Tax time is here folks! And you know what that means…shopping! While many people purchase new furniture or use their refund for new clothes, there are a large amount of people who go car shopping with their refund check. In fact, some car dealerships will even let you use your tax return as part of the down payment as a sort of advance.
However, if you are one of many people who don’t usually get a big refund or even a refund at all, yet you are in need of new car, there are plenty of car lots that offer on the lot financing. While there are many benefits of financing a vehicle through the lot, especially if your credit is not the best, there are a lot of down sides to it as well, one of them being high percentage rates and additional fees.
Be that as it may, obtaining an auto loan when your credit score is not so stellar, can be done directly through your bank. Since you are already a customer of theirs, you will probably get a better rate and more of a flexible payment amount and schedule since they can always draft the payments directly from your account. And if you receive your pay via direct deposit like most people do, then that is also a consideration as well when determining if you can repay the auto loan as well.
Nowadays, the car buying process has been made extremely easy and convenient since most of your buying process can be handled online without stepping foot on a car lot until you are ready to pick up your new vehicle. All of the shopping as well as the financing or loan application process can be completed from the comfort of your own home . There are even companies that will do the entire process completely online and have the vehicle delivered right to your front door.
If you still prefer the traditional route of going to the lot and shopping for your vehicles, technology hasn’t completely taken over and there are still brick and mortar dealerships out there. In fact, if you also prefer to do the entire process directly through the dealership, there are still a lot of good automobile dealers out there that will provide you a good rate just as if not better than what you’d get at the bank. Here in Texas, I found plenty of great options for auto loans cypress tx. Not only was I able to find some really good rates, the down payments were really low and the terms of the loan seemed great as well.
When it’s all said and done, you have to do whatever works best for you and your situation as everyone’s needs are different. No matter if you do your shopping via the internet or prefer to go lot to lot, just make sure you do your research and ask questions. Happy car shopping and good luck!