With many taxpayers expecting higher refunds than usual, it’s hardly surprising that some of us are considering new cars. Using your refund wisely can have a significant impact on your Acura financing. MotorWorld Acura explains how your refund can help you improve your lease or loan offer.
Option One: A Higher Down Payment
A higher down payment on your Acura vehicle translates directly to lower lease or loan expenses. On one hand, you’re lowering the principal borrowed and instantly building equity for a loan. On the other hand, putting more money on a lease – what’s known as a capitalized cost reduction – can lower your monthly payments, too.
Option Two: Improving Your Credit
It’s no secret that a borrower or lessee’s credit score is the biggest determinant of the rates they may qualify for. If your refund is such that you can pay down a significant percentage of debt and improve your credit utilization, this can also help you save money over the life of a loan, even if it’s not being applied directly to a down payment. Just be aware that this route can take a bit longer to show on your credit report, so it’s not the best use of the money if you’re in a hurry to buy right now.
Steps to Pre-Qualify for a Lease or Loan
Getting pre-approved for Acura financing is easy, especially when you plan to put your tax refund toward your lease or loan. Just fill out our Acura finance application, which is available to you 24/7. We’ll need some basic information like proof of employment and income, proof of residence, the vehicle you want to buy or lease, and how much you want to put down. After you’ve submitted the pre-approval form, our finance experts will get to work crafting a custom offer for you that includes your tax refund.
Put Your Tax Refund Toward Acura Financing in Wilkes-Barre, PA
It’s always exciting to get a big tax refund. This year, put that cash toward an Acura financing package so you can drive the vehicle of your dreams every single day. Peruse the inventory and chat with the experts at our Wilkes-Barre, PA Acura dealership!