Authored by Rick Moore, Chief Lending Officer of Maine Savings

As tax season approaches, the IRS has issued updated guidance that may allow some borrowers to deduct interest paid on certain auto loans. This information is intended to raise awareness only. It is not tax advice—but it may be helpful as you gather documents and plan next steps with a qualified tax professional.

Who this may apply to

Eligibility depends on several specific factors related to the vehicle, the loan, and the borrower. In general terms, IRS guidance indicates that:

• The vehicle must be new and for personal use
• Final assembly of the vehicle must have occurred in the United States
• Loan must be secured by a lien on the vehicle
• Certain vehicle types and weight limits apply
• Income limits may reduce or eliminate eligibility

Because these requirements are detailed and individual circumstances vary, Maine Savings cannot determine whether a borrower qualifies. A tax professional can help review your situation and confirm eligibility.

Important timing and documentation details

The 2025 tax year is considered a transition period under current IRS guidance. For this year only, Maine Savings will provide your total auto loan interest paid for 2025 on your December 31, 2025 statement, shown as year-to-date finance charges. A separate tax form for auto loan interest will not be issued for 2025, and eligibility does not depend on receiving one.

Looking ahead, interest paid in 2026 is expected to be reported on a separate form provided in early 2027, based on future IRS requirements.

Learn more from the IRS

For official details and the most up-to-date information, we encourage you to review the guidance directly from the Internal Revenue Service.

How Maine Savings can help

While we can’t offer tax guidance, our team is happy to help you access your statements, review general loan details, or answer questions about your existing auto loan. Supporting informed financial decisions is part of our commitment to you—today and at every stage of your journey.

If you own a home, you might be able to use its value to get money when you need it. Two common ways to do this are a HELOC (Home Equity Line of Credit) and a Fixed Rate Home Equity Loan. Both are useful, but they work in different ways. Let’s break it down.

What Is a HELOC?

A HELOC (Home Equity Line of Credit) is like a credit card for your house. You can borrow money when you need it, up to a certain limit, then, you pay it back. With this option, you can borrow again if needed.

Here’s what you should know:

• Interest Rates Can Change: The amount of interest you pay may go up or down over time.
• Interest-Only Payments at First: At the beginning, you might only pay the interest. Later, you’ll start paying back the full amount you borrowed.
• Great for Ongoing Needs: You can borrow only what you need when you need it—perfect for projects or unexpected costs.

What Is a Fixed Rate Home Equity Loan?

A Fixed Rate Home Equity Loan is different. You borrow a set amount of money all at once and pay it back in regular, equal payments every month.

Here’s what to know:

• Fixed Payments: Your payment stays the same every month. That makes it easier to plan your budget.
• One-Time Use: You get all the money at once, so it’s best for large one-time costs like home repairs, buying a car, or paying off other debt.
• Steady Interest Rate: The interest rate doesn’t change, so you know exactly how much you’ll pay in total.

Which One Should You Pick?

It depends on what you need the money for and how you like to pay it back. Here’s a simple guide:

Choose a HELOC if:

• You want to borrow money a little at a time.
• You’re okay with payments that might go up or down.
• You have ongoing projects or surprise expenses.

Choose a Fixed Rate Loan if:

• You need a big amount all at once.
• You want a steady, easy-to-plan monthly payment.
• You’re paying for something with a clear cost.

Final Thoughts

Both options can be great ways to use the value in your home to reach your goals. A HELOC gives you more flexibility. A Fixed Rate Loan gives you more predictability. Think about what works best for your life and your budget.

Want to get started? Visit www.MaineSavings.com to talk with a local lender and explore your options today.

What You Should Know About Cryptocurrency

Cryptocurrency, or crypto, is a digital form of money that operates on decentralized networks. It’s increasingly popular for its potential to provide financial flexibility, but it comes with risks and considerations.

Common Questions We Hear:

Does Maine Savings offer cryptocurrency services?
Maine Savings does not currently offer cryptocurrency services. However, we’re here to help guide you toward safe financial decisions.

Is cryptocurrency safe?
Cryptocurrencies can be highly volatile, and their value can change significantly in a short period of time. While some see crypto as an investment opportunity, it’s essential to understand the risk of loss associated with these investments and to never invest money you can’t afford to lose.

How do I get crypto without being scammed?
Only purchase cryptocurrency from reputable platforms. Avoid unsolicited offers or schemes promising guaranteed returns—these are scams. Never share personal information, passwords, or banking details with unknown parties.

Why isn’t my debit card working for crypto purchases?
For your protection, Maine Savings has restrictions in place to help prevent fraud. If your card isn’t working for a crypto transaction, it might be due to these safeguards. Please call us if you need more information.

Tips for Safe Crypto Use:

• Research thoroughly before investing.
• Use secure, well-established platforms.
• Beware of phishing emails or scam websites.
• Consider consulting a financial advisor for expert guidance.

At Maine Savings, your financial well-being is our priority. While we don’t offer cryptocurrency services at this time, Maine Savings is here to help answer your questions and provide resources to support your financial safety.

Maine Savings Federal Credit Union to Open New Branch on Stillwater Avenue in Bangor

Bangor, ME — Maine Savings Federal Credit Union is thrilled to announce the opening of its 12th branch, strategically located at 878 Stillwater Avenue in Bangor, adjacent to the entrance of the Walmart on Stillwater Avenue. This location will be the third Maine Savings branch in Bangor, underscoring the credit union’s dedication to expanding services and supporting the financial well-being of communities across Maine.

“With each new branch, we reaffirm our commitment to providing Maine families and businesses with accessible, member-focused financial solutions,” said Vanessa Madore, President and CEO of Maine Savings. “We see this new branch as an exciting opportunity to connect with even more members of our community, helping them find a better path forward in their financial journey.”

The Stillwater Avenue branch will reflect Maine Savings’ “Beyond Banking” philosophy, blending convenience with innovative financial services to meet the evolving needs of the Bangor area.

“This branch represents our ongoing commitment to accessible, member-first service,” said David Sayers, Chief Strategy Officer at Maine Savings. “We’re excited to bring new convenience to this part of Bangor, providing trusted financial services at the heart of a community hub.”

Maine Savings, which continues to prioritize the experience of its members, has planned every detail of the new branch with the member journey in mind. “Our team is dedicated to ensuring a welcoming, positive experience for every member,” stated Marcel Blais, Chief Experience Officer. “This new location allows us to serve Bangor even better by making banking easy, personable, and directly aligned with the needs of the community.”

While the opening date has not yet been finalized, Maine Savings is currently aiming for a March 2025 launch and looks forward to welcoming community members to this new location soon.

Maine Savings Federal Credit Union is committed to helping members find their way to a financially secure future, one interaction at a time. With the addition of the Stillwater Avenue branch, Maine Savings is excited to continue its journey of expanding and enriching the lives of its members and community.

For more information about Maine Savings Federal Credit Union, please visit mainesavings.com.