New Auto Loan Interest Tax benefit

Beginning with the 2025 tax year, qualifying members may be able to deduct interest paid on qualifying new auto loans.

This potential tax benefit could help lower your taxable income and put more money back in your pocket.

Here's what you should know about this new rule:

• Applies to qualifying new auto loans taken out after December 31, 2024
• Annual deduction is available up to set limits under IRS rules
• The loan must be secured by the vehicle and meet IRS eligibility requirements
• For full details on how this new ruling may impact your auto loan, please review our Auto Loan Interest FAQ and speak with a qualified tax professional.