Use Your Tax Refund on a New or Used Vehicle at Parkway Toyota

According to the IRS, the average American taxpayer gets a federal refund of about $3,000. That's a pretty substantial amount. What's more, almost 75% of taxpayers get some kind of federal refund or New Jersey state refund, so it's not uncommon to be thinking about how to use it. If you'd like to use it for a better car, here are some tips from your neighbors at Parkway Toyota in Englewood Cliffs, NJ that we believe will be helpful.

Tax Refund Tips for Buying or Leasing a New Toyota or Used Car in New Jersey

Tip #1: Use your tax refund to help with your down payment

If you're thinking about upgrading to a brand-new vehicle or a better pre-owned vehicle, a tax refund like $3,000 can help make your next car more affordable. For one thing, if you use your refund to make a bigger down payment it can help lower your monthly loan or lease payments. That's a benefit you'll appreciate for the life of your financing, which is probably three years for a lease and up to six years for a loan.

Tip #2: When your use your tax refund for a bigger down payment, it's easier to get approved

A larger down payment on a new or used car makes it easier for our neighbors in Hackensack or Paramus, NJ to get the green light for a car or a lease. It tells the lender you're serious about handling your loan well and paying it off. That's especially helpful for buyers with a lower credit score. Using your refund to make a bigger down payment can open doors to better financing options and that can lower your total financing costs.

Tip #3: A tax refund can help you get a more affordable lease

Are you wondering why many people lease? The big advantage is that your monthly lease payments would be less than monthly loan payments. The experts in our finance center would tell you a bigger lease down payment can make those monthly lease payments even lower. Then it becomes easier for our great customers in Fort Lee NJ to handle their payments every month.

Tip #4: Consider getting an upgrade but be careful not to overdo it

You might have enough of a refund to add a feature to a brand-new pickup like a Toyota Tundra, or you might want to include a bigger stereo on a RAV4. We'll help you get whatever you want, but for your sake, please make additions carefully. We tell our friends in North Bergen and Tenafly NJ not to let a big refund tempt you to add so many features that the total cost becomes a strain on your budget - and your peace of mind.

Tip #5: Let your tax refund contribute to your financial health

If your refund is used for a bigger down payment, that makes your monthly payments lower - whether you do a loan or a lease - and that makes those payments easier to manage. By making your monthly payments on time, it's a very effective way to raise your credit score. If you're financing with a loan instead of a lease, a bigger down payment helps you build real cash value in your vehicle and that can make a future vehicle easier to afford.

When you refund arrives, it might be a good time to go shopping

Having your refund in hand can give you the confidence to shop our new Toyota inventory or our used inventory for your next car, truck or SUV. When you find one that matches your goals, contact us and let's talk about how to get the most from your tax refund at Parkway Toyota in Englewood Cliffs, NJ.

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  1. Parkway Toyota

    50 Sylvan Avenue (9W)
    Englewood Cliffs, NJ 07632

    • Sales: (201) 944-3300
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