August 4, 2025
Interest on Auto Loans
The new Tax Act provides a new auto interest loan deduction, but how many borrowers will really benefit once all the law’s conditions are satisfied? The phaseout level starts at low amounts for individuals who are likely to be able to afford a new car. And as mentioned, given the price differential between new and used cars, the tax-savings of deducting loan interest will probably not be enough to justify purchasing a new car just to claim the interest deduction.
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