Maximize Your Tax Refund at Susan Schein in Pelham, Alabama
Are you expecting an income tax refund? Instead of spending your income tax refund on a trip, new tech gadgets, or simply blowing it, make an investment into yourself and your future by purchasing a quality used vehicle from Susan Schein Automotive. We have one of the largest inventories of used cars, trucks, and SUVs in the Pelham, Birmingham, Alabaster, Hoover, and Calera.
Whether your income tax refund is average or above average, the experts at Susan Schein will help you maximize it when you use it as a down payment. Let’s take a closer look at some of the key benefits of using your income tax refund as a down payment on your new vehicle.
Reduce Your Monthly Payment
When you use your income tax refund as a down payment, it can significantly lower your monthly payment. Let’s say you’re considering a used vehicle worth $20,000 and your trade-in vehicle has been valued at $5,000 – you would be looking finance approximately $15,000. By using a generic auto loan calculator at a 60-month term and 6.9% APR, we can estimate your monthly payment would be approximately $296 a month.
How much can you possibly lower your monthly payment by using your income tax as a down payment? Let’s see what would happen when we used the vehicle worth $20k and a trade-in vehicle worth $5. In addition, you use your income tax refund of $5k as a down payment, which would slash the total amount finance to $10k.
By using a generic auto loan calculator at a 60-month term and 6.9% APR, you would slash your monthly payment by approximately $100 to a mere $198. When it comes to purchasing a vehicle, it makes dollars and sense to use your income tax refund as a way to lower your monthly payment.
Find a Nicer, Better-Equipped or Luxury Vehicle
As the second largest purchase you’ll make in your lifetime, buying a vehicle is a big deal. In fact, Kelley Blue Book and Edmunds estimates the average used car price is a few ticks below $19,400. In most instances, you’ll make payments on your vehicle over a four, five, or six year period. Instead of getting a vehicle you didn’t whole-heartedly want and having to make payments on this vehicle for half of a decade, it makes dollars and sense for you to get the vehicle your heart desires. This can reduce buyer’s remorse and add to your overall enjoyment.
And if you’re expecting an income tax refund, you can truly put your money to work for you by using it as a down payment. Considering the previous example, your income tax refund can be used to help take a $400 monthly payment down to a $300 monthly payment. As a matter of fact, every $5,000 you put down on a 60 month term will reduce your monthly payment by approximately $100. This means you can qualify for a luxury vehicle of your dreams with monthly payments you can afford.
Check out all of Susan Schein’s luxury pre-owned vehicles in the Pelham, Birmingham, Alabaster, Hoover, and Calera area.
Get a Head Start on Your Monthly Payments
Let’s say your income tax refund was a whopping $8,000. You could easily put down $5k to slash $100 bucks off you monthly payment on a 5-year term. Then you could use the remaining $3,000 to make monthly payments.
For example, if your monthly payment is $198, you could use the remaining $3k to make monthly payments for 15 months on a 60 month term. We would say that’s an excellent way to a head start and help improve your credit.
Contact the Best Used Car Dealership at Susan Schein
At Susan Schein Automotive, we will help you find the best vehicle for your needs and help maximize your income tax refund. Once you find the best vehicle, we will ensure you suitable and affordable automotive financing. Unlike other dealerships, We Finance Your Future, Not Your Past. We use a range of creative automotive finance solutions to help all of our customers drive today.
Contact Susan Schein Automotive today to maximize your income tax refund.