“No Tax on Car Loan Interest” – Deduct $10,000 in Car Loan Interest at Ford of Pleasanton
At Ford of Pleasanton, we’re committed to helping you get behind the wheel of your dream car. Luckily, there’s never been a better time to finance a new car near Pleasanton, San Antonio, Jourdanton, Floresville, and Poteet, TX!
With the passage of the One Big, Beautiful Bill, drivers now have access to a new federal tax benefit that may make financing a new Ford vehicle more affordable. Thanks to the new “No Tax on Car Loan Interest” provision, eligible buyers can deduct $10,000 per year in interest paid on qualifying auto loans, potentially lowering their overall tax burden.
This tax benefit applies to auto loans issued after December 31, 2024, for new vehicles assembled in the United States. On top of that, the deduction is available whether you itemize or take the standard deduction. Whether you’re exploring Pleasanton auto loans or comparing car loans near you, this new law offers one more compelling reason to finance a new vehicle today.
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Frequently Asked Questions
What vehicles qualify for this deduction?
Only new vehicles assembled in the United States qualify. Used vehicles do not qualify, even if financed through auto loans or other lenders.
How do I know if my vehicle was assembled in the US?
Please check your VIN to verify the country of origin. If your VIN starts with a 1, 4, 5, 70, or 7F-7Z, then it was assembled in the United States. You can find the VIN printed at the base of the windshield on the driver's side, on your auto insurance card, and on the vehicle registration.
Does the vehicle have to be for personal use?
Yes. The vehicle must be purchased primarily for personal, non-commercial use.
When does this tax benefit apply?
The deduction applies to auto loans taken out after December 31, 2024.
Is there a limit on how much interest I can deduct?
Yes. The deduction is capped at $10,000 per year in qualifying auto loan interest.
Can I get a deduction on a lease or used vehicle?
No. The current rules apply only to new vehicles meeting the assembly criteria.
Should I talk to a tax professional?
Yes. While this benefit can offer meaningful savings, individual tax situations vary. We recommend speaking with a tax professional to understand how this deduction applies to you.
Finance Your New Ford in Pleasanton, TX
Thanks to the new federal tax deduction, now is the perfect time to finance a new Ford car, truck, or SUV. Put extra savings back in your pocket with a $10,000 per year deduction on qualifying new vehicles.
At Ford of Pleasanton in Pleasanton, financing your next Ford is straightforward and hassle-free. Our finance center partners with a broad network of lenders to provide competitive auto loan options and flexible terms designed around your budget. Whether you’re looking for an auto loan in Pleasanton or comparing car loan options, we make it simple to secure a plan that fits your needs.
Our team walks you through each step of the process, ensuring you maximize available incentives and programs so you can drive away with total confidence.
Thank you for choosing us as your trusted new car dealer near San Antonio, Floresville, Jourdanton, and Poteet, TX!