Editor’s Note: Originally published in January 2020, this blog was reviewed in November 2025 to confirm accuracy of the information.
In this article, you’ll learn:
- How to make a substantial down payment on a vehicle with your refund
- Strategies to catch up on payments, save on your current note, or pay off your vehicle
- Tips for funding essential repairs and maintenance to keep your vehicle working long-term
Tax season is here! And with it, perhaps, come anticipation, anxiety and maybe even excitement as you prepare your documents and paperwork.
It’s important to plan how you will use your tax refund – and use it wisely to help your long-term finances. A tax refund can go a long way in making a significant difference in your financial situation. It could be a way to make a major dent in doing some necessary things that you struggle with throughout the year.
Here are some ways to use your tax refund:
1. Make a Substantial Down Payment on Your New Vehicle
Enjoy lower payments or shorter terms, saving money in the long run.
2. Get Caught Up on Payments
Makeup missed payments, get back on track, alleviate stress and create positive credit reporting.
3. Save Time and Money on Your Current Note
Pay off your note faster and free up cash in your budget.
4. Pay Off Your Vehicle
Pay off your balance and eliminate the accrual of additional interest charges.
5. Complete Necessary Repairs or General Maintenance
Extend the life of your vehicle by taking care of maintenance and repairs.
So, whether you’re an existing customer, or in the market for a new vehicle, visit your local Car-Mart to help prepare your tax return. Car-Mart partners with TaxMax to prepare and process tax returns for our customers. We’ll also work with you to create a personalized plan to enhance your future financial situation.
Bottom line, there’s an opportunity to take advantage of your tax refund dollars and keep your money working for you. Come see us and let us partner with you.
Read more about how you can turn your tax refund into a down payment towards a new vehicle at Car-Mart.
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