Ford & The New Tax-Deductible Auto Loan Interest Bill

The new “Big Beautiful Bill” helps Naperville drivers use the interest they would pay on a vehicle loan as a tax deduction. This doesn’t apply to every vehicle, so there are limitations to this new bill. Discover how to use the interest on a vehicle loan as a tax deduction below!

How Does It Work?

You will be able to deduct up to $10,000 per year on the interest you pay for your car loan. See the requirements you must meet to be able to use the interest on a vehicle loan as a tax deduction:

• For single filers, the deduction phases out after a gross income of $100,000. 
• For joint filers, the deduction phases out after a gross income of $200,000.
• For every $1,000 over the limit for a single filer and joint filer income, the amount you can deduct decreases by $200. 
• The loan for your vehicle must be after December 31st, 2024. 
• This deduction doesn’t qualify for vehicle leases—it’s for vehicle loans only. 

Which Vehicles Qualify? 

• This deduction only applies to new vehicles.
• The vehicle must have been assembled in the U.S. If you’re unsure where your vehicle was manufactured, check with River View Ford. 
• Cars, trucks, SUVs, vans, and motorcycles qualify as long as their gross vehicle weight rating (GVWR) is under 14,000 pounds. 
• Commercial vehicles don’t qualify for this deduction. This is only for personal-use vehicles. 

Steps To Claim These Benefits At River View Ford

1. Select a qualifying Ford model. 
2. Talk with our finance experts. 
3. Check for eligibility, including business-use documentation.
4. Apply for the Ford tax credit if your model qualifies.
5. Use your loan and purchase documents to file correctly—with guidance if needed from a tax professional.

When you choose River View Ford, you’re gaining access to real savings. Visit Oswego today to learn which vehicles qualify, how to structure your purchase, and how much you could save on your next Ford. If you have any questions about the interest on a vehicle loan as a tax deduction, contact us. We’ll see you near Montgomery and Yorkville!