Using Your Tax Refund on a Vehicle Could be a Good Choice

With tax season upon us you might be looking for a good way to spend your tax refund. At Patrick Mazda in Worcester, MA, we want you to know that one of the best places to invest your tax refund is in a vehicle. There are many different ways that your tax return can benefit you and we want you to know them all. Our team helps with customers from Shrewsbury MA, Auburn MA, and Leominster to realize the best course of action when it comes to financing a vehicle. Whether you are looking for a new Mazda model, or if you are going to choose a used model, some options include:

  • Using the tax return as a down payment
  • Make a large payment on a lease
  • Pay down an existing loan
  • Refinance a current loan
  • Fix or upgrade your current vehicle

Each of these options pose unique benefits, and we want you to see them all before you make your decision. Making a large down payment for a new or used vehicle will reduce what you will need to pay monthly, helping you build better credit, making it easier to fit into your budget, and makes it easier to be approved for the lease. This is one of the best options if you are someone who has a poor credit history.

As a similar circumstance, you can make a large payment at the beginning of a lease. This payment will also cut back on what you need to pay, your lower price will continue if you choose to extend your lease, depending on terms. This option will add flexibility to what you can choose, and will make the vehicle more affordable.

If you already have a loan, you can choose to make an extra payment, or you can choose to pay the balance down. If you choose to make an extra payment, you won't need to worry about it for a little while, but if you pay down the balance you will have less added on as interest. Both are good options, but talking to one of our finance experts will help you realize which is best for your situation.

You can also refinance a loan, getting a better interest rate if you are stuck with bad terms. If you pay off the principal on the loan you will have a much better chance of getting an interest rate that will make your payments more affordable.

If you have a vehicle that you are satisfied with, you can use the money to do repairs or do maintenance on it. With maintenance, upgrades, and tune-ups, you will be able to keep your vehicle on the road for much longer than the average lifespan of a vehicle. Everyone wants a smoother, more efficient ride, and replacing certain parts will make that happen.

At Patrick Mazda, we can help you get into the sedan, SUV, truck, or whichever model you might be interested in. We have helped many customers in the Framingham and Marlborough regions, and we want to help you too. All you need to do is come to visit us so that we can get you started.

Categories: Finance, News