If you’re lucky enough to get a tax refund, how do you plan to use it? While you may have various expenses, using that money towards a new or pre-owned Land Rover vehicle could be a great idea. Land Rover Northfield wants to help you make smart decisions, and this guide will help you get the most out of your refund for Land Rover financing.
How Much Do You Want to Spend?
The first thing to consider is the price of the vehicle you want to buy. You don’t need to have a precise number, but something in the ballpark. This will give you a good idea of what you should supply for your down payment.
Aim for a 20% Down Payment
When calculating your down payment, you should try to get to as close to 20% of the sale price as possible. Depending on the size of your tax refund, it could cover this. If not, your old vehicle may be able to make up the difference. Be sure to find out what its trade-in value is to get the total amount of money you have to work with.
Choose a Good Monthly Payment
Once you have the down payment figured out, you can think about how much you want to spend monthly. You don’t want to overextend yourself, so here’s another percentage to keep in mind: 10. You should try not to exceed 10% of your income for all expenses related to your vehicle.
Start the Land Rover Financing Process in Northfield, IL
If you are ready to buy a Land Rover vehicle, you can get the financing process started now. Land Rover Northfield has an online application that will get you pre-approved for a loan. Contact us to get rolling today!