Top Ways to Spend Your Tax Refund

A lot of people spend their tax refund at a car dealership. What do they spend it on?

It's tax season again, and if you're one of the lucky ones, you'll be getting a tax refund. A third of Americans spend their refund on an auto-related purchase. What are YOU thinking of spending yours on?

Below, we have outlined the top things to spend your tax refund on. If you want a new car, need to replace your tires, or just want to upgrade the car you have now, our dealership is a great place to start. Call this your car-friendly tax refund.

We feature next-generation Chevy cars and trucks that we believe to be some of the best-price/quality vehicles on the road today, with many award-winning and highly rated models. For the money, you can't do any better than Criswell Chevrolet of Thurmont, one of the leading Chevrolet dealers in northern Maryland.

Here are some of the most popular ways our customers spend their tax refunds.

1. USE YOUR TAX REFUND TO PUT A DOWN PAYMENT ON A CAR, TRUCK OR SUV

This is one of the most popular ways to spend your tax refund. If you're like many Americans with bad credit, tax season is a great time to lay down a substantial down payment. This will also open up financing options that would otherwise not be available.

A down payment will show the dealership that you're a serious car buyer and can also help you get a loan with lower monthly payments, which makes buying a car even more financially feasible.

2. GET REPAIRS OR UPGRADES ON YOUR CURRENT CAR

Whether it's a new set of tires to improve fuel economy or a much needed tune-up, a well-maintained car can last well past 100,000 miles. Routine maintenance and the occasional upgrade might not be as thrilling as driving off the lot in a new car, but it's a great way to stretch a dollar...and the life of your car.

And if you've got a car that you'd like to customize, why not consider some of the following Chevrolet accessories?

• Custom floor mats
• Splash guards
• Running boards
• A trailer hitch
• Custom wheels
• Fog lights

Which of these accessories would make your car stand out in a crowd?

3. SAVE MONEY: BUY A USED CAR

Used cars are a great option when you're looking to find a deal on a reliable car but don't want to spend too much money. Used cars used to have a bad reputation, but nowadays that's no longer the case, especially at a respectable dealer like us.

Don't let the miles on the odometer fool you. Those miles prove that with proper care and maintenance a used car can also be a reliable car. High-mileage cars probably have mostly highway miles, and those miles put less wear and tear on a car.

It's unlikely that a used car will still be under warranty, so it's important to make sure you buy your car or truck from a trusted dealer, like Criswell Chevrolet of Thurmont. That way you can rest assured that you're getting a quality used car that will last for years to come.

4. LEASE ONE OF OUR TOP-SELLING MODELS

The general rule of thumb on car leases is that if you put down a larger down payment, your monthly payments will be lower.

With a larger down payment, your lease payments are more manageable, and if you do decide to extend your lease, you can negotiate to keep the same low payments.

5. PAY DOWN YOUR EXISTING LOAN

Putting a nice, big payment on an existing car loan can help you get one step closer to becoming debt free.

You can either make an extra payment, which will help you pay off the loan quicker, or pay down the balance, which will reduce your interest over time.

It's also a good idea to call your lender to see what they think is the best thing to do in your particular circumstances.

6. REFINANCE YOUR CAR LOAN

Did you know you can restructure an existing car loan? If your car loan has a high interest rate or you've improved your credit score since getting the loan, you could use your tax refund as leverage to structure a better loan with lower monthly payments.

You can even use a portion of your tax refund to reduce the principal and get a better interest rate on the balance.