Claim the Auto Loan Interest Deduction at Parkway Ford
Buying a new Ford truck or SUV near Lubbock, Borger or anywhere else in the Texas Panhandle just became even more affordable for drivers thanks to the federal auto loan interest deduction. This program allows you to maximize your savings on your next Ford F-150 or Explorer while investing in a vehicle crafted with legendary American quality.
Ready to make your dream car a reality while keeping more money in your pocket? Parkway Ford in Pampa is here to guide you through how the auto loan interest deduction works and help you get behind the wheel for less.
What Is the New Auto Loan Interest Deduction?
A new federal initiative gives qualified buyers the chance to deduct up to $10,000 per year in interest paid on auto loans for select new vehicles through December 31, 2028.1 The best part? There's no need to itemize your tax return to benefit from this deduction, which makes taking advantage of this savings opportunity easier than ever.
Eligibility depends on your new Ford vehicle being assembled in the United States. American Ford factories make many of the brand's best-selling trucks, SUVs and EVs, which means that Borger Ford fans have a robust selection of eligible vehicles to choose from.
What Ford Models are Eligible for the Auto Loan Interest Deduction?
Eligible new Ford models for sale near Lubbock, Borger, Hereford and other communities that may qualify for the auto loan interest deduction include:1
- Ford F-150
- Ford F-150 Lightning
- Ford Explorer
- Ford Ranger
- Ford Bronco
- Ford Mustang
- Ford Escape
- Ford Expedition
- Ford Super Duty®
Auto Loan Interest Deduction Qualification Requirements
If you're a Texas Panhandle car shopper planning to finance a new Ford nearby, keep the following guidelines in mind as you consider the benefits of claiming the auto loan interest deduction:
- Income Thresholds: The deduction starts to phase out at $100,000 modified adjusted gross income for individuals, and $200,000 for joint filers.1
- Eligible Vehicles: Only new, U.S.-assembled vehicles qualify, such as those listed above, many of which are available now at Parkway Ford near Borger.1
- Required Documentation: Save your auto loan agreements and all interest statements; these documents are necessary when claiming your deduction.1
- Program Deadline: Your qualifying new Ford must be financed no later than December 31, 2028, to take advantage of this opportunity.1
Apply for an Auto Loan in North Texas
Interested in leveraging the federal auto loan interest deduction for your upcoming vehicle purchase? Contact Parkway Ford to have all your questions answered, review eligible Ford models and start your auto financing application. Lubbock, Pampa, Hereford and other Texas Panhandle Ford fans can drive home in an American-made Ford while enjoying valuable, long-term savings today.
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1 See Parkway Ford for details. Program details and eligibility are subject to change. Always consult with a tax professional.