How to Purchase a Vehicle with An Income Tax Return?

Are you hoping to use an income tax refund to purchase a new car? Whether you are looking to purchase or lease a brand-new car, tax season is always a great time for purchasing a new ride. Many dealerships have great income tax season offers. Typically, American taxpayers can get around three thousand dollars in income tax returns each year. This means smart car buyers can use this cash money as a substantial deposit towards a new car which typically gives customers with low interest rates and can even lessen monthly payments when financed.

how to use your tax return to buy a car

Purchasing a Car with a Tax Return

If you wish to spend your refund on a new car purchase or lease, we have some excellent news for you. The typical tax 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 auto loan.

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


  • Using an Income Tax Refund Towards Down Payment:

  • Our financing experts suggest paying a substantial down payment to help you get an auto loan for your next vehicle. Even if you are opting to lease your new car, having a substantial down payment can help decrease your month-to-month payments. By using your income tax return as a down payment, customers might get approved for better vehicle financing options.

  • Income Tax Returns For Pre-Owned Car Purchasing:

  • While brand-new cars certainly have their own set of advantages, a used vehicle is an economical choice for many budget car shoppers. With a little bit of research, it is easy to find a good deal on a used automobile. And smart customers can use their income tax return as the down payment towards the purchase of that vehicle.

  • Using Your Income Tax Return Towards a New Car Lease:

  • Beginning a car lease with a larger down payment could considerably reduce how much the monthly payment will be. It is extremely helpful also when customers wish to extend the lease since most dealerships will usually permit the customer to extend their present lease with a lower monthly payment on a month-to-month basis.

  • Paying Down a Current Auto Loan:

  • Using your refund to pay off an existing auto loan is also a superb idea. Customers can use that extra cash to significantly lower the balance on their current vehicle financing. And they can do this either by making a couple of extra payments or by paying off the balance completely. Paying off or considerably lowering the remaining balance will reduce the amount of interest that would have been paid with time.


How to Purchase a Vehicle with An Income Tax Return? | Sterling McCall Toyota Fort Bend

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Sterling McCall Toyota Fort Bend
Sterling McCall Toyota Fort Bend
20465 Southwest Fwy
Richmond, TX, 77469 US
(281) 341-5900
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Sterling McCall Toyota Fort Bend 29.558939, -95.695067.