Tips for Using Your Tax Refund Towards a New Car in OLIVE BRANCH, MS

Tips for Using Your Tax Refund Towards a New Car

Robert Moy's Blog | Tips for Using Your Tax Refund Towards a New Car

During tax season, we Americans often dream about the possibilities of a refund. If you pay your taxes in order to get a large refund in the spring, you may have big plans for any refund dollars coming your way. If you are looking to use your tax refund this year to purchase a new or used vehicle, let me help you.

According to the Internal Revenue Service, the average federal tax refund is around $3000 in recent years and that can go a long way to getting you into a new or used vehicle.  There are several ways you can use your income tax refund to get you sitting pretty in a newer car. Use these tips to get you started in the right direction.

  • Make a budget–It is important that you calculate exactly what you can afford. Don’t let a lack of planning or budget steer you off the road. There are several online auto loan calculators you can use.
  • Decide on Payment–You can use your refund for a down payment or calculate it into your monthly payments. If you use it as a down payment, it will reduce your overall monthly payment or the length of time you are paying on your loan. If you choose to use it for monthly payments, that $3000 return could make 12 months of $250 payments. The choice is yours!

Uncle Sam sends out tax refunds every year to millions of Americans. Apparently, one-third of us spend our income tax refund on auto-related purchases, according to a survey in the Wall Street Journal. So, whether you are shopping for a new or used vehicle this spring, come see me and let me help you use your refund to your fullest advantage.

Thank you for visiting my website. Let me help you find the perfect vehicle. Contact me if you have questions.


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