This is the time of year when many people find themselves with some extra money to spend thanks to a tax refund. If you are in this group and looking to buy a car, Fields Volvo Cars Waukesha wants to help you maximize your money. Here are three helpful Volvo financing tips.
Choose a Smart Down Payment
When Uncle Sam gives you a nice check, it may be tempting to use the entire thing towards your vehicle. This may not be the smartest move, however, particularly if you have other pending expenses. A good rule of thumb to follow with a down payment is to supply 20% of the sale price. You may be able to reach this with your refund and still have money left over.
Add to Your Refund with a Trade-In Car
If your refund isn’t huge, you might still get to 20%, and the vehicle you want to replace can help. Chances are good that it still has a lot of value. This is why you should find out how much it is worth and how it can contribute to your down payment.
Think About Your Monthly Expenses
When financing a vehicle, you will need to pay back your loan monthly. When figuring out how much you want to spend each month, look at your income. It is a wise idea not to exceed 10% of this for expenses related to your car. Along with the payment, this includes fuel, maintenance, and insurance.
Start The Volvo Financing Process in Waukesha, FL
If you are ready to find a great new or pre-owned Volvo, you can get the financing process started now. Fields Volvo Cars Waukesha has an online form you can fill out that will help you get pre-approved. If you have any questions, contact us and make your tax refund work for you today!