Auto Loan Interest Tax Deduction at Cavalier Lincoln
Are you interested in getting the keys to a new Lincoln SUV in Virginia? Drivers can now take advantage of recent changes to federal tax rules when purchasing a new Lincoln assembled in the United States. Through the new auto loan interest deduction, qualified buyers may deduct interest paid on eligible loans for American-built Lincoln vehicles.¹
This program helps lower financing expenses and applies only to vehicles assembled in the U.S., making it an ideal time to consider upgrading to your next Lincoln vehicle. Discover how our Lincoln dealership in Chesapeake can assist with the details, check vehicle eligibility and support you from application to purchase!
What's the New Auto Loan Interest Tax Deduction?
The latest auto loan interest tax deduction lets qualifying buyers subtract up to $10,000 per year in interest paid on new car loans.¹ This initiative is available through December 31, 2028, giving drivers an important financial benefit whether they take the standard deduction or itemize on their tax return.¹ If you're considering a new Lincoln Navigator or another model, this program offers meaningful yearly savings on your loan.
To take advantage of the deduction, it's essential to keep thorough records of your loan and purchase details to present at tax time.¹ The auto financing experts at our family-owned dealership are here to explain the program and assist you with all documentation required for your tax filing. From our streamlined car-buying process to our transparent pricing, you'll always drive home with a smile when you come to our Chesapeake Lincoln dealership.
Which Lincoln Models Are Eligible for the Interest Deduction?
To access this deduction, your new Lincoln SUV must be assembled in the United States.¹ Below is a selection of American-built Lincoln vehicles that meet these requirements, along with their assembly locations:
- Aviator (Chicago, IL)
- Corsair (Louisville, KY)
- Navigator (Louisville, KY)
- Navigator L (Louisville, KY)
Have questions about other specific models or trim levels? Reach out to our team for details and current inventory that qualifies. As a family-owned and -operated dealership serving customers for life, we're committed to providing transparent information about all available options.
Why Buy a New Lincoln in Virginia?
The Lincoln Navigator and Corsair are perfect for Virginia drivers seeking luxury and efficiency. These models handle everything from daily commutes around the Hampton Roads area to weekend trips to Virginia Beach, all while qualifying for significant federal tax savings. Get started by shopping online, then reach out to our team if you have any questions about maximizing your deduction benefits.
How to Qualify for the Auto Loan Interest Tax Deduction
- Income Guidelines: Individuals with a modified adjusted gross income up to $100,000, or married couples earning up to $200,000 jointly, qualify for the full deduction.¹ The benefit phases out for incomes above these limits.¹
- Vehicle Build Requirements: Only new Lincoln models assembled in the U.S. are eligible under the program.
- Accurate Documentation: You must save your finance agreements, proof of interest paid and all related paperwork for your tax records.
- Purchase and Financing Timing: Your loan for a qualifying Lincoln must be finalized by December 31, 2028, to capture the benefit.¹
Our finance experts can review your situation and help you understand exactly what you need to secure your deduction. Plan your visit to our Virginia Lincoln showroom today to see all that our family-owned and -operated dealership can do for you!
Finance a New American-Made Lincoln Near Me
Ready for a lower cost of ownership on your next Lincoln? Contact Cavalier Lincoln in Chesapeake for guidance through each step, from confirming model eligibility to completing your auto loan paperwork and answering tax-related questions.
Browse our selection of American-assembled Lincoln vehicles, speak with our knowledgeable team for one-on-one assistance or get pre-approved for vehicle financing online. Ready to value your trade and explore your options? As valued members of our extended family, we'll help you drive home in a new Lincoln Navigator or Corsair, all while maximizing the available federal tax savings.
Read More:Apply for Credit | Why Buy from Us? | Cavalier in the Community
¹ See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.