The recent legislative package introducing the 'No Tax on Car Loan Interest' initiative is a strategic move to offer financial relief to the middle class. By allowing taxpayers to deduct interest paid ...

A simple-interest car loan is a common way to borrow money to buy a car. What’s great about simple-interest auto loans is that you can save money with this loan structure when you’re buying a vehicle.

Beginning on 2025 tax returns, new car buyers might qualify for an above-the-line deduction of up to $10,000 in car loan interest in a year. Taxpayers will not be able to deduct interest on loans ...

Former President Donald Trump proposed a new tax deduction last week for car owners who pay interest on an auto loan, one of many tax breaks he has floated on the presidential campaign trail in recent ...

You’ve managed to buy the car, but can you afford to keep paying for it? Along with soaring car prices, loan rates are the most expensive they’ve been in more than 15 years, with the average monthly ...

Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called "big, beautiful bill" that was signed into law on July 4 by President Trump. The idea of giving ...

Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at four questions on the new tax ...

Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers. To ...