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Can I write off my car loan interest if I don't have a business?
I've read that the interest on a car loan is tax-deductible. Can I write off the interest if I have the car for personal use?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While it’s a novel idea to consider
car loan
interest as a tax write-off, you can’t do it unless you are using the car for business purposes.Since you’re using the car for personal use, your car loan interest is not tax-deductible. However, you have other ways to save money, even if you can’t get a tax deduction.
Perhaps the best way is to take a glance at your
car insurance
. Car insurance premiums can vary from company to company, so it’s always in your best interest to shop around every renewal period.If you don’t know where to start, the
Jerry
app can get you started. In just a few minutes, you can sign up and compare rates from top insurance companies at the touch of a button.View full answer
- Gregory R.
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