As tax season approaches, many vehicle owners anticipate their next tax refund. Depending on how much you receive, you can use it to cover different expenses, such as setting it aside for BMW financing. Our team at Fields BMW of Daytona offers insight into how you can use your tax refund to finance your vehicle this year.
Place a Down Payment
If you’re interested in financing a new or pre-owned BMW vehicle, you can use your tax refund to make a sizable down payment for your desired model. This can help you secure a lower interest rate for your loan, depending on your loan term, or increase your chance of getting your financing application approved.
Pay an Existing Loan
If you’re currently financing a BMW vehicle, you can use your tax refund to make extra payments for your loan. This can help you reduce your loan’s principal amount, allowing you to pay it off sooner. This option can also help improve your credit score.
Refinance Your Current Loan
Another way you can maximize your tax refund for BMW financing is to refinance your current loan. If your credit score has improved since you’ve taken out a loan, you can refinance your loan to lower your annual interest rate or change your loan term, resulting in a lower monthly payment for your BMW vehicle.
Apply for BMW Financing in Daytona Beach, FL
BMW financing is a worthwhile investment you should consider when using this season’s tax refund. Our finance specialists at our BMW dealership in Daytona Beach, FL, are here to answer your questions about our financing solutions. Visit us to schedule an appointment and start your application today!