is interest on a car loan tax deductible? I don't think it is, but just curious.

nope...but your Tag tax is...

I didn't think so, but couldn't hurt to ask. :D

I only thought about it after I saw the interest paid for calendar year 2003 on my mazda statement

If you own your home and have accumulated some equity, you can pay off your car loan with a home equity loan or line of credit, then deduct the interest on that. Whether it makes sense for you depends on your personal situation (tax bracket, rate differential between the loans, etc.)

Originally posted by md_guy
If you own your home and have accumulated some equity, you can pay off your car loan with a home equity loan or line of credit, then deduct the interest on that. Whether it makes sense for you depends on your personal situation (tax bracket, rate differential between the loans, etc.)

sounds like a good idea. I don't own a home yet, but it's nice to know that's a possiblity.