Tax Advantage

How would you like to get a new vehicle and be able to deduct the interest?

Secured by your automobile and a mortgage against your home, the Tax Advantage Loan may allow you to deduct the interest, providing a potential tax savings. Even if you have an existing home equity loan, upon approval you can still get a Tax Advantage Loan.

The Tax Advantage Loan is a fixed rate vehicle equity loan and has the same great rates as on our standard vehicle loans.
Tax Advantage Loans are underwritten as standard vehicle loans and adhere to the credit union's vehicle lending policy.
Tax Advantage Loans provide you the option of adding a "Courtesy Lien" to your real estate property, so that you may be able to deduct the interest paid on your income taxes.

There are some standard third party processing fees associated with the Tax Advantage Loan that can be included in the loan amount. Once the Tax Advantage Loan has been funded there will be a lien placed against your primary residence and the loan will be secured by both the vehicle and the property. Since a real estate lien is required to satisfy IRS tax requirements, there may be some additional paperwork required over the standard vehicle loan.

The credit union does not make any promises or guarantees as to the tax deductibility of interest paid. Consult your tax advisor regarding tax deductibility. Currently, this product is only available in Iowa, and in limited areas of Illinois and Wisconsin.

You can apply here or by calling (563) 582-1331, 1-800-475-1331 or stopping into any of our eight convenient office locations. We're here to help you with all of your financial needs.