Getting a tax refund is great. But, do you know what’s even better? Using it for something special like a new Jaguar vehicle. Of course, it is important to be smart with your money, and Jaguar Northfield has three Jaguar financing tips that will help you do the most with it.
Aim for a 20% Down Payment
Regardless of the size of your refund, you should try to put up 20% of the purchase price for your down payment. If you have more than that, consider using it, as the higher this is, the less you will need to borrow. If your refund won’t get you to 20%, think about using a trade-in vehicle to bridge the difference.
Choose a Good Loan Term
Because you will be paying off your Jaguar car for a while, it is important to be thoughtful about how long this be exactly. With a shorter loan term, you can pay back the money faster, but this will result in higher payments each month. Going with a loan term of around four or five years should give you an affordable monthly payment and reduce the amount of interest you will need to pay.
Don’t Exceed 10% of Your Income
Many people get into trouble with financing because they spend more than they should on their car. It is a smart idea not to pay more than 10% of your income. And this doesn’t just include the payment, but other expenses like insurance and fuel.
Get the Jaguar Financing Process Started in Northfield, IL
If you are eager to spend your tax refund, Jaguar Northfield makes financing easy. Start by filling out our online application to get pre-approved and schedule a test drive appointment today!
