{"id":18039,"date":"2015-04-27T02:55:00","date_gmt":"2015-04-27T06:55:00","guid":{"rendered":"http:\/\/blog.njstateauto.com\/auto-loans-financing-news\/how-to-spend-your-tax-return-on-your-car\/"},"modified":"2026-02-25T10:30:26","modified_gmt":"2026-02-25T15:30:26","slug":"how-to-spend-your-tax-return-on-your-car","status":"publish","type":"post","link":"https:\/\/www.njstateauto.com\/blog\/how-to-spend-your-tax-return-on-your-car\/","title":{"rendered":"How To Spend Your Tax Return On Your Car"},"content":{"rendered":"

April 15 can be a hectic day for any American. Whether you’ve waited until the last minute to file your taxes or only needed to double-check that you\u00a0left your signature in all of the right places, Tax Day may be stressful. However, it can also be a happy day for some, as many people are expecting tax refunds in the near future.<\/p>\n

\n
\"PersonThere’s often some good news that comes along with filing taxes.<\/figure>\n<\/div>\n

The Internal Revenue Service reported that it refunds about $217 billion to Americans each year. That averages out to approximately $2,815 for 2015, according to Yahoo Autos, which is a considerable boost to some bank accounts. While a few people may want to save these funds, others have a laundry list of spending options, which could include vehicle-related investments.<\/p>\n

\n

“Use your tax refund on a car.”<\/i><\/p>\n<\/div>\n

It doesn’t matter if you’re ready to shop for a vehicle or have already completed a purchase – the windfall can be a huge asset in your life as an owner. Here are five ways you can use your tax refund on a car.<\/p>\n

1. Make it a down <\/strong>payment<\/strong>
\nIf you get a big chunk of change back from the government, it could be the ideal amount to use toward a down payment on a vehicle. This could be a huge step toward affording the car you want, as a larger down payment reduces the amount you have to borrow and therefore decreases your monthly payments. If you manage to find great deals on used cars, your refund could even make up a large portion of the price!<\/p>\n

2. Care for a recent purchase<\/strong>
\nMaybe you’ve recently bought a used car at a facility like NJ State Auto<\/a>. While the quality of the vehicles on the lot are impressive, they still need to be cared for to maintain their nature. Use your tax refund to pay for standard servicing and maintenance. This will make sure your used car runs like new and stays safe on the roads.<\/p>\n

\n

“Let your tax refund help improve your credit score.”<\/i><\/p>\n<\/div>\n

3. Improve your credit<\/strong>
\nDo you feel like your credit history is holding you back from getting behind the wheel of the car you want? Let your tax refund help improve your credit score. Use these funds to pay back outstanding debts that may be hurting your profile. Making significant payments or even paying off a loan in full is a great way to boost your score and show you can be a trusted borrower.<\/p>\n

If you have limited debt but still want to improve your score, your tax refund can be applied in a few different ways. Consider reserving some of the money for your regular utility\u00a0bills. These will soon be evaluated when measuring a credit score, so you’ll want to ensure you aren’t falling behind on payments. Having cash in your bank account also allows you to improve credit smartly with the use of credit cards. Feel free to make significant purchases using plastic, but repay the debt immediately using your refund. This will boost a credit score without putting you in a huge hole.<\/p>\n

\n
\"AFind ways to use your tax refund to boost your credit.<\/figure>\n<\/div>\n

4. Pay an auto loan<\/strong>
\nAuto loans are becoming one of the most popular – and affordable – ways of procuring a car. If you’ve already used this financing option or are planning to, consider saving some of your refund as a cushion for payments. You can either get ahead on these loans or simply have a backup in case a nasty financial surprise pops up in another aspect of life.<\/p>\n

\n

“Don’t let financial concerns hold you back from top-quality rides.”<\/i><\/p>\n<\/div>\n

5. Shop with confidence<\/strong>
\nIf nothing else, you’ll be able to browse through the wide selection of used cars at New Jersey State Auto Auction<\/a> with peace of mind. The lot is home to hundreds of Carfax-certified cars, trucks and vans, and many of these options could serve as the perfect investment for you. Don’t let financial concerns hold you back from top-quality rides. You can let your tax refund help defray the impact\u00a0a purchase has on your bank account without sacrificing on the roads.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are five ways you can use your tax refund on a car.<\/p>\n","protected":false},"author":4,"featured_media":21906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"yoast_head":"\nHow To Spend Your Tax Return On Your Car - Used Car Blog - NJ State Auto<\/title>\n<link rel=\"canonical\" href=\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/how-to-spend-your-tax-return-on-your-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Spend Your Tax Return On Your Car - Used Car Blog - NJ State Auto\" \/>\n<meta property=\"og:description\" content=\"Here are five ways you can use your tax refund on a car.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/how-to-spend-your-tax-return-on-your-car\/\" \/>\n<meta property=\"og:site_name\" content=\"Used Car Blog - 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