Four Reasons Your Tax Refund Can Benefit Your Car Purchase
With the tax deadline quickly approaching and refunds on their way, some are thinking about upgrading their vehicle. For some, a tax refund is used as a savings plan for future car purchases. There are many benefits to using your tax refund as a down payment on a new or used vehicle. Here are four reasons using your refund will can benefit your purchase:
- Save on interest – By putting money down, you’re saving on interest over several years. The less amount financed, the less will be paid in interest.
- Build equity – By putting money down, it helps build equity in the vehicle and the chances of owing more than the car is worth down the road lessens.
- Low payment – By putting money down, you lower your loan which intern lowers your monthly payment. You may be able to fit a newer vehicle into your budget this way. Combine this with available rebates and you’ll save big – especially on models with large rebates like our remaining 2015 inventory!
- Low or No Credit – Those who have low or no credit and find themselves unable to obtain financing on a car can use the refund as a down payment which could motivate lenders to take a risk on giving them a loan.
Special programs are available for all situations at Midway. Call us at 866-287-8090 for more information.