Contact UsWhat Is the Auto Loan Interest Deduction?
Planning to finance a new Honda soon? Now is an ideal time to do so. Thanks to recent changes to the tax code, qualified buyers have the opportunity to deduct up to $10,000 annually in loan interest when you finance an eligible new car.1 This unique tax break offers drivers a significant incentive, making a new Honda in Minnesota more attainable than ever before.
Stop by our Honda dealership near Vadnais Heights to explore new Honda vehicles that qualify for this valuable deduction!
Buy a New Honda Now & Save
With this remarkable tax benefit in place, purchasing your next new Honda in White Bear Lake lets you enjoy advanced technology, reliable performance and impressive warranty coverage -- all while keeping more money in your pocket.
It's important to note that this auto loan interest deduction is only available on new vehicles, so purchasing now means maximizing both your tax savings and your enjoyment of a brand-new Honda sedan or SUV. Apply for Honda financing today to get your qualifying loan and prepare to enjoy this new deduction when tax season arrives!
Auto Loan Interest Deduction: Facts, Limitations & More1
- Deductions are exclusively available for new vehicles purchased with a loan between January 1, 2025, and December 31, 2028.
- Only new cars are eligible. Used vehicles do not qualify.
- Eligible buyers may deduct up to $10,000 per year in loan interest.
- Vehicles must be assembled in the United States and have a qualifying VIN; the loan must be the first lien issued for the vehicle.
- The deduction applies solely to vehicles used for personal purposes. Commercial buyers cannot claim this deduction.
- Deduction phases out for individual filers with a modified adjusted gross income above $100,000, or $200,000 for joint filers.
Qualifying New Honda Models
Many new Honda cars and SUVs are built in the United States, granting them eligibility for tax savings under this new rule. Some of the most popular models we sell that qualify for this deduction include:1
- Honda CR-V: Perfect for daily commutes and weekend getaways thanks to its dependable efficiency and modern features.
- Honda Accord: A favorite among local sedan fans for its comfort, style and advanced safety technologies.
- Honda Pilot: A spacious and powerful SUV that's ideal for growing families and road trip lovers.
Get Your Auto Loan Interest Deduction at Buerkle Honda
Ensure you maximize your tax savings by purchasing your new Accord or Passport at Buerkle Honda. Unsure if your preferred model is eligible, or have more questions about this new tax deduction for car buyers? Our friendly finance experts are here to guide you -- just contact Buerkle Honda in White Bear Lake to browse our inventory, explore new Honda specials and get personalized assistance.
It's time to discover even more savings and ensure you secure your auto loan interest deduction by shopping with us. We'll see you soon!
Learn More: Honda Lease Return Center | Find Your Perfect Electric Honda | Speak With Our Finance Team
1We are not CPAs or tax professionals. Consult with your accountant for specific information about IRS guidance surrounding this deduction. See dealer for more details.
