Using Your Tax Refund to Purchase a Vehicle

Are you thinking about using an income tax refund to get a new car? Whether you are looking to purchase or lease a brand-new car, truck, or SUV, tax season is always a perfect time for upgrading your ride. Most dealerships have fantastic tax season deals. On average, American taxpayers can receive up to three thousand dollars in income tax refunds each year. This can mean that smart car buyers can use this windfall as a nice down payment towards a new car, truck, or SUV which usually provides customers with low interest rates and can even decrease regular monthly installments when financing.

how to use your tax return to buy a car

Using Your Tax Return to Purchase a Vehicle

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

If you have questions about using your tax return to purchase a new vehicle we have some suggestions and ideas from our automotive financing experts.


  • Using Your Tax Return Towards a Down Payment:

  • Our automotive financing specialists recommend paying a significant down payment to help you get a car loan for your next vehicle. Even if you are choosing to lease your next car, having a significant down payment can help reduce your monthly payments. By using your refund as a down payment, buyers may get approved for better car funding choices.

  • Tax Return For Used Car Buying:

  • While brand-new vehicles have their own set of advantages, a pre-owned automobile is an economical choice for budget car buyers. With a bit of research, it is very easy to discover a great deal on a pre-owned automobile. And smart car buyers can use their return as the deposit towards the purchase of that car, truck, or SUV.

  • Using Your Refund For a New Car Lease:

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

  • Pay Off Existing Car or Truck Loan:

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


Using Your Tax Refund to Purchase a Vehicle | Folsom Lake Toyota

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