How to Buy a Vehicle with Your Income Tax Return

Around the new year, you probably find yourself asking “is tax season a good time to buy a car?” Whether you are looking to purchase or lease a new or used car, truck, or SUV, tax season is always a great time for purchasing a new or new-to-you ride. Many dealerships have great tax season offers. On average, American taxpayers can receive up to $3,000 in tax refunds each year. This can mean smart car buyers can utilize this cash money as a substantial deposit towards their next car which generally provides customers with low interest rates and can even minimize regular monthly installments when financing.

Using Your Tax Return for Buying a Car

If you wish to spend your income tax refund on a new car purchase or lease, we have some good news for you. The average refund is usually enough to cover a big part of the down payment. If you’re not wanting to get a brand-new car, truck, or SUV, you can also utilize your income tax refund to pay off a part or the entirety of your existing auto loan.

If you have questions about how to use your tax refund to get a new car, truck, or SUV we have some recommendations and tips from our automotive financing specialists.

 

how to buy a car with your income tax return

 

Using Your Income Tax Return For Down Payment:

Our automotive financing specialists recommend paying a considerable down payment to help you get a car loan for your next automobile purchase. Even if you are opting to lease your next car, having a substantial deposit can help reduce your monthly payments. By using your refund as a down payment, purchasers might receive better vehicle funding options.

Income Tax Returns For Used Vehicle Buying:

While brand-new vehicles certainly have their own set of advantages, a pre-owned vehicle is an affordable choice for budget car shoppers. With a bit of research, it is very easy to find a great deal on a pre-owned vehicle. And savvy car buyers can utilize their income tax return as the down payment towards the purchase of that vehicle.

Using the Cash For a New Car Lease:

Starting a car lease with a bigger down payment might substantially minimize how much the monthly payment will be. It is extremely useful also when customers want to prolong the lease because most car dealerships will generally allow the customer to continue their present lease with a reduced monthly payment on a month-to-month basis.

Paying Off a Current Car or Truck Loan:

Using your tax refund to repay an existing car loan is always an outstanding idea. Customers can make use of that extra money to significantly lower the existing balance on their existing vehicle financing. And they can do this either by making a few extra payments or by paying off the balance completely. Paying off or considerably reducing the remaining balance will reduce the amount of interest that would have been paid with time.

 

Shop New or Used At Rick Hendrick Cadillac Norfolk

Whether the tax season or chance at opportunity brings you in, Rick Hendrick Cadillac Norfolk has a wide range of affordable new and used cars, trucks, and SUVs to fit your needs. We’ve proudly served the communities of Norfolk, Chesapeake, Hampton, Virginia Beach, and surrounding areas for years and are eager to assist you in your car-buying experience. Give us a call or contact us online today if you have any questions!

 

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Hendrick Vehicle Disclaimer:
$799 Dealer Processing Fee not included in advertised price.

Advertised prices EXCLUDE options added by the dealer and displayed on the vehicle’s window sticker addendum. Please contact dealer for additional details.

All prices exclude all taxes, tag, title, registration fees, government fees and electronic filing fee. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer. All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

Additional Disclaimers:

*Monthly payment is $21.22 for every $1,000 financed. Average down payment is 16.1%. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/2022.

*Excludes 2022 CT-4 Blackwing and CT5-V Blackwing. Monthly payment is $21.22 for every $1,000 financed. Average example down payment is 15.8% Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/2022.
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Contact Us

Main 757-769-8725 Sales 757-769-8725
6222 E Virginia Beach Blvd
Norfolk, VA 23502
Glovebox
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Rick Hendrick Cadillac Norfolk , .