Here's How Americans Plan to Spend Their Tax Refund This Year
For many Americans, the beginning of a new year means the beginning of the dreaded tax season. And while most men and women don’t look forward to endlessly poring over the tax code or filing their return, surveys show that many Americans are already planning out how they’ll spend their refund.
According to data from the IRS, upwards of 60 percent of taxpayers can expect a refund check to hit their accounts after tax season. The average tax refund is expected to be over $2,700—and according to a survey from Go Banking Rates, taxpayers already have big plans for how they’re going to spend that money. The overwhelming majority of Americans (about 79 percent) use at least a portion of their refund to pay down outstanding debts or to build up their savings. About 11 percent said that they were planning to use their money to treat themselves to a vacation, while 5 percent said they were planning to otherwise “splurge” with their money.
Many Americans also planned to put their refund towards a larger purchase, like a family car. Using a tax refund for a down payment on a vehicle can help drivers secure lower interest rates, upgrade their vehicle with less of a hassle, or get the car they really want this new year. Larger down payments can be particularly useful for drivers looking to secure a bad credit car loan in Philadelphia, PA or those who have had credit difficulties in the past.
This tax season, drivers who are looking to put their refund towards a down payment for a vehicle are encouraged to contact PA Auto Credit before Tax Day rolls around. Through their dealership network, PA Auto Credit can help drivers complete their refund filing at the time of purchase—no more waiting weeks after filing to get a check in the mail.
PA Auto Credit and their affiliated dealerships are proud to help low-income drivers get the bad credit auto loans in Bucks County, PA they need to keep their families safe on the road this new year. To learn more about our fresh start financing, give us a call today at 800-371-1769!