Deduct Up to $10,000 in Car Loan Interest at Bolton Chrysler Dodge Jeep Ram
At Bolton Chrysler Dodge Jeep Ram in Port Arthur, TX, we're always looking for ways to help our customers get more value from their vehicle purchase. With the passage of the One, Big, Beautiful Bill, drivers now have access to a new federal tax benefit that may make financing a new Chrysler, Dodge, Jeep, or Ram more affordable. Thanks to the new "No Tax on Car Loan Interest" provision, eligible buyers can deduct up to $10,000 per year in interest paid on qualifying auto loans, potentially lowering their overall tax burden.
This tax benefit applies to auto loans taken out after December 31, 2024, for new vehicles assembled in the United States. Even better, the deduction is available whether you itemize or take the standard deduction. For drivers searching for a Beaumont auto loan or searching "car loans near me", this new law adds another reason to consider financing a new vehicle today.
Models Assembled in the US:
Jeep Wrangler - Toledo Assembly Complex in Ohio
Jeep Gladiator - Toledo Assembly Complex in Ohio
Ram 1500 - Sterling Heights Assembly Plant in Michigan
Jeep Grand Cherokee - Jefferson North Assembly Plant in Detroit, Michigan
Jeep Cherokee - Belvidere Assembly Plant in Illinois
FAQ
What vehicles qualify for this deduction?
Only new vehicles assembled in the United States qualify. Used vehicles do not qualify, even if financed through auto loans or other lenders.
How do I know if my vehicle was assembled in the US?
Please check your VIN to verify the country of origin. If your VIN starts with a 1, 4, 5, or 7, then it was assembled in the United States. You can find the VIN printed at the base of the windshield on the driver's side, on your auto insurance card, and on the vehicle registration. Be sure to let your salesperson know if you would like to explore cars that qualify for this incentive.
Does the vehicle have to be for personal use?
Yes. The vehicle must be purchased primarily for personal, non-commercial use.
When does this tax benefit apply?
The deduction applies to auto loans taken out after December 31, 2024.
Is there a limit on how much interest I can deduct?
Yes. The deduction is capped at $10,000 per year in qualifying auto loan interest.
Can I get a deduction on a lease or used vehicle?
No. The current rules apply only for new vehicles meeting the assembly criteria.
Should I talk to a tax professional?
Yes. While this benefit can offer meaningful savings, individual tax situations vary. We recommend speaking with a tax professional to understand how this deduction applies to you.
Finance Today at Bolton Chrysler Dodge Jeep Ram
There's never been a better time to buy with the new federal tax deduction. You may be able to deduct up to $10,000 per year in car loan interest on qualifying new vehicles, putting extra savings back in your pocket.
At Bolton Chrysler Dodge Jeep Ram in Port Arthur, TX, financing your next Chrysler, Dodge, Jeep, or Ram is simple and stress-free. Our finance center works with a wide network of lenders to offer competitive auto loans and flexible terms tailored to your budget. Whether you're searching for an auto loan in Port Arthur or comparing car loans, we make it easy to find a plan that works for you.
Our experts guide you through every step of the process, helping you take advantage of all incentives and programs so you can drive home with confidence.
* The advertised price does not include sales tax, vehicle registration fees, other fees required by law, finance charges and any documentation charges. A negotiable administration fee, up to $115, may be added to the price of the vehicle.
* Images, prices, and options shown, including vehicle color, trim, options, pricing and other specifications are subject to availability, incentive offerings, current pricing and credit worthiness.
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