Posted Friday, Nov 20, 2020
A down payment can be a substantial help for securing an auto loan and decreasing your monthly payments on a vehicle that you love. For buyers with poor credit, a tax return is one great option that could otherwise be difficult due to financial hardships or getting back on financial track. According to the Internal Revenue Service, the average federal tax refund each year is about $3,000. Whether a partial amount or the full amount goes towards a car at Premier Used Cars and Trucks, that is a significant boost to help put you in the car you love today.
Once you know you’ll be receiving a tax refund, you can start planning what to use it for. If you’ve decided you’ll be purchasing a car from Liberty Cars and Trucks, the next step is to calculate your refund and what you can afford. Is it more advantageous to your financial history and future to use the refund in our Tax Incentive program as a downpayment or use it to put towards a monthly payment?
By working with our experts, you’ll decide what the best route is to get into a new car today and pay for it later. We’ll work with you to determine the best vehicle on our lot as well as a price range you can afford. Taking advantage of applying a larger down payment can mean getting into a car that may have previously been out of your monthly budget. Applying a down payment helps to lower your monthly auto payment, often bringing it to an equal payment for an upgraded vehicle.