New Vehicle Loan Interest Tax Deduction

Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. DFCU Financial is providing the following information so you may discuss with your tax preparer whether your financed vehicle is eligible for this deduction.

How Do I Determine Whether My Vehicle Is Eligible?
Please refer to the Internal Revenue Service’s guidance on Section 70203 of Public Law 119-21 and consult a tax professional.

How Do I Access My Prior YTD Loan Interest?

• Online: Click the loan record in DFCU Online, select Details & Settings, then refer to the Prior YTD Interest total.       

• Unsure? Call 888.336.2700 or visit your local branch for assistance locating this information.

Where Can I Find My Vehicle Identification Number (VIN)?
This is located on your vehicle’s State registration documentation as well as your insurance policy documents.

How Do I Determine Where My Vehicle Was Assembled?
You may input your vehicle’s VIN into The National Highway Traffic Safety Administration (NHTSA)  VIN Decoder to determine where it was assembled.