If you’ve received a tax refund this year, financing a BMW pre-owned car is a great investment. Your tax refund can help you pay fees and additional costs and improve your down payment. BMW of Fort Washington recommends putting all or some of your refund towards a pre-owned car for several reasons, including these key points.
Down Payment
Drivers who receive a tax refund can apply it towards a vehicle’s down payment at signing. A larger down payment improves your financing rates since it reduces the principal you’ll need to pay over your loan length. If you’ve already saved some money for a pre-owned model before receiving money back, your tax refund can be a nice little bonus for your down payment.
Fees and Taxes
When you finance a vehicle, you’ll have fees and taxes that must be addressed. While your refund won’t help with the taxed amount* it can be used to offset the fees; the higher down payment, in turn, results in paying less interest during the loan term.
Paying Off a Current Financing Plan
Have you recently financed a BMW pre-owned car? Your tax refund can help you pay off your loan if you’re toward the end, and can take a significant chunk out of the principal even if you still have some way to go before the vehicle’s paid off. It’s a perfect choice for drivers who need a little financing boost for a specific month or are saving up for another purchase. However you spread your refund, it’s perfect for reducing monthly vehicle expenditures.
Finance a BMW Pre-Owned Car in Fort Washington, PA
Do you want to make the most of your tax refund this year? Our financing team can help you. Contact BMW of Fort Washington to get your application started.
*Your trade-in value, however, does offset the sales tax paid on your vehicle; talk to your BMW finance professional for details.