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 Dear
Terry,
Is there any way to deduct interest paid on my auto loan from my taxes?
-- Jenny
 Dear
Jenny,
Unless you use your vehicle as part of a business,
interest on the loan is not tax-deductible. Even
if you do use your vehicle for a business, consult
a tax expert to make sure you don't claim more
than you're entitled to. If you own a home or
condo, you might be able to take out a home equity
loan or home equity line of credit to pay off
your auto loan. At that point you may be able
to deduct the interest payments on the new loan.
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