Get into a used vehicle with this year's tax return!

Tax season is officially here, and we know you're just itchin' to put your tax return to good use. If you are in the market for a used vehicle, we have some tips on how you can use your tax return. We even have automotive tax return suggestions for those who already have a vehicle and aren't planning to upgrade anytime soon.

How you can use your tax return if you're shopping for a used vehicle

When people think about cars and tax returns, the first thing that comes to mind is the down payment. That is because the bigger the down payment, the less you pay each month. A larger down payment can also make you look more attractive to banks if you're in need of an auto loan. With the average tax return hovering around $3,000, you could put a serious dent in your payments, especially if you shop for a vehicle that's under $20K!

Even though down payments help lower your monthly numbers, sometimes you don't see a huge change unless you put down a good amount. If your tax return isn't large, you could put a lump amount towards your monthly auto payment loan at once instead of using it towards the down payment.

How to use your tax return if you aren't shopping around

No worries if you love your current car and aren't yet ready to part with it! Here's what you can do with your tax return instead:

  • Buy Genuine Accessories. They can make your vehicle more functional, protect the interior and exterior, and add to its value if you plan on selling in the future.
  • Tackle that auto loan. You can put your tax return towards your auto loan. Just make sure you have it put towards the principal balance to be as financially-savvy as possible.
  • Plan for upkeep. Instead of being blind-sided up unexpected service needs, put your tax return into a separate savings account you can draw from if you have major service needs, like new brakes, new tires, etc.

If you're ready to put your tax return towards a used vehicle, come in and see us at Nielsen Ford for a test drive.

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