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Can you claim car loan repayments on taxes?

We own a family construction business and recently bought a new truck. Can we claim the car loan repayments on our taxes?

avatar
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If the vehicle is used for business purposes, yes, you can claim
car loan
payments on taxes.
The one caveat is you will need to keep accurate, written records to provide proof of business driving, particularly if the vehicle is also driven for personal use. Then, you can claim the percentage of interest on car loan payments, as well as car-related business expenses, associated with the percentage of time the vehicle is driven for business use.
If you have questions about this or other unique ways you can save money on vehicle expenses, download the
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