With tax season upon us, you may find yourself with a big chunk of refund money just sitting around, burning a hole in your pocket. You could spend that money on vacations or a new TV, but a lot of people choose to use this extra income to put towards a vehicle. Why is this is smart decision? Keep reading to find out.
Benefits of Using Your Tax Refund for a New or Used Vehicle
- Big Down Payment – Using your refund to put a large down payment towards a vehicle can help you in many ways, including lowering APR rates and making future payments smaller. You can also use a large refund as leverage when trying to finance a more expensive vehicle.
- Matching Refund – Some dealerships will match your refund up to a certain amount when you use it to purchase a car from them. This can give you extra money to put towards your purchase.
- Refund Season Deals – Tax season is a great time to take advantage of all the deals and specials going on at dealerships, including Mike Maroone. Dealerships will typically offer specials in the form of 0% APR for a certain amount of time, extra cash back allowances, slashed prices, and more.
- Large Drive-Off Lease Payment – Those looking to lease instead of finance or purchase are in luck during tax season as well. Aside from special deals, putting your large tax refund towards a lease ensures that your monthly payments are a lot smaller, making paying for them easier down the road.
Don’t waste that big refund on small purchases, stop by Mike Maroone Colorado today and let us help you find the perfect new or used vehicle!