Tax season is a very popular time for consumers to purchase their next vehicle. The average tax refund is roughly $3000 according to the IRS. That’s a nice chunk of cash. So what’s the best way to spend it? Instead of blowing this money on extravagance, why not use it to get ahead? If you need a new vehicle this could be a great time to make that purchase.
Spend your refund wisely by carefully considering these options:
Use the money as a down payment on a new or used car.
Pay down and existing car loan.
Refinance your current loan.
Fix or upgrade your current car.
Use the money as a down payment on a new or used car A substantial down payment is one of the most important factors in securing an auto loan or lease. Particularly for shoppers with poor credit, using a tax return as a down payment can create [...]