Getting behind the wheel of a Ford has just become more budget-friendly for Hanover Ford fans, thanks to the Auto Loan Interest Deduction. This tax incentive offers you the opportunity to reduce the overall cost of purchasing a new vehicle by potentially lowering your taxable income. At Beshore and Koller Inc., we’re committed to helping you understand and benefit from this deduction, ensuring you drive home in a Bronco or Mustang that fits your lifestyle and budget.
Whether you're drawn to the robustness of a Ford truck or the versatility of a family-friendly SUV, our knowledgeable team is here to guide you through the entire process, from understanding the tax perks to choosing the perfect model. With an impressive selection of vehicles and a focus on customer satisfaction, Beshore and Koller Inc. offers both the savings and the Ford quality you’ve been seeking. Visit us to explore how this deduction can put your dream Ford within reach.
What Is the New Auto Loan Interest Deduction?
This recently introduced federal program now allows qualified buyers to deduct up to $10,000 per year in interest paid on auto loans for eligible new vehicles now through December 31, 2028.1 You don't have to worry about itemizing your tax return to claim this deduction.
Among the eligibility requirements for this deduction, your new vehicle must be assembled in the United States. Ford is a brand that boasts a significant American manufacturing footprint, with many popular Ford trucks, SUVs and EVs built right here in the U.S. These American-made Ford vehicles may be eligible for this new tax-saving incentive.
The following new Ford vehicles are made in America and may be eligible for the auto loan interest deduction:1
- 2025 Ford F-150
- 2025 Ford F-150 Lightning
- 2025 Ford F-150 Hybrid
- 2025 Ford Explorer
- 2025 Ford Ranger
- 2025 Ford Bronco
- 2025 Ford Mustang
- 2025 Ford Escape
- 2025 Ford Expedition
- 2025 Ford Expedition MAX
Auto Loan Interest Deduction Requirements
Do you plan to finance a new Ford near Hanover? These guidelines are important to consider:
- Income Caps: The deduction phases out at $100,000 modified adjusted gross income for individuals or $200,000 for joint filers.
- Eligible Vehicles: Only new vehicles assembled in the U.S. qualify, which includes many popular Ford vehicles like the F-150, Bronco, Escape and more.1
- Documentation: Hold on to your auto loan agreement and interest statements -- they'll be required when you claim the deduction.
- Deadline: Your new Ford must be financed by the end of 2028 to be eligible for this program.1
Apply for an Auto Loan Near Hanover, PA
At Beshore and Koller Inc., we're excited to help you navigate the benefits of the Auto Loan Interest Deduction, ensuring your journey towards owning a new Ford Bronco Sport or F-150 is as smooth and rewarding as possible.
With our dedicated team by your side, you'll gain access to comprehensive advice on how this deduction can enhance your car-buying experience. Coupled with our impressive inventory of Ford vehicles, there's never been a better time to invest in quality, performance and savings. Contact us today to learn more!
More Resources:
1 See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.