Using Your Income Tax Refund to Buy a Vehicle

Are you thinking about using an income tax refund to get a new vehicle? Whether you are looking to purchase or lease a new vehicle, tax season is always a good time for buying a new car. Most dealerships provide fantastic income tax season specials. Typically, American taxpayers can receive up to $3,000 in income tax returns every single year. This can mean that smart car buyers can use this windfall as a nice payment towards a new car, truck, or SUV which typically gives customers with low interest rates and can even lessen regular monthly payments when financed.

how to use your tax return to buy a car

Purchasing a Vehicle with Your Tax Refund

If you want to spend your income tax refund on a new car purchase or lease, we have some excellent news for you. The typical refund is usually enough to cover a substantial part of the down payment. If you’re not looking to get a new vehicle, you can also utilize your refund to pay off a part or the entirety of your existing car loan.

If you have questions about how to use your return to purchase a new car we have some recommendations and ideas from our automotive financing professionals.


  • Using an Income Tax Refund For Down Payment:

  • Our financing professionals recommend paying a significant down payment to help you get a car loan for your next automobile. Even if you are choosing to lease your new vehicle, having a substantial deposit can help decrease your monthly payments. By utilizing your tax refund as a down payment, purchasers might qualify for better car financing choices.

  • Tax Return For Pre-Owned Vehicle Buying:

  • While brand-new cars certainly have their own set of benefits, a used automobile is a cost-efficient choice for many budget car purchasers. With a little research, it is easy to discover a good deal on a pre-owned vehicle. And savvy buyers can utilize their return as the down payment towards the purchase of that car.

  • Using the Cash Towards an Auto Lease:

  • Beginning a vehicle lease with a larger down payment might substantially reduce how much the monthly payment will be. It is extremely useful even when customers wish to extend the lease due to the fact that most car dealerships will typically permit the customer to extend their present lease with a lower monthly payment on a month-to-month basis.

  • Pay Off Your Current Auto Loan:

  • Using your income tax refund to pay off an existing car loan is always an outstanding idea. Customers can utilize that extra cash to significantly reduce the balance on their current 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 lowering the remaining balance will lower the amount of interest that would have been paid over time.


Using Your Income Tax Refund to Buy a Vehicle | Gene Messer Volkswagen

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