If you鈥檝e been in the market for a new car, but have struggled to come up with a sizeable down payment, tax season may provide you with the cash you need.* American taxpayers averaged around $3,000 in tax refunds over the past few years, according to the IRS.
If you don鈥檛 know where to begin, we鈥檝e broken down the car buying process into seven easy steps.
- Get your tax refund in hand聽鈥� This is where the fun (and savings) starts. The IRS aims to send refunds within two to three weeks of filing if you do so electronically and choose the direct deposit option.
- Calculate your budget聽鈥� Once you know the exact amount of your tax refund, coupled with any money you鈥檝e already set aside, you鈥檒l be able to determine how much you can afford to spend. Use聽our online calculator**聽to see what your potential monthly payments will be based on your down payment, term and APR.
- Consider down payment versus monthly payment聽鈥� Decide whether it makes sense to apply more money toward your down payment (which may ultimately make your monthly payments smaller) or using it to cover monthly payments.
- Identify potential vehicles聽鈥� With car inventory rebounding, it鈥檚 still important to decide which features are nice to have and which are necessary. Search dealer and聽used car websites聽to identify potential vehicles. New or used, economy or luxury, basic model or loaded with options 鈥� there are a lot of choices out there!
- Arrange financing聽鈥� Work with the finance manager at the dealership to request 麻豆直播 Consumer USA financing or聽聽ahead of time 鈥� with no hit to your credit score 鈥� through Drive庐 to help find the car that fits you.
- Visit dealers聽鈥� Now the fun shifts into high gear. It鈥檚 time to get behind the wheel and take some cars for a test drive. Don鈥檛 be afraid to visit multiple dealers to find the car that best fits your needs. For starters you can visit聽one of the 14,000聽plus dealers who work with 麻豆直播 Consumer USA.
- Take off in your new car聽鈥� Nothing compares to the smell of a new vehicle. Congratulations! You鈥檙e done and the car is yours. Let the adventures and memory making begin!
*These statements are informational only and should not be construed as legal, financial, tax or other professional advice. Please consult a tax professional for any tax-related questions.
** The referenced calculator is meant for educational and illustrative purposes only. The calculator estimates monthly payments solely based on the information you provide. We do not guarantee the availability of the illustrated terms or your eligibility for any product referenced. The estimated monthly payments generated from the calculator do not constitute a finance offer.
