance with the lease or purchase of a new and not previously reported sold 2022 Pilot to qualified current owners of any 2012 or newer Honda.

$500 toward cap cost reduction assistance with the lease of a new and not previously reported sold Honda vehicle through HFS. All new and not previously reported sold 2023 model year and newer Honda models (excluding Civic Si/Type R and Clarity FCX) are eligible. Not all customers will qualify. See dealer for details. Expires 2/28/23.

See dealer for financing details. 0.99% APR for 24-60 mos. for highly qualified customers. Only applies to 2017-2021 HondaTrue Certified or HondaTrue Certified+ Pre-Owned Accord, Civic, CR-V and HR-V models. Offer Expires 1/3/23. See dealer for details.

Well-qualified customers who purchase a new, used, or certified preowned vehicle, 5 model years or newer with less than 72K miles between January 2, 2023 and February 6, 2023 and finance through a participating dealer and lender have an option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Non-commercial transactions only. Equal monthly payments only. Dealer participation required. Not available to Pennsylvania residents, see your dealer for details. Must take retail delivery by February 6, 2023.
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