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Is there a tax exemption for car loans?
In the last few months, I’ve been using my van for a part-time airport shuttle business while my kids are in school. Am I able to get a tax exemption for its loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
For most vehicles, getting a tax exemption isn’t possible on the loan. However, for vehicles used for business purposes, you actually can get a tax exemption on the
loan
. The exemption will only work for the time you’re using it for your business and not for personal time. This of course isn’t the only great way to save money on vehicle expenses though. With the
Jerry
app, you can shop for lower car insurance rates and save you hundreds of dollars. Jerry compares competitive quotes from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
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