Tax filing day is just a couple of weeks away. Many people send off their tax returns in anticipation of receiving a tax refund. Although it’s wonderful to have that extra cash, lots of us struggle with deciding exactly what to do with it. What’s the smartest way to spend your tax refund? Should you use your tax refund to pay off your car title loan? Since we provide title loans in Rock Hill, SC, 1st Capital Finance has helped many folks decide what to do. Here is some general advice on ways you can use your tax refund this year.
Pay off a car title loan – If you have a car title loan and would like to pay it off sooner rather than later, consider using your tax refund. Even if it’s not enough to cover the entire balance, you can reduce the amount you owe on the loan. When you choose to use your refund in this way, it can help you free up your funds for other expenses. You’ll also reduce the amount of interest you’re paying on the title loan.
Pay off a credit card – Do you have credit card debt in addition to your car title loan? You could choose to apply your tax refund to these accounts. Paying off or paying down your credit card balances can improve your credit score.
Save – If you don’t have a lot of debt, consider putting your tax refund in savings. It’s a wise idea to have emergency funds in the bank that you can access easily for unexpected expenses. You can also save for retirement or your kids’ college fund. Saving money is one of the best ways to prepare for the future.
If you have questions about a car title loan, call 1st Capital Finance. We have title loans in Rock Hill, SC and title loans in Myrtle Beach, SC that can be used for any purpose you wish. Let us help you today!