Can I Claim Interest Paid On A Car Loan

How to Claim Your New Car as Tax Deductible – YourMechanic – You can only claim the interest on the amount paid from your HELOC. Warning: If you use a home equity line of credit for your car purchase, you need to be aware that your home is the primary asset on the loan, not the car.

You CAN deduct interest from personal loans in some circumstances. If you’re a business owner and take out a personal loan for business expenses, you.. try to get the auto loan paid of first, and then take the $300.00 you were paying on the auto and apply that toward your student loans. You may be able to claim your student loan interest as a.

Only exception: You use a home equity line of credit to pay for your car and deduct interest payments then. However, this does not seem to be the case here, since you specifically stated "car loan".

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In this case, you can write off car expenses (mileage, repairs, property taxes, etc.) as a business expense. Cons of Using a home equity loan for a Car Purchase 1. Higher interest rates with a home equity loan. The interest rate with a home equity loan is typically lower than the interest rate on a personal loan, and higher than the interest.

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Answer. Typically, deducting car loan interest is not allowed. But there is one exception to this rule. If you use your car for business purposes you may be allowed to partially deduct car loan interest as a business expense. If you use your car for business purposes, you may be able to deduct actual vehicle expenses.

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Car loan interest is tax deductible for commercial loans. When you take out car finance to purchase a vehicle for use in your business, the interest you pay on the loan is a business expense. This means that you can claim a tax deduction based on the proportion that business use makes up the total use of the vehicle.