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 deduct a car loan’s interest?
We’re expanding my tow truck business and adding a new truck. Is it possible to deduct the interest on the loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Expanding a business is a big deal—congratulations! As for your loan, the good news continues. You can deduct
car loan
interest when filing your taxes.Of course, all vehicles do not qualify. Only vehicles driven for business purposes do, which is why your new tow truck would be eligible. I’m guessing it’s unlikely you’d use that much for personal purposes!
What’s even better, there are more ways to save on car expenses. It’s this simple: download the
Jerry
app or go to getjerry.com. In less than 45 seconds, Jerry collects all of your information from your existing insurer.Choose from competitive quotes from 50+ top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. The average Jerry user saves $879 a year on car insurance.
MORE: How to tip your tow truck driver
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
