New Auto Loan Interest Deduction - What You Need to Know

Starting January 26th, you’ll be able to use your 2025 auto loan interest information when filing your federal taxes.

Taxpayers filing their 2025 federal tax return in 2026 may be eligible to deduct up to $10,000 in interest paid on qualified auto loans. This benefit is part of new federal tax law and applies even if you claim the standard deduction.

To find the total interest you paid in 2025, review your December 2025 statement or Online Banking loan details. Use that information, along with your vehicle’s VIN, to help prepare your taxes. Visit the VIN decoder on NHTSA.gov to check your vehicle’s assembly details: https://www.nhtsa.gov/vin-decoder

This is general information only — please consult your tax advisor with questions or to confirm your eligibility.