/Need a Down Payment? How to Maximize Your Tax Refund
Need a Down Payment? How to Maximize Your Tax Refund to Buy a Used Car
Get In-House Financing at Your Local Buy Here Pay Here Dealership in Raleigh, North Carolina
If you can set aside just $1 per day for three months, then you can afford a down payment on a used car this winter with the Tax Max Program at AutoMax. North Carolina’s source for affordable buy here pay here cars, the AutoMax team is ready to help car buyers like you make the most of their tax refunds and provide free tax preparation services, too.
Starting December 1, 2020 and ending January 31, 2021, you can buy a used car from us for just $89 down, plus taxes, license, and document fees, and pay the rest of your down payment after you’ve received your tax refund, by April 14, 2021.
Let’s take a look at how the program works, how you can use it, and what happens after you purchase your nicer, newer car from us.
We Don’t Require a Credit Check for a Car Loan
If you’ve struggled to get a car loan in the past, you won’t have to when you visit AutoMax near Raleigh, North Carolina. We approve everyone, regardless of their credit. Based on your monthly budget, you can qualify for a car loan with an affordable payment.
We only base your loan approval on your ability to repay the loan, and don’t care if you have a checkered credit history. For our special Tax Max Program, we also look at your potential tax refund to determine whether you can defer your down payment. We handle all the mathematical calculations for you; just contact us if you have questions.
How We Determine Whether You Qualify to Participate in Our Tax Max Program
We use a Tax Refund Services (TRS) Calculator to determine your anticipated tax refund. To perform the calculation, we need to see your most recent pay stubs from each of your employers. Your pay stubs contain information about your tax withholding and year-to-date totals. These numbers are how we can determine how much money you might get back on your taxes for the 2020 tax year.
If your estimated tax refund is greater than three times the down payment amount, less $89, you could qualify for our Tax Max Program. You also must be a new AutoMax customer, not combine Tax Max with any other offer, qualify for credit under our standard underwriting guidelines, and be prepared to pay for taxes, tags, license fees, and our $299 standard document fee for your new-to-you car. The program begins December 1, 2020 and ends January 31, 2021; you must purchase your car between these dates and pay your deferred payment in full by April 14, 2021.
Before you begin shopping for a car, one of our financial advisers can help you determine whether you qualify for our special offer.
How the Tax Max Program Works
To participate in our special in-house financing program, visit one of our two AutoMax locations, both just a short drive from Raleigh, Durham, and Chapel Hill, starting December 1, 2020 and concluding at the end of January 2021. We’ll calculate your estimated tax refund, and show you all the cars on our lot that you’re qualified to purchase based on your monthly budget and refund amount.
You’ll pay just $89 toward your down payment and can defer the rest until after you receive your tax refund from the Internal Revenue Service (IRS), part of the Federal government. When you receive your refund, pay the remaining balance on your down payment at AutoMax. If you have extra refund money left over, consider using it to make an extra payment toward your bad credit car loan. Doing so will reduce your principal, lower the rest of your monthly payments, and save you money over the life of your loan.
To help you understand exactly how Tax Max works, let’s put you into a real-life example! Let’s say you visited AutoMax near Durham, North Carolina, and brought in your pay stubs. Our financial adviser calculated that you could expect to get a tax refund of about $1,900, and that you were approved to purchase a used car for sale at our buy here pay here dealership for about $10,000. After looking around our Youngsville, NC car lot, you fell in love with a fully-loaded pre-owned Honda Civic. The price was right, and the down payment for the vehicle was listed at a minimum of $600.
Because you qualified for the Tax Max program, you pay only $89 toward your down payment, leaving you with a deferred seasonal payment of $511. At this time, you also pay for your taxes, tags, license, and document fees. You drive away in your awesome Civic and enjoy the holiday season with your reliable used car.
In early 2021, you return to AutoMax to file your taxes for free, and soon after, you receive your $1,900 refund from the IRS. You immediately pay off the $511 you owe to AutoMax for your down payment and have $1,389 left to spend how you wish.
Get In-House Financing and a Low Down Payment at AutoMax
You deserve reliable and affordable transportation from a car dealership who cares about you. At AutoMax, we’re driven to help you get into a trustworthy vehicle and take good care of it - thanks to our warranty and free oil changes. This winter, our Tax Max program is assisting you even more in acquiring the vehicle you need, with a low down payment and deferred seasonal payment.
To learn how you can take advantage of the $89 Down Tax Max Program, call or message one of our car dealerships near Raleigh, North Carolina. Our financial advisers will tell you all about our special offer, including free tax preparation. You can reach our Henderson location at 252-430-1006, or our Youngsville location at 919-570-1107. Each dealership is a short drive from Raleigh, Durham, and Chapel Hill, North Carolina.