Tax Return
Max Your Tax
Plenty of people receive refunds on their state and federal taxes in February and March, and if you're looking for a great way to use these funds, then you should look into buying a vehicle. Many people use this time of year to make big purchases because they have some cash in hand to put a down payment on the purchases that they've felt that they've needed all year.
Calculate How Much You Can Afford
Whenever you make a big purchase for which you'll need to take out a loan, you need to make sure that you have a budget of how much you can devote in a monthly payment. You need to be careful about stretching yourself too thin, so a lot of people break down their finances into typical monthly payments on everything from rent, food, utility bills, and other essentials. From that, you can figure out if you have what you need to pay a certain amount every month.
If you want to know how much a car will actually cost you every month before you get the loan and sign the paperwork, you can use a car loan payment calculator. A tool like this will help you break down the total cost of purchasing a vehicle by allowing you to put in the price of the vehicle, down payments and rebates, the amount taken off for a trade-in, sales tax, interest rate on the loan, and the total length of the loan. Through this, you can get a pretty accurate idea of how much you'll pay for a vehicle each month.
Put a Down Payment Towards Buying a New or Used Toyota Vehicle
Many people love taking the money that they receive from their refund and using it as a down payment on a car. Even if you only receive $1,500 back on your refund, on a $10,000 used vehicle, this can save you a few hundred or even a couple of thousand dollars in interest paid over the course of the total life of the loan. If you add on any money that you receive on a trade-in, this can take an even more significant chunk out of how much you still owe.
You'll also enjoy the peace of mind of knowing that you've already taken a significant chunk out of the cost that you owe on the vehicle. Alternatively, you can also shorten your loan so that the vehicle is yours in less time. You'll also enjoy that you used your money in a way that will benefit you or a family member for a long time rather than spending it on frivolous items that you don't actually need.
At Tansky Sawmill Toyota, our sales staff is knowledgeable and wants to get you in the vehicle that will fit your needs. Whether you're looking for a new vehicle or just one that's new to you, we can work with you to help you find the right car, truck, or SUV. Come in for a test drive today.