{"id":35373,"date":"2021-02-05T11:58:43","date_gmt":"2021-02-05T17:58:43","guid":{"rendered":"https:\/\/santanderconsumerusa.com\/?p=35373"},"modified":"2021-09-27T13:57:20","modified_gmt":"2021-09-27T18:57:20","slug":"why-not-make-a-car-purchase-with-your-tax-refund","status":"publish","type":"post","link":"https:\/\/santanderconsumerusa.com\/blog\/why-not-make-a-car-purchase-with-your-tax-refund","title":{"rendered":"Why not make a car purchase with your tax refund?"},"content":{"rendered":"
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Tax refunds will begin arriving soon.<\/p>\n
And that means many Americans may be looking for a new or used vehicle on which to spend the money they get back from Uncle Sam.<\/p>\n
Of course, you should not spend refund money on a vehicle if you have other financial needs or your budget can\u2019t absorb the monthly payments. But with the average refund of about $2,700 \u2013 more than $3,000 among the earliest filers \u2013 making a car purchase with your tax refund might be tempting.<\/p>\n
For those inclined to spend, the average refund could be enough to cover about half the 20 percent down payment financial experts recommend on a $27,000-$30,000 new or used vehicle.<\/p>\n