car loan application

Maybe use your tax return to get a new car?

It’s that great time of year when you get to either do your taxes, or have your taxes done for you. Then you get to say the 6 best words of the year “how much am I getting back?” With the tax reform of 2018 a lot of people are supposed to be getting tax returns larger than they normally do when they file in 2019 for 2018 taxes. The big question is what are you going to do with your tax return? Some people will do the right thing and put it into savings. Others will send that return directly at a credit card bill or some form of debt. Which is also a good idea if you’re in debt. However, there are some of your out there that might do something in the middle. Like reward yourself with a new or newer car by using your tax return for a down payment.

A really good website you can apply for a car loan is

They work with a big network of lenders. So rather than go to a car dealership and have their “finance manager” tell you what rate you get. Apply online with and their lenders contact you and tell you what they can do for you. After you get 3-4 offers you can have a better idea of what interest rate is available for you. Also, they might have a loan program that works best for you. For example, a 6-year car loan to lower your monthly payment that many car dealerships don’t offer. If you’re a student, they might have a loan program to help you out. These are just a couple examples of options you might not have thought of. Visit and fill out the quick online application and see what your options are!

Using your tax return to get a car loan is a great idea if you have bad credit

If I have bad credit can I still use my tax return as a down payment for a car loan

Absolutely you can. In fact, if you have bad or poor credit putting money down on a car loan lowers the risk for the lender. For example, if you are getting a $2500 tax return and buy a $12,500 car. The lender is only going to have to lend to you $10,000. So, if you take the loan, but never make a payment. The lender will have to repossess the car and sell it and if they can get at least $10,000 for it. They don’t lose money. So, using your tax return for down payment when you have bad credit is a great idea. I can’t say for sure, but there is a chance you might possibly get a better interest rate on your loan as a result. However, each lender in the network operates differently. The only way to find out what your options are is to apply online.