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GOBankingRates
GOBankingRates
Ashley Donohoe

Are You Eligible for Trump’s Auto Loan Deduction? Here’s Who Qualifies

IRS Donald Trump Interest Rates Nissan Tesla Inc.
Tapanakorn Katvong / iStock.com

President Donald Trump’s “One Big Beautiful Bill,” which he signed on July 4, 2025, included some welcomed relief for eligible new car buyers, who are facing high purchase prices and interest rates. From 2025 to 2028, you may qualify to deduct as much as $10,000 annually in car loan interest on your federal tax return. 

Read Now: Here’s What It Costs To Charge a Tesla Monthly vs. Using Gas for a Nissan Altima

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