If you're like a lot of Americans, you're planning to use your income tax refund as a down payment towards the purchase of a new or used vehicle. How exactly do you go about doing this? The process is actually pretty simple.
From your W-2 to the Dealership
Your employer should have your W-2 statement to you no later than February 2nd. This document officially reports how much you have earned during the year in taxable wages, as well as how much federal income tax was withheld from your earnings. You will use your W-2 statement when filing your taxes with the federal government in order to find out if you are owed a refund, and how much that refund will be.
- You can either file your taxes yourself, or hire someone to do it for you. It will cost a little money, but paying a professional to prepare your taxes will ensure that everything is done properly. Keep in mind that even the smallest error can put a huge delay on your refund, so if you're flying solo this tax season, be sure to be as accurate as possible.
- Your taxes may be filed electronically or mailed. If you file your taxes through the mail, your refund will be processed in 6-8 weeks, but if file them online, you should have your refund within 21 days. You may check the status of your refund by visiting the IRS hosted site called "Where is My Refund?"
- Use your waiting time to research your vehicle purchase. After verifying the amount that you will be getting back, you should start looking into your car options. Are you going with used or new? Which vehicles on the market seem to suit your everyday needs best? Car dealers will be anticipating shoppers looking to use their refund on a car loan, so you will want to make yourself an informed buyer instead of just an easy mark.
Get an Expert in your Corner
If you know that you will be buying a new or used car in the near future, let Auto Credit Express make the process as easy as possible.
- We work with dealers your area, even dealers that work with bad credit, that can get you the best financing possible, no matter what your credit looks like.
- When you apply through us, you will know exactly how much you're approved for before you even set foot inside the dealership.
- You will be save time and potential frustration by only looking at the vehicles that you know you can afford.
When you're ready to get started, just fill out our fast and secure online application.