As a new year gets underway, many consumers are beginning to prepare for the stress of tax season. For many people, tax season is associated with a major payout from the IRS, and determining just what to do with this extra financial boost can be quite challenging. Recent studies suggest the average tax refund hovers around $3,000, so a lift of this magnitude can go a long way.
If you’re on the fence about how to spend your tax refund this spring, one item to consider is a new car. After a long winter, many families are surprised to find themselves in the market for a new set of wheels. Navigating the straits when buying a car can be pretty overwhelming. So can securing a down payment and finding a source of financing. These issues are magnified for people suffering with poor credit. Without decent credit and sufficient cash, getting someone to loan you money is nearly impossible.
Luckily there are ways of buying a car, even for those in dire financial circumstances. Two of the most popular include putting your tax refund toward your new car purchase and finding a buy here pay here dealership that will work with you on the loan. Buy here pay here financing is a popular option for consumers with bad credit, and finding a used car dealership that offers this purchase option can be a lifesaver. AutoMax is North Carolina’s top buy here pay here used car dealership.
If you’re determined to put your tax refund toward purchasing a new car, there are a variety of ways to use these much-anticipated dollars. A new car is a practical investment that beats frivolous spending any day of the week. Here are a few of the ways you can use your refund when buying a new car.
#1: Reduce Interest with a Sizable Down Payment
If you’ve ever bought a vehicle, you know there’s more than meets the eye when it comes to overall costs. The sticker price is just the beginning of the story. As a consumer, it’s imperative to understand all the working parts. Equipped with the right knowledge, your dollars can work for you in the best way possible. Using your tax refund toward a down payment is one of the most logical options for many consumers. When you offer more money up-front, you’ll find that your monthly payments are more manageable, and you’ll pay less in the long run. Using your tax refund as a down payment is a good choice. And if you’re interested in a buy here pay here car, AutoMax has a great inventory to choose from.
#2: Take Care of Fees
The total cost of a new or used car extends much further than the sticker price. It’s illegal to operate a motor vehicle without having the proper registration and a title in place, so get that done as quickly as possible. You’ll likely have other fees, as well. You may be subject to title transfer fees, taxes, and licensing fees. Preparing for these items and having all your documentation in order before heading to the DMV can save you time and trouble. Using your tax refund to pay some of these fees is a great way to invest your money.
#3: Consider Insurance
Insurance is another mandatory feature of car ownership. There’s not a single state that doesn’t require proof of insurance (even if it’s minimal). Insurance can be quite costly, so shopping around for the best-priced policy is a must-do after buying your vehicle. Many insurance carriers may reduce your monthly premium costs if you opt to pay the fees for several months of coverage up-front. While paying in advance may seem unnecessary, it can result in substantial savings. Get a jumpstart on insurance by using your tax refund for your first premium payment.
AutoMax in North Carolina gives consumers one more way to use their tax refund to their advantage when buying a used car. Here’s how it works. AutoMax uses the Tax Refund Services tax estimator to get an idea of how much of a refund you’ll receive. They then allow you to defer up to one-third of that amount and apply it toward the rest of your down payment, due no later than March 15.
Of course, this offer is for qualifying buyers, and some rules apply. But it’s a viable option for many consumers looking for a new car this spring. Stop in and visit one of AutoMax’s pay here buy here car lots in Henderson or Youngsville for more information.
For people with bad credit, buying a car seems like a pretty daunting task. A buy here pay here car is a great option for consumers with credit challenges. Buy here pay here financing makes car ownership a reality for consumers who are trying to rebuild their financial foundation.
AutoMax is a used car dealership that offers buy here pay here financing for those with credit challenges. They customize loans to suit any situation - something traditional car dealerships can’t do. The convenience and ease are great for someone who is rebounding from a financial freefall.
As tax season approaches, AutoMax is ready to help. It’s one of the easiest and quickest ways to get into a used vehicle this year. It’s also one of the best ways to put your tax refund to work. You’ll find AutoMax dealerships in Henderson and Youngsville, North Carolina. You’ll also find AutoMax serving customers throughout the Raleigh and Durham area. AutoMax has a great selection of used cars, and their professional sales team is ready to answer all your questions.