Hi, I am currently about to refinance my home loan (my residence) and am also an uber driver looking to refinance my car under the same application though it will be a separate loan. The mortgage on an interest rate of 6% (variable) over 20 years, and the car also on 6% over 15 years. I am interested in this option as it allows some significant flexibility with repayments for a while as opposed to my chattel mortgage set at around $1000 per month.
My question is with regard to tax deductions. I keep a log book and the car is used for 90% business. As the loan is separate can I still claim deductions on interest? Also can I still claim depreciation on the asset, a late model vehicle?
Thanks :)
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