Tax season is often surrounded by myths and misconceptions, especially when it comes to using your refund at a MotorWorld | MileOne Autogroup dealership. Many drivers believe that their refund is restricted to specific types of purchases or that it must be used in its entirety to be the most effective. Here at our group of dealerships serving Wilkes-Barre, PA, we aim to highlight some of the most prevalent tax refund and car financing myths so that you can make an informed decision with your hard-earned money.
You Must Spend Every Dollar of Your Refund
One common myth is that you must spend your entire tax refund on a down payment to see any financial benefits on your monthly bill. The reality is that even a partial contribution can have a positive impact on your loan terms while still leaving you with leftover cash for other family expenses. Our finance professionals can help you calculate the perfect amount of your refund to use on the down payment.
A Large Down Payment Won’t Help Poor Credit
Do not assume that a large down payment won’t help if you’re currently dealing with a less-than-ideal credit score. The truth is that a large down payment lowers the lender’s risk and demonstrates that you’re dedicated to the loan, even if your credit score is low.
Refunds Can Only Be Used for New Cars
Some shoppers believe that refunds are only useful on new cars. However, applying your refund to a pre-owned vehicle can be even more effective, as it often covers a larger percentage of the total price. You can even use the refund to reduce the capitalized cost on a lease.
Visit Our Wilkes-Barre, PA, Dealerships This Tax Season
Do not let these myths keep you from using your tax refund at one of our friendly MotorWorld | MileOne Autogroup dealerships. The professionals at our automotive finance centers are ready to help you put your refund to use. Visit one of our car dealerships in Wilkes-Barre, PA, today.