Auto Loan Interest Deduction at Fair Oaks Ford
Auto Loan Interest Deduction at Fair Oaks Ford
Looking for ways to make your next vehicle purchase more affordable? The new federal auto loan interest deduction could help you save thousands on your next Ford. This recently passed law allows qualifying buyers to deduct interest paid on auto loans — an exciting benefit for drivers looking to upgrade.
If you’re considering a new SUV, truck or EV from our Ford dealership near Joliet, keep reading to learn how this deduction works, who is eligible and how Fair Oaks Ford can guide you through the process to maximize your savings!
What Is the New Auto Loan Interest Deduction?
The federal government now allows eligible car buyers to deduct up to $10,000 per year in interest payments made on auto loans for qualifying vehicles through December 31, 2028.1 This deduction applies whether you opt for standard or itemized deductions on your tax return.
To qualify, you must finance a new vehicle that is assembled in the United States. This is a significant change from previous tax rules, giving buyers another real incentive to drive home a new Ford near Joliet. Make sure to keep all loan documents and interest payment statements, as you’ll need them for your tax filing.
How to Qualify for the Federal Car Loan Interest Deduction
Are you ready to secure Ford financing in Illinois? Eligibility for the auto loan interest deduction and depends on meeting a few key requirements:
- Income Limits: The deduction phases out if your modified adjusted gross income exceeds $100,000 as a single filer, or $200,000 for joint filers.1
- Vehicle Criteria: Only new vehicles assembled in the U.S. — such as many popular Ford models — are eligible.1 Both traditional and electric vehicles are included, as long as final assembly occurs domestically.1
- Documentation: Retain all purchase agreements and lender statements, as these will be necessary when claiming your deduction on your federal tax return.1
- Timeline: To lock in this benefit, your auto loan must be secured before the end of 2028.1
Why Choose Fair Oaks Ford for Financing?
For over three decades, Fair Oaks Ford has been the trusted dealership for Naperville and Joliet drivers. Our experienced finance team has helped countless customers secure competitive Ford financing and now stands ready to help you take full advantage of this new deduction program.
We pride ourselves on exceptional customer service, a transparent buying process and countless positive reviews from satisfied clients. As an award-winning dealership, we’re committed to delivering a seamless and enjoyable car-buying experience from start to finish.
Rely on our knowledgeable staff to answer every question you have about the car loan interest deduction. We want every customer to feel confident about their purchase and savings opportunities.
Finance a New Ford Near Me
If you’re ready to claim your tax deduction on a new vehicle or apply for Ford financing in Naperville, we’re ready to assist. From new F-150 trucks and family-friendly Explorer SUVs to efficient hybrids and EVs, many of our models are built right here in the U.S., making them perfect candidates for this new program.
For more information or to start the Ford financing process, contact Fair Oaks Ford in Naperville today. Speak with our team about the latest offers, schedule a test-drive or get personalized guidance on eligibility and documentation.
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1 See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.