If you’re getting a tax refund this season, you may be thinking about putting it toward various expenses. For example, if you’re ready to upgrade to a new Ford truck or SUV, you can put it toward your Ford financing down payment. Our finance experts at Schmit Bros. Ford offer insight into how your tax refund can help you afford your next vehicle.
Lower Your Monthly Payments
When you apply for Ford financing, you must make a down payment for your vehicle. You can use your tax return to reduce the principal amount of your loan. This results in lower monthly payments for your vehicle, depending on how much you put toward your down payments.
Reduce Your Loan’s Interest Costs
Reduced interest costs on your loan are another reason to consider using your tax refund for your Ford vehicle’s down payment. The factors that impact your interest rate due at the end of your loan term include how much money you borrow and the length of your loan term. When your down payment lowers your loan’s principal amount, you’ll have less interest to pay back.
Improve Your Financing Options
Another reason to consider making a down payment with your tax refund is improved financing options. A larger down payment can be especially helpful for drivers with a less-than-perfect credit score as it will improve your chances of getting approved for Ford financing. You can also secure a shorter loan term with a lower interest rate.
Apply for Ford Financing in Saukville, WI
Your tax return can be a huge help when applying for Ford financing. Do you want to learn more about available options? Visit our Ford dealership in Saukville, WI, to schedule an appointment and speak with our finance experts.