Purchasing a vehicle isn't just about choosing the perfect make and model -- it's also about making smart financial decisions. At Lubbers Cars, we understand the importance of saving money while getting behind the wheel of your dream Ford or Chevy. That's why we're excited to share information about the new auto loan interest deduction.
This federal incentive is designed to help drivers save on interest costs for qualifying vehicle purchases. Whether you're interested in reliable Ford trucks or innovative Chevy SUVs, understanding this deduction can enhance your buying experience and offer significant savings over time.
Read our new auto loan interest deduction guide and visit our Ford and Chevy dealer in Cheney to find a qualifying model you love. Our Ford sales team will walk you through all the eligibility requirements so you can leverage this incredible savings opportunity!
What Is the New Auto Loan Interest Deduction?
The new auto loan interest deduction is a money-saving federal incentive that allows buyers to deduct up to $10,000 per year in interest paid on auto loans. This incentive only applies to eligible vehicles that have undergone final assembly in the United States. This incentive runs through December 31, 2028.1
Which Ford Models are Eligible for the Auto Loan Interest Deduction?
There are many new Ford models that are eligible for the interest deduction. These models may include:1
- F-150
- F-150 Lightning
- Explorer
- Ranger
- Bronco
- Mustang
- Escape
- Expedition
- Super Duty®
Which Chevy Models Are Eligible for the Deduction?
There are also a large number of new Chevy vehicles that are eligible for this incentive. These include:1
- Colorado
- Corvette
- Express
- Silverado 1500
- Silverado EV
- Silverado HD
- Suburban
- Tahoe
- Traverse
What Are the Auto Loan Interest Deduction Qualification Requirements?
The qualification requirements the vehicle must meet in order to be eligible for the auto loan interest deduction are fairly specific. These include:
- Income Thresholds: The deduction starts to phase out at $100,000 modified adjusted gross income for individuals, and $200,000 for joint filers.1
- Eligible Vehicles: Only new, U.S.-assembled vehicles qualify, such as those listed above, many of which are available now at our local Ford and Chevy dealer.1
- Required Documentation: Save your auto loan agreements and all interest statements; these documents are necessary when claiming your deduction.1
- Program Deadline: Your qualifying new Ford must be financed no later than December 31, 2028, to take advantage of this opportunity.1
Get a Chevy or Ford Loan Near Me
Navigating the waters of financing a new vehicle can be complex, but with the auto loan interest deduction, it's easier to find a path to savings. At Lubbers Cars, our goal is to provide you with not only an exceptional selection of new Ford and Chevy vehicles but also insightful tools to help make your purchase a cost-effective investment.
Our team is ready to assist you in exploring eligible options and answering any questions you might have about the auto loan interest deduction. Contact Lubbers Cars today to see for yourself how this incentive can benefit your next vehicle purchase.
Read More: Why Buy from Lubbers Cars? | Is Now a Good Time to Buy a Car?
1 See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.