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?

Answer
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.
Eric Schad
Answered on Nov 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free