The interest paid on an auto loan is no longer deductible on your federal income tax return. For this reason, many now get home equity loans instead to finance the purchase of autos. This results in paying the lower interest rate of a second mortgage and makes the interest payments tax deductible.
Related Fool Articles
- [link link title]
Recent Mentions on Fool.com
- 3 Pervasive Banking Myths Debunked
- The Best Credit Card for Students Depends on Which Features Are Needed
- Digital Federal Credit Union: Traditional Banking Convenience with Credit Union Benefits
- Foolish Calculators
- Americans' Average Net Worth by Age -- How Do You Compare?
- Alan Mulally: The Savior of Ford