Hall | MileOne Autogroup does its best to keep the car purchasing and ownership journey as straightforward as possible. That doesn’t just mean matching drivers with the right vehicles; it’s also keeping you informed about the factors that affect purchasing and ownership costs. This tax season, learn how your tax refund can affect these costs at Hall | MileOne Autogroup.
You’ll Have Smaller Monthly Payments
One of the most effective uses of your tax refund is an increase to your down payment. The more you’re able to put down on the day of purchase, the more savings you’ll see in the long term. In particular, you’ll have smaller monthly payments. The benefit of smaller payments due each month is that you can always pay more than the required amount, meaning you may even be able to pay your vehicle off more quickly than expected.
You’ll Pay Less in Interest
Higher interest rates often result if you have high credit utilization. Using your refund to pay down credit cards and other debt improves your debt-to-income ratio, making it a smart use of money for some drivers. That’s not all. A larger down payment can signal to borrowers that you’re less of a credit risk. It can also help you take on a shorter loan term. One means paying less interest up front, while the other means a shorter loan duration; either one will save you money over the life of the loan.
Begin the Vehicle Financing Process at Hall | MileOne Autogroup
Vehicle financing doesn’t have to be overwhelming. With help from Hall | MileOne Autogroup, you’ll learn about the best ways to save on the cars you love, including maximizing your tax refund for savings today and well into the future. Begin financing with confidence and peace of mind at our dealerships today.