A recent change in tax law means you may be able to deduct the interest paid on your qualifying auto loan—up to $10,000. If you purchased a new vehicle in 2025 or plan to soon, this could be a great way to save when tax season arrives.
Eligibility Requirements
To qualify for this deduction:
- The loan must be for a new vehicle purchased between January 1, 2025, and December 31, 2028.
- Eligible vehicles include cars, SUVs, pickups, minivans, and motorcycles under 14,000 lbs.
- The vehicle must be assembled in the U.S. and used for personal purposes only.
- The loan must be a first lien secured by the vehicle.
Tracking Your Interest Paid
- Your monthly statements show total interest paid for the year.
- You can also find this information in Kinetic Online Banking under your loan details.
Helpful Resources
- Check your VIN: NHTSA VIN Decoder
- IRS Guidance: IRS.gov
Questions? We’re Here to Help!
Call us at 706-320-8500 or visit your nearest branch.
Kinetic Credit Union does not provide tax advice. If you have specific questions about your eligibility or how this deduction applies to your situation, please consult a qualified tax advisor.
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