Use Your Tax Refund To Get A Car Loan

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Tax Refunds to Get a Car LoanTax season is upon us and while some of us unfortunately get the rough end and end up owing on their taxes, but luckily for the majority it means we are going to get some extra money in our pockets. This can be a great way for people who have less than perfect credit to buy a used car. So, if it is time for you to get your next automobile now may be the perfect time to get everything taken care of.

Know your Lenders

Working with high risk auto loan financers will be much different than in most typical loan circumstances. If you are going to be applying for a loan at your local bank or credit union for example you will not have to show proof of income, but when applying for high risk financing that will definitely be a necessity. That will be one of the two necessary things when applying and the other one will be a down payment either in the form of cash or real trade equity.

There are going to be minimum income requirements set up and that is because these lenders want to make sure that you complete your loan. Unlike your local BHPH dealership that is set on hoping that you fail so that they can repossess your vehicle and make extra profits on the vehicle. The down payment part is added on to help make sure that everything will go smooth and as planned. It helps to lower the overall cost even more and trust me it will be more than worth it.

How Tax Refund Helps

Now you probably have already figured out that your tax refund helps with both of those requirements. With the first your W-2 is perfect because it will have your income listed out for you. This makes it simple for you to show your lender what your income is. Also once you get that refund check that can be used towards your down payment that helps lower the overall cost. These two reasons are exactly why tax time is a great time to buy a car.

Taking out a bad credit used car loan is a great way to not only get into a vehicle, but to also repair your credit score as well. We have helped thousands just like you to find the right lender in their area, so if you want a jumpstart on the process fill out an application and we will be more than happy to help get you on the road that you are looking for.

Car Loan Auto Financing Online

Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada