Does my new car qualify for the No Tax on Car Loan Interest deduction?
If you bought a new applicable passenger vehicle for your own personal use after December 31, 2024, your vehicle qualifies for the car loan interest deduction if the vehicle went through final assembly in the United States.
You'll need the vehicle identification number (VIN).
The interest must be paid on a loan that meets the following requirements:
You'll need the vehicle identification number (VIN).
The interest must be paid on a loan that meets the following requirements:
- Originated after December 31, 2024
- Used to purchase a new vehicle where you're the first owner (used vehicles don't qualify)
- Used to purchase a vehicle for personal use (not solely for business or commercial use; mixed use is fine)
- Secured by a lien on the vehicle
