What you need to Know About the Next Stimulus Check and Buying a Used Car

The COVID-19 pandemic has inflicted a lot of pain and suffering on the global economy. Numerous industries suffered massive losses at the beginning of the pandemic, including airlines, hotels, restaurants, and cruise companies, among many others. At home, most of the states issued strict stay-at-home orders to curb coronavirus spread, which reduced several businesses' operational capacities.

To effectively respond to this situation, the federal government passed financial aid stimulus checks to individuals and households last year and beginning of this year. In 2021, President Biden is proposing a new relief bill with $1.9 trillion stimulus, which is still pending approval by Congress. This upcoming aid package is one of the most significant economic stimulus packages ever introduced in the United States history.

When should this stimulus aid arrive?
The date for when this third stimulus check will arrive has not been determined, but Democrats are pushing to have this approved before March 14, which is the date federal unemployment insurance for $300 a week expires. Keep in mind, it could take weeks for the IRS to process these funds, so consider the possible dates below as just a guide. This is subject to how soon Congress approves the bill.

Do I Qualify for a Stimulus Check?
The Senate bill would provide payments worth up to $1,400 per person in this round - including college students - unlike the first two rounds of checks that excluded college students.

If you are an individual with annual earnings over $80,000, you do not qualify for this third stimulus. If you're married and file your taxes jointly with your spouse and earn above $160,000 a year, you are excluded from the $1,400 stimulus payment. Read more about these qualification requirements here.

It is important to note that these qualifications are based on the tax filers' 2020 tax return. It is also partially dependent on the 2019 tax return if you did not file for 2020 taxes when the legislation is passed. If the IRS has your bank information, you will see a direct deposit in your account.

How to use your stimulus check
The stimulus check is designed to help people during the hardships this pandemic has caused, which has left many in a compromising financial situation.

So, what will you use the check for? Well… it is entirely up to you. In many cases, people will use their check to help them with the purchase of a car. We all know that to get around in Houston we need reliable transportation, so why not invest in a car? A car, in many cases, is a necessity. We need a car to get to work, school, doctor visits, etc. If you are in need of a car, the stimulus check is your best bet for a down payment.

The most wonderful part of this "extra financial help" is that there are no strings attached, meaning it's not a loan from the government that you need to pay back. You can spend the amount any way you desire, so why not use it on an item you need for your family and that will help your life move forward?

When Should You Use a Stimulus Check to Purchase a Used Car?
Suppose you are in a situation that your old car broke down and the repairs will cost close to $1,000. Will it make sense to spend your stimulus check to pay the repairs on an old car that will continue breaking down? Or will it make more sense to purchase a newer-used car so you do not face the headache of an unreliable car that will require constant repairs?

The stimulus check is a great down payment to purchase a used car.
The extra financial cushion the stimulus check provides allows for a down payment on a used car. This additional income allows you to purchase a used car that may be two-three years old, so the vehicle you purchase is reliable and is still under warranty based on the years or miles driven. It is ideal to visit a reliable used car dealership that has been in business for many years. If you are looking for a reliable dealership in Houston, Shabana Motors is a great choice. There are many used car dealerships in the market, but very few are honest.

To Sum it Up
It is often hard to find the right dealership. Unscrupulous car dealerships may try to sell you something just to meet their quota, regardless of whether it is the right deal for you or not. To find a wide variety of used cars with plenty of customization options, stop by Shabana Motors. All of our vehicles include a 2-year warranty plus the support and personal attention of a family-owned business. Shabana Motors will ensure that you purchase and finance a reliable used car you can afford, today and in the future. 

We can help you get the car you need to regain the freedom to keep your life moving forward.

Browse through our site to see what we have to offer, or give us a call if you have any questions.

We look forward to getting you set up with a new used vehicle today!