Auto Loan Interest Tax Deduction at Cavalier Mazda
Are you interested in getting the keys to a new Mazda SUV or sedan? Drivers can now take advantage of recent changes to federal tax rules when purchasing a new Mazda assembled in the United States. Through the new auto loan interest deduction, qualified buyers may deduct interest paid on eligible loans for American-built Mazda vehicles.¹
This program helps lower financing expenses and applies only to vehicles assembled in the U.S., making it an ideal time to consider upgrading to your next Mazda vehicle. Discover how our Chesapeake Mazda dealer can assist with the details, check vehicle eligibility and support you from application to purchase!
What's the New Auto Loan Interest Tax Deduction?
The latest auto loan interest tax deduction lets qualifying buyers subtract up to $10,000 per year in interest paid on new car loans.¹ This initiative is available through December 31, 2028, giving drivers an important financial benefit whether they take the standard deduction or itemize on their tax return.¹ If you're considering a new Mazda CX-50 or another model, this program offers meaningful yearly savings on your loan.
To take advantage of the deduction, it's essential to keep thorough records of your loan and purchase details to present at tax time.¹ The Mazda financing experts at our family-owned dealership are here to explain the program and assist you with all documentation required for your tax filing. At Cavalier Mazda in Chesapeake, we foster a no-pressure environment that makes the financing process comfortable and stress-free.
Which Mazda Models Are Eligible for the Interest Deduction?
To access this deduction, your new Mazda must be assembled in the United States.¹ Below is a selection of American-built Mazda vehicles that meet these requirements, along with their assembly locations:
- Mazda CX-50 (Huntsville, AL)
- Mazda CX-50 Hybrid (Huntsville, AL)
Have questions about other specific models or trim levels? Reach out to our team for details and current inventory that qualifies. As a family-owned business serving customers for life, we're committed to providing transparent information about all available options.
Local Benefits for Chesapeake Drivers
The Mazda CX-50 and its hybrid sibling are perfect for Virginia drivers seeking adventure and efficiency. These models handle everything from daily commutes around the Hampton Roads area to weekend trips to Virginia Beach, all while qualifying for significant federal tax savings.
How to Qualify for the Auto Loan Interest Tax Deduction
Ready to apply for Mazda financing in Chesapeake and take advantage of this federal tax benefit? Be sure to check these eligibility points before starting the process:
- Income Guidelines: Individuals with a modified adjusted gross income up to $100,000, or married couples earning up to $200,000 jointly, qualify for the full deduction.¹ The benefit phases out for incomes above these limits.¹
- Vehicle Build Requirements: Only new Mazda models assembled in the U.S. are eligible under the program.
- Accurate Documentation: You must save your finance agreements, proof of interest paid and all related paperwork for your tax records.
- Purchase and Financing Timing: Your loan for a qualifying Mazda must be finalized by December 31, 2028, to capture the benefit.¹
Our finance experts can review your situation and help you understand exactly what you need to secure your deduction. With our excellent reputation reflected in consistently great reviews, you can trust our team to guide you through every step.
Finance a New American-Made Mazda Near Me
Ready for a lower cost of ownership on your next Mazda? Contact Cavalier Mazda in Chesapeake for guidance through each step, from confirming model eligibility to completing your auto loan paperwork and answering tax-related questions.
Browse our selection of American-assembled Mazda vehicles, speak with our knowledgeable team for one-on-one assistance or get pre-approved for Mazda financing online. As valued members of our extended family, we'll help you drive home in a new Mazda CX-50 or Mazda CX-50 Hybrid nearby, all while maximizing the available federal tax savings!
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¹ See dealer for details. Eligibility and requirements are subject to change. We recommend speaking with a tax professional.