Tips for Purchasing a Vehicle with Your Tax Refund

Did you get a refund when you filed your taxes? That’s great news! It’s not often that you get to add money to your bank account beyond what you receive from your paycheck, so getting a tax refund is a welcome financial boost. If you happen to need a vehicle, using your tax refund to make a down payment on that purchase might be a great opportunity. The down payment on a vehicle purchase can be the hard part for many buyers, so this could be the chance you’ve needed to make it happen.  

Terry Auto Outlet VA is one of the leading used car dealerships Lynchburg has available, so make it a point to visit and check out the inventory for yourself.  

Confirm the Amount 

It’s one thing to think that you are going to get a refund based on what you have gotten in past years, or what you think your return is going to look like. It’s another thing entirely to actually have that money in your hand after filing the return and receiving the payment. It would be a mistake to purchase a vehicle based on an assumed refund before you even complete the task of filing your taxes. Make sure you know exactly how much is coming your way before making any vehicle purchase plans.  

Don’t Have to Spend It All 

It will be tempting to simply spend every last dime of your refund on the down payment for your new vehicle. And, perhaps, that might be what you end up needing to do. What you want to avoid, however, is shopping based solely on the tax refund, rather than what you need in a car or truck. Think about your needs and buy the vehicle that is the best fit for you and your family. With any luck, that purchase may leave a bit of your refund leftover for some other use.  

Think About the Monthly Payment 

Being able to cover the down payment on your new vehicle is great – but that is only the first of many costs associated with owning a car or truck. You’ll also need to think about the ongoing cost of paying for the loan on that vehicle month after month (in addition to things like maintenance, insurance, gas, etc.). Do the math before you head out shopping to figure out what kind of monthly payment you’ll be able to take on.  

Take Your Time 

When you receive your tax refund, don’t feel like you need to immediately rush out to purchase the first vehicle you can find. You may be excited and wanting to get started right away but be sure to give this decision the kind of careful consideration that it deserves. There are plenty of vehicles on the market to pick from, so weigh the pros and cons of various options and make sure your final selection is something you’ll be happy with for many miles to come.  

Visit one of the Top Used Car Dealerships in Lynchburg for Help with Your Purchase: Terry Auto Outlet VA

When you’re ready to spend your refund on a quality used vehicle, call Terry Auto Outlet VA at (434) 386-8439 or visit the showroom at 2828 Candlers Mountain Rd. in Lynchburg.