When you get your tax return, there are lots of thing you can do with the money. One thing to do with it? Finance a new car! Here are some tips on how to spend your tax return on a car and do it wisely.
If you want to use your tax return money on a new car, you should do some shopping around. First, you’re met with a couple of options: new car or used car?
Do you want to go without a car payment? Cutting out your car payment every month seems tempting, but you have to weigh the pros and cons. If you want a pay for a car, in full, you’ll need to look at used cars. But don’t just buy a junker. Look for reasonably-priced cars with low mileage. These will give you the most bang for your buck.
If a new car is for you, then just think wisely about it! Look at cars that you know you can afford. The shorter your loan terms, the less your car’s value will depreciate during that time. Pick cars you’ll be able to use your tax return on that will shorten your loan term so that you’re never upside-down on the car (paying more than it’s worth).
Just come down to Haddad Nissan today and we’ll help you out!
Virtually all modern cars are financed in this day and age, making it especially important to understand your financing options. Generally, there are three ways to get a loan for your car—through a bank or credit union, through the dealership, or through a private lender. While banks and credit unions often claim to have the best options, there are some reasons to consider financing through a dealership.
Typically, dealerships have access to a wide array of financial institutions, as well as car-buying options. According to JD Power, this is largely due to the fact that dealerships have financial experts that deal with financing on a daily basis, developing connections and learning all the tricks of the trade. When you shop around for a loan on your own, it can be difficult to find the best rates or the right financing for you, especially if you don’t know where to start.
Dealership financial experts can also help you get the monthly payments you want to pay. This is great news for people on set budgets, including recent graduates, part-time workers, or elderly car buyers. If you have a set income, simply let your dealer know how much you can afford per month and they can help you reach that goal.
Finally, financing through a dealership is hassle free. Despite what some people might say, it can be nerve wracking and time consuming to search out banks across your town that will give you a loan—something the dealer can do in-house in a matter of minutes. If you want an easy car-buying experience, come to Haddad Nissan.