What's the New Auto Loan Interest Tax Deduction?
The auto loan interest tax deduction permits eligible buyers to deduct up to $10,000 per year in interest from new car loans, with this program available through December 31, 2028.1 Whether you choose the standard deduction or itemize, this benefit can result in meaningful annual savings on the purchase of a new Chevrolet near Lexington.
Documentation of your loan and purchase will be required when it's time to file taxes, so be sure to save all relevant paperwork. Our dedicated Chevy finance experts are ready to help you take advantage of this recent federal program.
Which Chevy Models Are Eligible for the Deduction?
To make use of this tax deduction, your vehicle must be new and assembled in the United States.1 The following new Chevy vehicles below are eligible for this incentive and listed with their place of final assembly:
- Colorado (Wentzville, MO)
- Corvette (Bowling Green, KY)
- Express (Wentzville, MO)
- Silverado 1500 (Roanoke, IN)
- Silverado EV (Detroit, MI)
- Silverado HD (Flint, MI)
- Suburban (Arlington, TX)
- Tahoe (Arlington, TX)
- Traverse (Lansing, MI)
Who Qualifies for the Auto Loan Interest Deduction?
Anyone can qualify for the deduction as long as certain criteria are met. Are you ready to apply for Chevy financing in Kentucky and make the most of this tax incentive? Just know there are specific eligibility requirements you need to meet:
- Income Limits: The full deduction is available for individuals with a modified adjusted gross income up to $100,000, or couples earning up to $200,000.1 Deduction amounts are reduced for incomes above these thresholds.
- Vehicle Requirements: Only new, American-built Chevrolet models qualify.
- Loan Documentation: Maintain all finance and interest payment records to substantiate your claim during tax season.
- Purchase Deadline: Financing for your eligible Chevy must be finalized no later than December 31, 2028.1
