One Big, Beautiful, Bill – Deduct Up to $10,000 in Interest at Jerry’s Chevrolet

At Jerry’s Chevrolet in Weatherford, Texas, our goal is to help you get behind the wheel of your dream car, truck, or SUV. Fortunately, with the passage of the One, Big, Beautiful Bill, there’s never been a better time to finance a new Chevy vehicle.

Under the “No Tax on Car Loan Interest” provision, eligible buyers may deduct up to $10,000 per year in interest paid on qualifying auto loans, potentially lowering their overall tax burden.

In this overview, our Jerry’s Chevrolet dealership breaks down the details of this deduction to help shoppers across Weatherford, Dallas, Fort Worth, and Burleson make confident, informed purchasing decisions.

Vehicle Eligibility Checklist 

To qualify for the “No Tax on Car Loan Interest” deduction, your vehicle purchase must meet the following requirements:

• Final assembly completed in the United States

• Must be a new vehicle (used vehicles are not eligible)

• Auto loan initiated after December 31, 2024

• Intended for personal use (not business or commercial purposes)

• Gross Vehicle Weight Rating (GVWR) under 14,000 lbs

• Financed through a standard auto loan (leases or loans from family and friends do not qualify)

What Can You Deduct & Who Qualifies?

Here’s a closer look at how the deduction works, what you may be able to claim, and who is eligible:

• Deductible amount: Up to $10,000 in auto loan interest per year

• Applies to: Taxpayers who take the standard deduction or itemize

• Income limits: The benefit phases out at higher income levels

• Phase-out thresholds: Begins at $100,000 MAGI for single filers and $200,000 MAGI for joint filers

Which Chevy Vehicles Qualify for the Tax Deduction?

Chevrolet manufactures a variety of vehicles in the United States. Below is a breakdown of models that may qualify for the tax deduction. To confirm eligibility, we recommend verifying the vehicle’s VIN and consulting with your tax professional.

How to Check if Your Vehicle Qualifies 

• Confirm the vehicle is new. Used and certified pre-owned models are not eligible.

• Locate the VIN on your driver’s side doorjamb label, insurance card, or vehicle registration.

• Verify the VIN begins with 1, 4, 5, 7F–7Z, or 70, indicating the vehicle was assembled in the United States.

• Confirm the loan type is a standard secured auto loan from a qualified lender, as leases do not qualify.

Bonus Tip: If you’re unsure, you can use the National Highway Traffic Safety Administration (NHTSA) VIN decoder tool to verify your vehicle’s assembly details.

Frequently Asked Questions 

To support you throughout your car-buying journey, we’ve answered some of the most frequently asked questions about the “No Tax on Car Loan Interest” provision included in the One, Big, Beautiful Bill.

What vehicles qualify for the One, Big, Beautiful Bill tax deduction?

Only new vehicles assembled in the United States qualify. Used vehicles are not eligible, even if they are financed through an auto loan or another lender.

How can I tell if my vehicle was assembled in the United States?

Check your VIN to confirm the country of origin. If your VIN begins with a 1, 4, 5, 7F-7Z, or 70, it was assembled in the United States.

Where can I find my vehicle's VIN? 

Your car’s VIN can be found in the following places:

• Driver’s side doorjamb label
• Auto insurance card
• Vehicle registration

Which Chevy models qualify for the One, Big, Beautiful Bill tax deduction?

Only new vehicles assembled in the United States can qualify for the deduction. Chevrolet models assembled in the United States include: 

• Chevrolet Suburban
• Chevrolet Tahoe
• Chevrolet Corvette
• Chevrolet Silverado EV
• Chevrolet Silverado 1500
• Chevrolet Silverado 2500HD
• Chevrolet Silverado 3500HD
• Chevrolet Bolt EV
• Chevrolet Traverse
• Chevrolet Colorado

Can the tax deduction be used for work or commercial vehicles?

No. The vehicle must be purchased primarily for personal, non-commercial use.

When does the “No Tax on Car Loan Interest” deduction take effect?

The deduction applies to auto loans originated after December 31, 2024.

How much can I deduct for the One, Big, Beautiful Bill tax deduction?

Eligible borrowers can deduct up to $10,000 per year in qualifying auto loan interest.

Can I claim the deduction on a lease or used vehicle?

No. This deduction applies only to new vehicles financed with a standard secured auto loan.

Should I consult a tax professional?

Yes. While this benefit can offer significant savings, tax situations vary. We recommend consulting a tax professional to see how this deduction applies to your circumstances.

Finance Your New Chevrolet at Jerry’s Chevrolet!

The “No Tax on Car Loan Interest” provision of the One, Big, Beautiful Bill offers Texas drivers a great opportunity to get behind the wheel of their dream car. With a potential deduction of up to $10,000 per year, now is the perfect time to finance your new car, truck, or SUV.

At Jerry’s Chevrolet, our team is dedicated to making Chevrolet financing easy and stress-free. Our finance experts will work with you to find the right plan for your needs. We’ll help you navigate available incentives and programs so you can confidently drive home in your new Chevrolet. Get started today by applying for credit or valuing your trade-in online.

Call (682) 332-4595 or visit us at 3118 Fort Worth Hwy, Weatherford, Texas 76087 to get started!

Thank you for choosing us as your trusted car dealership near Weatherford, Dallas, Fort Worth, and Burleson!