Four Reasons Your Tax Refund Can Benefit Your Car Purchase

April 14th, 2016 by

tax refundWith 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:

  1. 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.
  2. 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.
  3. 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!
  4. 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.