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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.
Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the Maine Savings website. We encourage you to read the privacy and security policies of the site you are entering, which may be different than those of Maine Savings.
