The best part about tax time is when you can claim a refund, and if you happen to be looking for a new car, now you may have a sizable amount of money to work with. This guide from Fields Cadillac Jacksonville offers tips on how to use your refund for Cadillac financing.
Figure Out Your Budget
When planning to buy a car it is important to know how much money you can spend now and down the road. The first thing to consider is what you can afford immediately, and this is where your tax refund comes in. Then you will need to figure out what you can spend monthly.
Be Strategic About Your Down Payment
When thinking about your down payment, your goal should be to supply as much as you can. The more money you can put up right away, the less you will need to borrow. It is a good idea, however, to aim for at least 20%. Not only will this trim your loan amount, but it also shows lenders that you are committed to your purchase.
Calculate Your Monthly Income
When financing a vehicle, it can be easy to overextend yourself financially. This is why when determining the monthly payment for your car, you need to look closely at your income. A good rule to follow is to not exceed 10% for all vehicle-related expenses. In addition to the payment, this includes insurance, fuel, and maintenance.
Start the Cadillac Financing Process in Jacksonville, FL
If you are eager to spend your tax refund, a luxury car like a Cadillac is an excellent investment. Visit Fields Cadillac Jacksonville to check out the models in stock, get pre-approved for financing online, and schedule your test drive today!
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