Auto Loan Interest Deduction FAQ
Right now is a great time to buy a new Ford and leverage federal incentives! Learn more about the auto loan interest deduction on eligible new Ford trucks, SUVs, EVs and more. Visit our Ford dealer near Carthage to go over the details of this money-saving incentive and let our experts walk you through eligibility requirements.
Trust the team at San Augustine Motor Co. to help you save big on the F-150 or Bronco that you love. Be sure to ask about our new Ford specials, which can be used in addition to the auto loan interest deduction!
What Is the New Auto Loan Interest Deduction?
The new auto loan interest deduction is a federal incentive that allows qualified 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 and runs through December 31, 2028.1
Which Ford Models are Eligible for the Auto Loan Interest Deduction?
There are many eligible new Ford models for sale at San Augustine Motor Co. These models may include:1
- Ford F-150
- Ford F-150 Lightning
- Ford Explorer
- Ford Ranger
- Ford Bronco
- Ford Mustang
- Ford Escape
- Ford Expedition
- Ford Super Duty®
What Are the Auto Loan Interest Deduction Qualification Requirements?
There are some specific qualification requirements the vehicle must meet in order to leverage the auto loan interest deduction. 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 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
Apply for a Car Loan in Texas
Ready to learn more about the auto loan interest deduction? Or maybe you want to compare eligible, American-made Ford models to find your next match? Contact San Augustine Motor Co. today to speak with our experts about how you can save when you finance a new Ford in Texas!
Read More: Ford Super Duty® Overview | Is Now A Good Time to Buy A Car? | Ford Dealer Serving Lufkin
1See San Augustine Motor Co. for details. Program details and eligibility are subject to change. Always consult with a tax professional.
