Using A Tax Refund to Buy a Vehicle

Are you hoping to use a tax refund to get a new vehicle? Whether you are looking to buy or lease a new vehicle, tax season is always a great time for buying a new car. Lots of dealers have fantastic tax season specials. Usually, American taxpayers can get around three thousand dollars in income tax refunds every single year. This means that smart car buyers can utilize this cash money as a nice down payment towards their next car, truck, or SUV which often provides customers with low interest rates and can even reduce monthly payments when financing.

how to use your tax return to buy a car

Using Your Income Tax Refund to Buy a Car

If you want to invest your income tax refund on a new automobile purchase or lease, we have some excellent news for you. The average income tax return is usually enough to cover a big part of the down payment. If you’re not wanting to get a brand-new car, truck, or SUV, you can also utilize your return to pay off a part or the entirety of your existing car loan.

If you have questions about how to use your refund to buy a new car, truck, or SUV we have some suggestions and ideas from our automotive financing experts.


  • Using Your Tax Refund For a Down Payment:

  • Our financing specialists suggest paying a considerable down payment to help you get an auto loan for your next automobile purchase. Even if you are choosing to lease your next vehicle, having a significant deposit can help lower your monthly payments. By utilizing your income tax return as a down payment, customers may get approved for better vehicle financing options.

  • Tax Returns For Pre-Owned Car Buying:

  • While new vehicles have their own set of benefits, a used automobile is a cost-effective choice for budget car buyers. With a bit of research, it is very easy to discover a great deal on a pre-owned car. And smart car buyers can use their income tax refund as the deposit towards the purchase of that car, truck, or SUV.

  • Using the Cash For an Auto Lease:

  • Starting an automobile lease with a bigger down payment could significantly decrease how much the month-to-month payment will be. It is extremely advantageous even when customers wish to extend the lease since most car dealerships will typically allow the customer to extend their existing lease with a reduced monthly payment on a month-to-month basis.

  • Pay Off Your Existing Car or Truck Loan:

  • Using your tax return to settle an existing car loan is a superb idea. Customers can make use of that extra cash to substantially decrease the existing balance on their current vehicle financing. And they can do this either by making a couple of extra payments or by paying off the balance in full. Paying off or considerably reducing the remaining balance will reduce the amount of interest that would have been paid with time.


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Kia of South Austin
Kia of South Austin
5306 South I H 35
Austin, TX, 78745 United States
(512) 444-6635
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Kia of South Austin 30.202911, -97.7621936.