PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can you claim interest on a car loan?
Out of curiosity, I’m trying to save some money and was wondering if I can claim interest I paid on a car loan for my taxes?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In short, the answer is no. For cars that are for personal use, claiming interest on your
loans
isn’t possible.However, there is a loophole. If you’re self-employed and legitimately use your vehicle for business, you can claim your car loan as a tax deduction. The thing to remember with this, though, is that you have to be self-employed. For example, a pizza delivery person who works for Domino’s wouldn’t be eligible, but if you own your own pizza restaurant and use your car to deliver pizzas, then you can.
If you are self-employed and your vehicle is legitimately used for business, then there is a strong likelihood you’ll be eligible. If you want to find more ways to save money, use the
Jerry
app to find the lowest rates on car insurance. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
