Complimentary NY Metro Delivery + Total Loss Protection Available • See How It Works

Just Text Us

(201) 815-8216

Can I deduct my car loan payment as a business expense?

Not directly. With a purchased vehicle, you cannot deduct the loan payment itself. Instead, you deduct the vehicle's cost through depreciation (Section 179 and/or standard depreciation). You can also deduct the interest portion of your loan payment as a business expense. The principal portion is not deductible because it is already captured through depreciation.

See all FAQs