While tax time can be stressful, it can be lucrative for many people. If you find yourself flush with cash after a substantial refund, consider upgrading your vehicle to a new Hyundai SUV. Keyes Hyundai offers these tips to help you maximize your money.
How Much Do You Have to Spend?
The first thing to consider when buying a car is how much money you can put down immediately. The more you can supply, the better off you will be because you won’t have to take out as big of a loan. You should aim for at least 20% of the purchase price, and your refund may be able to take care of this.
How to Augment Your Down Payment
Perhaps you already had the 20% down payment set aside. It’s wise to use your refund (and your trade-in) to augment it. This is especially advisable if your credit is less than perfect since it often leads lenders to view you as less of a credit risk. It’ll also put a significant dent in your monthly payments.
Choose a Good Monthly Payment
On the other hand, perhaps you’re still in the initial stages of research. This is where a payment calculator comes in handy since you can input several variables and see how each change impacts the bigger picture. It’s important to remember that your car expenses should not exceed 10% of your income for your car payment and any other car-related expenses, including insurance and maintenance.
Start the Hyundai Financing Process in Van Nuys, CA
Do you have any questions about using your tax refund for a down payment? Get in touch with Keyes Hyundai in Van Nuys, CA. And if you’re ready to get the financing process underway, just fill out our online application to get pre-approved.
