A hefty down payment for a new-to-you vehicle is a great way to lower your monthly payment as well as your finance rate. However, between rent or mortgage, utilities, gas, groceries, and other expenses, finding extra funds to use for a down payment on your next vehicle can be difficult. That’s why using your tax refund as a down payment is one of the best ways to save on your next pre-owned vehicle. Whether you’re lowering your auto loan, your monthly payment, or even your finance rate, we’ll walk you through everything you need to know about how to make your tax refund work for you.

Lower Your Auto Loan

A sizable down payment for your new vehicle is a great way to lower your auto loan. By making a larger down payment, you are lowering the amount of money you need to pay, which can save you thousands when it comes to avoiding longer-term interest on a vehicle. Additionally, using your refund as a down payment will give you more equity in your vehicle.

Lower Your Monthly Payment

Making a larger down payment will also help lower your monthly payments. While it may only be a few dollars lower, the savings will eventually add up over time. By doing this, you’ll be able to use that money for other purposes while also protecting your credit due to the smaller amount due each month.

Lower Your Finance Rate

Committing your tax refund to a down payment on your next quality pre-owned vehicle can even help lower your finance rate. With a higher down payment, the amount to be financed will be lower, thus lowering the risk incurred by the loan provider, and lowering the overall finance rate.

Max Your Tax Refund at Markosian Auto

Whether you’re planning to use your tax refund as a down payment or not, at Markosian Auto, our dedicated finance experts can help get you into a new ride today! Check us out online to see our huge selection of quality pre-owned cars, trucks, and SUVs. Call, click, or come visit us today at Markosian Auto!