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How to Buy a Vehicle with Your Income Tax Return

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Are you hoping to use a tax refund to buy a new vehicle? Whether you are looking to purchase or lease a new car, truck, or SUV, tax season is always a great time for purchasing a new ride. Many dealerships have great tax season offers. On average, American taxpayers can receive up to $3,000 in tax refunds each year. This can mean smart car buyers can utilize this cash money as a substantial deposit towards their next car which generally provides customers with low interest rates and can even minimize regular monthly installments when financing.

Using Your Tax Return for Buying a Car

If you wish to spend your income tax refund on a new car purchase or lease, we have some good news for you. The average refund is usually enough to cover a big part of the down payment. If you’re not wanting to get a brand-new car, truck, or SUV, you can also utilize your income tax refund to pay off a part or the entirety of your existing auto loan.

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

Using Your Income Tax Return For Down Payment:

Our automotive financing specialists recommend paying a considerable down payment to help you get a car loan for your next automobile purchase. Even if you are opting to lease your next car, having a substantial deposit can help reduce your monthly payments. By using your refund as a down payment, purchasers might receive better vehicle funding options.

Income Tax Returns For Used Vehicle Buying:

While brand-new vehicles certainly have their own set of advantages, a pre-owned vehicle is an affordable choice for budget car shoppers. With a bit of research, it is very easy to find a great deal on a pre-owned vehicle. And savvy car buyers can utilize their income tax return as the down payment towards the purchase of that vehicle.

Using the Cash For a New Car Lease:

Starting a car lease with a bigger down payment might substantially minimize how much the monthly payment will be. It is extremely useful also when customers want to prolong the lease because most car dealerships will generally allow the customer to continue their present lease with a reduced monthly payment on a month-to-month basis.

Paying Off a Current Car or Truck Loan:

Using your tax refund to repay an existing car loan is always an outstanding idea. Customers can make use of that extra money to significantly lower the existing balance on their existing 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 reducing the remaining balance will reduce the amount of interest that would have been paid with time.

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Hendrick Vehicle Disclaimer:
*$699.00 Dealer Administrative Charge is not included in advertised price.

All prices and offers are before state, city and county tax, tag, title and license fees. Out of state buyers are responsible for all state, county, city taxes and fees, as well as title/registration fees in the state that the vehicle will be registered. All prices and offers include all rebates and incentives which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice, please confirm listings with dealer.

**All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

Total Suggested Retail Price (TSRP) includes manufacturer and distributor options and delivery, process and handling (DPH) fees, which may be subject to change at any time. TSRP excludes taxes, title, license and dealer options, fees and charges. Dealer price will vary.

Additional Disclaimers:

Event disclaimer: *Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between December 1, 2023, and January 12, 2024, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by January 12, 2024. See dealer for complete down payment options and details.

*2.75% APR for 48 monthly payments of $22.02 for every $1,000 financed on 2023 Toyota Camry (Excludes 2WD 4Dr. Sedan TRD V6 8AT). 2.75% APR for 36 monthly payments of $28.97 for every $1,000 financed available on 2023 Toyota Tacoma (Excludes 4WD Double Cab TRD PRO V6 6MT, 4WD Double Cab TRD PRO V6 6AT). Terms available on approved credit through Southeast Toyota Finance at participating Toyota dealers. For only very well qualified customers. No down payment required if qualified for advertised offer. If you do not qualify for the offer, the amount and percentage of any down payment vary with your credit qualifications. Dealer contribution may vary and could affect price. Individual dealer prices, other terms and offers may vary. Must take retail delivery from dealer’s stock and terms subject to vehicle availability. Cannot be combined with TFS Lease Cash, Down Payment Assistance, Trade-in Assistance, Customer Cash, Lease, Lease Subvention Cash. See your participating Toyota dealer for details. Offer available in AL, FL, GA, NC, SC regardless of buyer’s residency; void where prohibited. $699.00 Dealer Administrative Fee not included in advertised price. Expires 1-2-2024.

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