How to Buy a Car With Your Tax Refund
Tax season is upon us, and many of our San Dimas neighbors will receive refunds that they can put to good use! If you’re due to upgrade your vehicle, your tax refund can make raising a larger down payment quite easy, giving you more leverage when negotiating loan terms! Take a moment to learn about how to maximize your savings when using your refund to buy a new vehicle at Mazda of Claremont. Then, contact our team to schedule some test drives!
First: Identify Your Needs and Make a Budget
The step of buying a car with your tax refund is to form a budget and do some research. First, use our online tools to value your trade to determine how much your current vehicle is worth. Once you have an estimate, write that figure down and add it to the value of your tax refund, as well as any other money you’d like to put aside to raise a down payment for your next vehicle.
Once you’ve determined how much down payment, you’ll be able to raise, think about what type of vehicle you’d like to drive and what your automotive needs are. Does your Rancho Cucamonga family need a large SUV or minivan? Do you require a new truck for the job site? Are you looking for a luxurious sports car for weekend joyrides?
Second: Do Automotive Research
Once you’ve determined how much down payment you’ll be able to raise, what class of vehicle you’re interested in, and what your overall budget is, regarding monthly payments, it’s time to find some candidates. Explore our online new and used inventories and find some models that check all of your boxes. Then, use our monthly payment calculator to get nearly accurate estimates of how much you’ll pay each month for the models that you’re interested in. Once you’d got some contenders, reach out to schedule some test drives!
Third: Choose a Vehicle and Obtain Financing
After your test drives, you’ll likely find a model that’s perfect for you. Now it’s time to work with financiers to draw out the terms of your auto loan. We’ll look at your credit and financial history, as well as how much money you’re able to put down when drafting the contract. Raising a substantial down payment with the help of your tax refund can be an excellent way to negotiate for lower interest rates, and at the least, will mean lower monthly payments.
Have Questions About Car Financing?
Do have more questions about how to buy a car with your tax refund or why you should work with Mazda of Claremont over the other dealers around Upland? If so, call our team at 909-506-0449 for assistance. We’re happy to answer any of your questions and walk you through the steps of the car shopping process. While you’re here, check out our finance and lease offers to see how much you can save!