How To Spend Your Tax Refund On A New, Used, Or Current Vehicle

If you're like the average American, you should receive about $3,000 in your tax refund. Some people, about a third of us in the USA, put that money towards a new or used vehicle or use it as a way to help out their current car, truck, SUV, or van. If you are one of these people, here are a few ways that you could wisely use your tax return on a vehicle.

As A Down Payment On A Lease Or Loan

If you need a new or used vehicle, now may be the perfect time to get one. Putting a large down payment on a loan will not only help you secure a low interest loan, but will also lower your monthly payments. The same can be said if you place a hefty sum down on a lease; lower monthly payments and a better lease over-all may occur.

To Refinance Or Pay Down Your Current Loan

If you already have a car, you could choose to pay off some of your debt. You can either make some extra payments, which will pay off your loan earlier, or take off a chunk of the balance directly, which will lower the amount of interest you pay. If you have a high interest rate, you could also try to have it refinanced and drive away with a lower interest rate and less of an over-all balance.

Fix, Upgrade, Or Renew Your Current Vehicle

If you've already paid off the loan and your car still has plenty of miles left, you may want to consider using the money as an upgrade. You could buy new tires to replace the worn-out ones, repair any imperfections or annoying nonworking parts, like the a/c, radio, or windows, or install new accessories that will take your vehicle to a whole new level. Why not enjoy your vehicle while you can?

Whatever you decide, we, here at Kayser Chrysler center of Watertown, are here to help you however we can. Our finance department can discuss your options further, we offer plenty of new and used vehicles for you to peruse, and our service and parts departments can help you fix up or revamp your current vehicle, if you so desire.

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