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GOBankingRates
GOBankingRates
Gabrielle Olya

Trump’s $10K Car Loan Tax Break Sounds Great — but Most Won’t Qualify

Donald Trump Caribou Tax Deduction United States
Tapanakorn Katvong / iStock.com

A new auto loan tax deduction of up to $10,000 per year, introduced in President Donald Trump’s One Big Beautiful Bill, has sparked excitement among car buyers. But a new study by the auto refinance platform Caribou reveals that 97% of Americans won’t see any savings — and those who do will save just $333 a year on average.

Find Out: 8 Ways Trump’s ‘One Big Beautiful Bill’ Could Offer Tax Relief

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