Do you want to make your next Lincoln purchase more rewarding? The new federal auto loan interest deduction provides an exceptional opportunity to lower the overall cost of your new Lincoln. This tax change lets qualified buyers deduct interest paid on auto loans for eligible new vehicles, offering significant annual savings.1
If you are considering a new Aviator, Navigator or Corsair from our Lincoln dealership near North Aurora, it is important to understand how this deduction works, who is eligible and how Fair Oaks Lincoln can help you make the most of this benefit.
New Auto Loan Interest Deduction Key Information
A new federal law now allows eligible car buyers to deduct up to $10,000 per year in interest paid on auto loans for qualifying vehicles through December 31, 2028.1 You may claim this deduction with either the standard deduction or if you itemize on your tax return.
Eligibility requires the vehicle to be both new and assembled in the United States.1 This makes many outstanding new Lincoln SUVs in Naperville prime options for drivers looking to leverage this opportunity. Make sure to keep your loan documents and interest payment statements, as they are needed for your tax filing.
Federal Auto Loan Interest Deduction Eligibility Requirements
To enjoy the benefits of the auto loan interest deduction, you must meet several important requirements:
- Income Limits: The deduction is phased out for single taxpayers with a modified adjusted gross income above $100,000, or for joint filers above $200,000.1
- Vehicle Criteria: Only new vehicles that are assembled in the United States qualify for the deduction. Many new Lincoln models meet this requirement, from luxurious SUVs to innovative hybrids.1
- Documentation: Save your purchase agreement, loan contract and interest payment records. These materials are required to claim the deduction on your federal return.1
- Timeline: You must secure auto financing on the vehicle before the end of 2028 to qualify.1
Why Finance with Fair Oaks Lincoln?
Wondering why customers choose us for their luxury vehicle financing? Discover benefits of working with Fair Oaks Lincoln:
- Award-Winning Reputation: Our dealership is recognized for excellence in sales and service throughout Illinois.
- Triple Crown Recipient: Fair Oaks Lincoln is proud to be one of the distinguished dealerships honored as a Lincoln Triple Crown Recipient.
- Stellar Reviews: Local Lincoln enthusiasts routinely leave outstanding feedback about their experiences with our professional, attentive team.
- Custom Order Options: We offer the ability to custom order your new Lincoln, tailoring every detail to your preferences and needs.
Finance a New Lincoln Near Me
If you are considering the purchase of a new Lincoln and want to claim your federal tax deduction, let our team guide you through every step. Many of the latest Lincoln models are assembled domestically, qualifying for this valuable program. We offer a full suite of financing solutions to suit your needs, whether you're interested in a Lincoln Nautilus, Corsair or another distinguished vehicle.
Contact Fair Oaks Lincoln in Naperville today. Our specialists can answer your questions about eligibility, documentation and current incentives. Explore our inventory, schedule a personalized consultation or begin your financing application and discover how much you could save on your next Lincoln SUV.
Learn More: Your Western Illinois Lincoln Dealer | Lincoln SUV Lineup | New Lincoln Specials
1 See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.