Are you eagerly waiting for your tax refund to hit your bank account or arrive in your mailbox? Most people who e-file receive their refunds within 21 days, so it’ll be here in no time. Now, the question is, what are you going to do with the money? Instead of squandering it, you can make the most out of the influx of cash by buying a new set of wheels or repairing your existing car. Check out some strategies for using your tax refund for a vehicle.
Use Your Refund for a Down Payment on a Vehicle
Are you in the market for a new car but don’t want to make large monthly payments? You can reduce your payments drastically by using your refund for a down payment. You won’t have to finance as much if you do this, meaning your monthly payment will be smaller. Additionally, this reduces your risk of ending upside down in the loan, which means you owe more than the car’s value. By avoiding getting upside down, you can maximize your trade value when you’re ready to upgrade your wheels again.
Put a Big Down Payment on a Lease
If you like to drive the latest cars, leasing might be a better option for you. Normally, it’s a good idea to put $1,000 down when leasing a car. However, if you use your entire refund, your lease payments will be considerably smaller. This can also be helpful if you decide to extend the lease at the end of the term.
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Repair Your Current Vehicle
If you love your current vehicle, you probably aren’t ready to replace it. However, you might have some issues that you need to address. Fortunately, you can handle quite a few upgrades and repairs after receiving your tax refund.
For instance, you can improve the ride quality and make your car safer by replacing the tires. Also, consider fixing rips, tears, and dents inside and outside the vehicle.
Finally, check your owner’s manual to determine which maintenance services are due. If you knock them out now, you can keep your car on the road for 100,000 miles and beyond.
Are you ready to buy or lease a vehicle? You can begin the process online when shopping with Cavender Ford in Columbus, Texas. First, browse our inventory of new arrivals and pre-owned cars. Once you find something you like, you can schedule a test drive and explore financing on our website. Then head over to our dealership to see your vehicle in person.
On the other hand, our team can assist if you’d like to fix your existing vehicle. We provide efficient and cost-effective maintenance and repairs, so get the process started by scheduling service online.
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