Consider spending your tax refund on a new car

Its tax season again and for many people its time to figure out how to spend their refund. So many options are tugging at your wallet hoping for a chance to entice you to spend. So what do you do? Do you head to the furniture store or the electronics store? Do you put in the bank and save it? Well, who really does that. How about joining around a third of Americans by spending that refund to buy a new car?

The average refund is around $3,000, and if you need a new car, that can go a long way to put a down payment on a new car or payoff and old loan to make room for something new.

A large down payment can help you secure a loan or make your payments smaller. That means whether you are looking for a family sedan, SUV, sports car or truck, you have more options when it comes to car buying. It can be the thing that tips the scale in your favor when trying to get a loan and reduce the chance of becoming upside down in a loan. You may opt to use your windfall as a down payment on a lease. A bigger lease down payment usually means a lower monthly payment, and you can potentially continue those lower payments when the lease is done.

Have you tried to trade in your car only to find you owe to much? Then you may want to use your refund to pay down your existing loan and then trade it in for a new one.

If you're looking for a new vehicle in the New Bedford, Warwick or Pawtucket area on Rhode Island, Empire Hyundai has one perfect for you. Our sales staff can help you find the car, truck or SUV of your dreams and our experienced finance department will help you spend your refund wisely. Stop by and see us today.

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