Have you thought about using your 2022 tax refund for purchasing your next car? Right now is the perfect time! It’s the season of the year again where the government is refunding us American taxpayers some of our hard earned money into our bank accounts. This February alone, tax refunds averaged over $3,000 dollars a person, depending on income and tax bracket. But is the amount of money enough to get into your dream SUV, sedan or sports car? Keep these following suggestions in mind and stick with us on today’s discussion when making the decision to purchase your next car with a tax refund.
Good news! Your 2022 income tax refund will likely qualify to use towards your next car purchase. The typical tax return is usually enough to cover a substantial part of a down payment. However, factors such as the desired car’s price, age and your credit condition also make a great influence. If you are not looking to buy, but maybe sell off your existing auto loan, your tax refund can also help! For any questions on your next SUV, sedan or sports car purchase, our financial specialists at Future Auto Sales are always just a phone call away. Get real time advice from experienced financial automotive experts today before committing to anything. Call 818-240-0099
Financing a car will in most cases involve a down payment. That refers to an initial payment made before purchasing something on credit. Most financing institutions such as banks or credit unions require that when doing business. Using your tax refund as a down payment is a smart way to lease or finance new and used vehicles in today’s world. Based on our experience of buying and selling cars for over 20 years, our FAS financial specialists usually recommend at least a 10% down payment of the car’s full price when buying a pre-owned vehicle. However, that can vary depending on the age of the car, credit situation and business. Keep in mind, the down payment can influence your monthly payments as well. The more cash you have down initially, the less you will have to finance in the long term.
Looking to get out of your lease or loan and sell the car? Our Buying Specialists at FAS are experts in lease and lien buy-outs. We handle all pay-off and DMV paperwork right with you, easy and hassle-free. Give us a call today for more information on selling your car!