If you have seen your neighbors or co-workers driving new vehicles, it’s probably not a coincidence. Thanks to plentiful tax refunds, this is the time of year when many people decide to upgrade their cars. If you want to use your tax money for a luxury model, Jenkins Genesis of Ocala offers these tips to help you make good decisions with Genesis financing.
Start with the Down Payment
The amount of money you can put down for your car immediately is important, as this sets the stage for everything that follows. Depending on the size of your refund, you may want to use it all for your down payment, but you should aim to get to at least 20% of the sale price.
Check the Value of Your Older Vehicle
The more money you can supply right away for your vehicle, the better off you will be down the road. If you’re planning to trade in a car, find out how much it is worth. With its value – plus whatever you use from your tax refund — you may be able to reduce the amount you will need to borrow significantly.
Choose a Loan Term Carefully
The loan term you select will play a big role in the amount of money you will need to spend every month. The shorter this is, the higher your payments will be. A longer term will lower the amount, but you don’t want to go too long, or you risk having to spend a lot on interest.
Begin the Genesis Financing Process in Ocala, FL
Your tax refund can help you drive home in a fantastic new vehicle. If you are ready to start the financing process, Jenkins Genesis of Ocala makes it simple. Just fill out our online financing application to get pre-approved!
