Use Your Tax Refund as a Down Payment for a Vehicle in Sioux City, IA
If you’re looking for a smart way to invest your tax refund, then using it as a down payment on a vehicle is a wise move. By increasing the amount of your initial installment, you’ll end up saving yourself a significant sum of money over the course of your financing plan, so reach out to the Finance Department at Knoepfler Chevrolet to hear more. In the meantime, make use of our collection of online resources!
Why Are Down Payments Important?
First, we’d like to bring you up to speed on the importance of a solid down payment. Once this amount is subtracted from the total cost of your prospective set of wheels, the balance must be financed with a loan. Essentially, the higher this figure, the more you’ll end up spending in the long run due to the accumulation of interest. Moreover, a smaller down payment generally translates into less competitive financing terms, as you might also end up needing GAP insurance if your installment is too small. As a result, it’s typically recommended that you put down approximately 20 percent of the total cost at signing to prevent a more expensive and lengthy agreement.
Value Your Trade
To help facilitate your vehicle search, we’ve added several tools to our website that can be used to get your budget in order. A great way to further increase your down payment is to get an estimate on your upcoming trade. Since even aging rides have value, you can take this amount and factor it into your purchasing power to open up a few more opportunities that might have otherwise been inaccessible. We just need some key details about your car, like its make, model, year, mileage, and condition to crunch the numbers! Once you know how much it’s worth, you’ll be ready to start viewing your vehicle options.
Since the price of a car is one of the most important deciding factors in the shopping process, it makes sense to browse our inventory according to cost. Fortunately, you can filter things in several different ways depending on your preferences. For instance, when you’re on the New or Used search page, you’ll notice a box labeled “Sort By” in the upper right corner above the results, which enables you to list everything out by total price. In addition, by clicking “More Filters” in the search parameters, you can enter a minimum and maximum installment amount to ensure that the models you’re viewing are all within your budget. For further assistance, reach out to our staff.
At Knoepfler Chevrolet, we strongly recommend that you use your tax refund as a down payment for a vehicle in Sioux City, IA, if you’re in the market for a new car. To get started, contact our team to schedule an appointment at your convenience.