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When you buy your new Chevrolet at Parks Chevrolet Spartanburg, you may qualify for a tax deduction up to $10,000 on qualifying models with the No Tax on Car Loan Interest deduction. Our team is here to help you with understanding the facts about what is the new deduction, who qualifies, and what new Chevy models are eligible for the tax deduction!
As part of the 2025 One Big Beautiful Bill Act (OBBBA), this federal tax deduction program allows eligible buyers to deduct up to $10,000 per year on interest paid* on qualifying new car loans. The actual deduction depends on the amount of interest paid during the taxable years of 2025 through 2028, and excludes lease payments and cash purchases. This is an above-the-line tax deduction, regardless of itemizing or using standard deductions.
You may qualify if your modified adjusted gross income meets certain criteria limits. The deduction phases out for taxpayers exceeding a modified adjusted gross income of $100,000 for single filers, and $200,000 for married filing jointly.
Chevrolet models assembled in the United States that may be eligible for this federal tax incentive program include the Corvette (Bowling Green, KY), Colorado (Wentzville, MO), Suburban (Arlington, TX), Tahoe (Arlington, TX), Traverse (Lansing, MI), and the Silverado 1500 (assembled at Fort Wayne Assembly in Roanoke, IN).
With this tax break, buying a new Chevrolet with a qualified auto loan lets you upgrade to the most advanced technology, safety features, and warranty coverage, all while maximizing your financial return. Keep in mind, it’s important to inspect the "Final Assembly Point" on the window sticker of the exact new model that you buy. You can also double-check the VIN using NHTSA VIN decoder to confirm details.
If you’re in Spartanburg, Greenville, Greer or surrounding areas and considering a new Chevy truck, SUV or car, don’t wait! Expand your federal tax savings on your next new auto loan for this tax-year. If you have any questions about which new model qualifies or how the auto loan deduction works, contact us today!
*Available for eligible individual buyers on new qualifying vehicles assembled in the U.S. with U.S. and globally sourced parts. Only applies to interest paid in tax years 2025-2028 on new debt contracted after 12/31/2024. Tax deduction subject to change and filing requirements. Income restrictions and other restrictions and limitations may apply. Consult your tax, legal, or accounting professional if you have questions. This information does not constitute tax, accounting, or legal advice. Deduction subject to federal laws and regulations and manufacturing constraints. For additional information, visit irs.gov.
