Do you pay tax on personal bank interest where you are? Here in Aus you'd be paying tax on the interest at your marginal rate, but if the car is personal that i

Do you pay tax on personal bank interest where you are? Here in Aus you'd be paying tax on the interest at your marginal rate, but if the car is personal that interest is not a tax deductible expense. So you will be ahead at twice the rate, but not by as much as you'd hope so you have to be careful if it's lower.