Town & Country Credit Union is proud to help members take advantage of new tax benefits available through the One Big Beautiful Bill Act. If you’re planning to purchase a new vehicle or you already did in 2025, you may be eligible to deduct the interest paid on your qualifying auto loan, up to $10,000. This deduction applies only to certain new vehicles and loan types, ensuring that members who meet the criteria can enjoy meaningful tax savings. To make the process even easier, TCCU provides simple ways for you to track your total interest paid throughout the year, so you’ll have the information you need when tax season arrives. 

Requirements to Deduct Interest:

• The loan must be for a new vehicle purchased after December 31, 2024, and before January 1, 2029.

• The vehicle must be a new car, minivan, SUV, pickup, or motorcycle with a gross weight rating under 14,000 lbs.

• The vehicle’s final assembly must have occurred in the United States.

• The loan must be a first lien secured by the vehicle.

• The vehicle must be used solely for personal purposes, not for commercial use.

• Individuals can deduct any amount of interest paid, up to a maximum of $10,000.

Here’s Where Members Can Find Their Total Interest Paid in 2025:

• Town & Country statements include an Account Details section under each loan showing the total interest paid in 2025.

• Within TCCU Online, click on your auto loan and the interest can be found in the Account Details section at the top.

To learn more about the legislation behind this deduction, you can visit the IRS website for additional guidance.

*Qualifications and requirements apply, please consult your tax consultant for full details.