When it’s time to start the Genesis financing process, the more you know, the more confident you’ll feel when setting a budget and understanding the terms and conditions. Genesis of Owings Mills is the dealership that can guide you along the way, with information on the best ways to save and the best times to buy. Learn how your tax refund can help you qualify for better financing options at our dealership.
You Can Improve Your Credit Score
Your credit score is one of the most important factors to consider when it comes to vehicle financing, as it tells lenders how reliable you are to lend money to. The higher your credit score, the more favorable the terms available to you will be, which is why you’ll want to consider putting your tax refund toward increasing your score. A good rule of thumb is to get your credit usage below 30%, which will help boost your score and put more vehicles within your budget.
You Can Put More Down
Another way to qualify for more favorable financing is by putting your tax refund toward your down payment. The more money you can put down on the day of purchase, the more you’ll save on the monthly payments and accrued interest costs over time. A higher down payment also reduces the risk for lenders, likely improving your financing terms. It is recommended to put down at least 20% of the vehicle value on the day of purchase, but with your tax refund, you may be able to budget for more.
You’ll Lower Your TCO
Even if you don’t qualify for a lower rate, your efforts aren’t in vain. Remember, the less you borrow, the less interest you’re paying over the life of a loan, saving you money in the long term and lowering your TCO (total cost of ownership).
Begin the Genesis Financing Process in Owings Mills, MD
At Genesis of Owings Mills, our job doesn’t end the day you pick out the perfect new luxury performance vehicle. We also want to make sure the financing process goes as smoothly as possible, especially with the savings available during tax refund season. Visit our dealership to make the most of your refund and submit your application today.
