You may notice vehicle loan interest-paid information listed in your account details. This isn’t a change to your loan-it’s a result of a new IRS reporting requirement that went into effect recently. This requirement applies only to certain new vehicle loans, not used or previously owned vehicles.
What changed-and Why It Matters
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A new federal law (Section 70203 of H.R. 1, signed July 4, 2025) created a temporary tax deduction for interest paid on qualified new vehicle loans. As a result of this legislation:
- Financial institutions are now required to report qualified new vehicle loan interest to the IRS when $600 or more in interest is paid during the year.
- Credit unions must also provide members with a record of that interest for their tax files.
This information is now available in your loan details to help you prepare for tax season.
Where to Find Your Vehicle Loan interest Information
You can locate your year-to-date interest-paid amount in the following places:
- Online and mobile Banking: Log in and select “Account details” under your vehicle loan. Look for “Interest Paid Prior Year.”
- December 2025 Statement: your total interest paid for the year will appear in the “Loan Details” section of your december statement.
Keep this information for your records and when filing your taxes.
How to Find Your Vehicle’s VIN Number
Your vehicle Identification Number (VIN) might potentially be needed to determine if your vehicle qualifies under the IRS rules. You can find your VIN in several places:
- On your vehicle registration
- On your insurance card or policy
- On the dashboard, visible thru the windshield (driver’s side)
- Inside the driver’s door frame
- In your loan documents
It’s an excellent idea to keep your VIN handy with your other crucial financial records.
Is vehicle Loan Interest Tax-Deductible?
Deductibility depends on several factors.
Under the new law,interest may be deductible if:
- The loan is a first-lien vehicle loan
- The vehicle is for personal use
- The vehicle meets IRS requirements (including final assembly in the U.S.)
- The interest was paid after December 31, 2024
this temporary deduction is capped at $10,000 and can be claimed even if you don’t itemize deductions.
Everyone’s tax situation is different, so we recommend checking with a qualified tax professional to see how this applies to you.
This update is about transparency and preparedness-not a change to your loan. We’re making your vehicle interest-paid information easy to find to help you stay informed.
If you have questions about where to find your loan details or need help accessing your account, contact us.
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